CHFA rolls out expanded manufactured‑home loan: 100% financing up to $150,000 at 3%

Brian, a representative of the Connecticut Housing Finance Authority, told the Mobile Manufactured Home Advisory Council that CHFA has expanded its manufactured-home loan product to increase access to homeownership and refinancing for owners of mobile and manufactured homes.

Under the enhanced program CHFA described, loans are available up to 100% financing with a maximum loan of $150,000 at a 3% fixed rate. Loan terms can be 15 or 30 years for loans above $5,000; loans of $5,000 or less are limited to 15 years. CHFA said borrowers will not pay private mortgage insurance (mortgage insurance/PMI) under the program, and that the program will permit purchases and some refinances for mortgages that have been in place six months or longer.

CHFA said the state allocated $4,750,000 to the program. Brian said roughly $3.75 million may be targeted to purchases and about $1 million to refinances, though he characterized the split as approximate. CHFA will underwrite loans directly (the agency will underwrite rather than rely on standard FHA guarantees), and the program is being offered through participating lenders; Capital for Change and First World Mortgage were named as current participating lenders. CHFA posted program parameters and a trifold flyer on CHFA.org.

Council members and attendees discussed outreach. One council member said he would include the CHFA flyer in his park newsletter and noted he manages a community of about 606 units. CHFA said it will work with its marketing staff to target outreach to park-owner associations and manufactured‑homeowner groups and to identify legislators who have supported funding expansion.

Discussion vs. decision: This item was a staff report from CHFA and discussion; the council took no formal action or vote on the CHFA program during the meeting. CHFA representatives said the enhanced program was rolled out “last Wednesday” and that they planned targeted outreach; council members volunteered to help distribute materials.

Clarifying details: CHFA reported the following parameters: maximum loan $150,000; up to 100% financing; 3% fixed rate; term 15 or 30 years for loans above $5,000 (≤$5,000 limited to 15 years); no PMI; $4,750,000 in initial funding; borrowers eligible for refinance if original mortgage is six months or older. Participating lenders named: Capital for Change and First World Mortgage. CHFA said the program is described on CHFA.org and that they would circulate the PDF flyer to council members.

What’s next: CHFA will continue outreach to lenders, park owners and residents and to legislators as funding is utilized. Council members offered to help publicize the program to residents and owner associations.