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CHFA reports growing uptake for simplified mobile/manufactured-home loan product
Summary
CHFA staff updated the advisory council on a redesigned mobile/manufactured-home loan: a 30-year fixed-rate product at 3% with up to $150,000 or 100% financing. Since the May relaunch the program has 62 reservations, about $7.5 million reserved and 37 purchases closed.
Connecticut Housing Finance Authority staff told the Mobile Manufactured Home Advisory Council that a simplified mobile/manufactured‑home loan is generating stronger uptake since its May relaunch. The single product combines purchase and refinance into a 30‑year, fixed‑rate loan at 3%, with a maximum $150,000 principal or, in some cases, up to 100% financing; borrowers may contribute funds above $150,000 but the program does not permit subordinate financing.
CHFA reported 62 total reservations since the program relaunched on May 21, reserving a shade over $7.5 million in funds. The median loan so far is about $121,000. As of the update, 37 loans have closed and been purchased by investors; monthly closings reported were 7 in September, 8 in October, 10 in November and 2 so far in early December. CHFA said the current pipeline contains about 20 active reservations (6 committed and awaiting closing, 13 with reservations created but not yet submitted for approval, and 1 on hold). There have been five cancellations since relaunch.
CHFA listed participating lenders and local contacts on its program page and in the meeting chat. The authority identified four lenders as the most active in the program to date: First World Mortgage Corp, Total Mortgage Services, Capital for Change and Thomaston Savings Bank. CrossCountry Mortgage and Chelsea Groton are also approved to offer the product but had little or no activity at the time of the update.
Council members praised the new product and discussed outreach steps, including sharing lender information with regional planners and councils of governments. CHFA staff said they would post lender contact details and program information on the CHFA website and in the meeting chat to help drive further participation.
The council took no formal action on the program during the meeting; CHFA staff left the meeting early after the presentation.
