Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Manufactured Homes Loan Insurance (Title I)

Administering Agency/Entity Department of Housing and Urban Development
Short Description Provides mortgage insurance to protect lenders against the risk of default on mortgages to finance the purchase of a new or used manufactured home. In fiscal year 2010 the maximum loan amount was $69,678 for a manufactured home, $92,904 for a manufactured home and a suitably developed lot, and $23,226 for a developed lot. The maximum limits for combination home and lot loans may be increased up to 85 percent in designated high-cost areas. The maximum loan term varies from 15 to 25 years, depending on the type of loan. Mortgage insurance available through FHA-approved lenders and only to those intending to use the mortgaged property as their primary residence.
Primary Purpose Assistance for buying, selling, or financing a home
Type of Housing Supported Homeownership
Type of Assistance Insured loan
Fiscal Year 2010 Obligations -$1,000,000; represents expected credit subsidy costs for loan commitments made in fiscal year 2010. These estimates are revised in subsequent years and the ultimate cost will not be known until the loans have matured. This loan program is part of the General Insurance and Special Risk Insurance Fund, which houses a wide range of mortgage insurance products, including insurance for loans to develop, rehabilitate, and refinance multifamily rental housing, nursing home facilities, and hospitals. The General Insurance and Special Risk Insurance Fund programs also include loan guarantees for Title I Property Improvement loans.

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