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CHFA official: mobile-home loan program surged to 97 purchases as funding shifts and rates rise after June 15
Summary
CHFA reported 97 mobile‑home loans purchased in the last 12 months ($1.7M), with average loan about $120,840 and borrowers averaging 49.8% of area median income. CHFA said original funds are exhausted and new reservations made on/after June 15 will move from 3% to a higher formula-based rate.
CHFA reported a marked increase in mobile‑home lending over the past year and warned the program’s 3% fixed rate will change for new reservations beginning June 15.
Brian, a CHFA representative, told the Mobile Home Advisory Council that the agency relaunched its mobile manufactured‑housing program about a year ago, offering up to 100% financing on loans up to $150,000 with no private mortgage insurance. "It's been a huge win," Brian said, noting the change removed the typical 20% down‑payment barrier.
CHFA has purchased 97 loans totaling $1.7 million in the last 12 months; the average loan was $120,840. He said the program is reaching lower‑income borrowers: the average borrower’s income in the last 12 months was about 49.8% of area median income, roughly $65,000 in household income by his calculation.
"We currently have about 40 loans in the pipeline at various stages — another $4.3 million — and reservations total 161," Brian said. He described the pipeline as healthy and said most loans that close are servicing well postclosing.
Because initial reservations exhausted the original funding source, CHFA has adjusted future pricing. Beginning with reservations on or after June 15, the rate will be the lower of CHFA's government interest rate minus one percentage point or 3%, whichever is higher. "So, for example, with current market numbers that could be about 5%," Brian said, adding CHFA updates rates daily at 9 a.m.
He also said the program now allows up to 105% of purchase price or appraisal value when a borrower uses an approved community subordinate financing (for example, municipal down‑payment assistance). CHFA continues to work through six participating lenders and said outreach to realtors and community partners has driven increased takeup.
Council members asked about application fallout and cancellations. Brian said roughly one in six to one in seven reservations falls out of the pipeline (cancellations or declines), and that only a small number were formally declined by CHFA; many cancellations stem from lender decisions, inspection issues or borrower choice.
Brian closed by urging members to notify interested buyers before the June 15 reservation change so those near‑closing might lock the 3% rate. CHFA staff said they had notified participating lenders the morning of the meeting.
Next steps: CHFA will continue to update lenders and share materials; council staff said they would circulate CHFA flyers and consider outreach to parks and realtor groups.
