Map of the United States with Different colors representing normal and high cost limits showing 2024 Conventional, 2024 Max FHA Limits, and 2024 VA Loan Limits for Manufactured, Mobile, and Modular Homes

2024 Updated Maximum Loan Limits for Conventional and FHA Financing on Manufactured Homes

The fluctuating housing market has necessitated a revision of the max limits for 2024, affecting financing options for manufactured, mobile, and modular homes under both conventional and FHA county loan limit guidelines. Below are the updated figures, formatted similarly to the 2023 data:

2024 Maximum Loan Limits for Conventional Financing on Manufactured Homes:

  • 1 Unit: $766,550

  • 2 Units: $981,500

  • 3 Units: $1,184,925

  • 4 Units: $1,472,550

High Balance/Super Conforming Loan Limits for Conventional Financing on Manufactured Homes:

  • 1 Unit: $1,149,825

  • 2 Units: $1,472,250

  • 3 Units: $1,779,525

  • 4 Units: $2,211,600

Note: These higher balance limits apply exclusively to certain counties where increased limits are permitted.

2024 Effective Date: November 28, 2023

Exclusive Non-Conforming Jumbo Loan Options Up to $3 Million+ Available through Manufactured Nationwide

FHA Max Loan Amount 2024: What You Need to Know:

  • 1 Unit: $498,257

  • 2 Units: $637,950

  • 3 Units: $771,125

  • 4 Units: $958,350

In areas with elevated living costs, the FHA "ceiling" for a single unit is set at $1,149,825, with additional exceptions for regions such as Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limits are even higher:

  • 1 Unit: $1,724,725

  • 2 Units: $2,208,375

  • 3 Units: $2,669,275

  • 4 Units: $3,317,400

These adjustments are designed to align with the current trends in home prices, broadening access to financing options for those purchasing manufactured homes.

VA Loan Limits in 2024 and Entitlement info for VA Manufactured Homes

Due to the Blue Water Navy Vietnam Veterans Act, VA loans no longer have a specified loan limit as of 2020. This change allows eligible veterans and service members to borrow beyond traditional high-cost loan limits without a maximum cap, provided they have full entitlement. For loan amounts exceeding the high-cost limit in a given county, a down payment of 25% on the amount over the limit may be required, depending on the borrower’s remaining entitlement.

This flexibility offers VA borrowers the opportunity to finance manufactured homes with higher loan amounts while enjoying the benefits of VA loans, such as no private mortgage insurance (PMI) and competitive interest rates. It's essential for borrowers to understand their entitlement and how it applies to their specific financial situation. Consulting with a VA loan expert can help clarify these options and guide you in making informed decisions based on your entitlement and loan amount.

Summary of 2023 Conventional Loan Limits for Manufactured Homes

To provide context, here is a brief comparison with the 2023 limits:

  • The baseline conforming loan limit for a single unit in 2023 was $726,200, which has now been increased to $766,550 for 2024.

  • High-cost area limits for a single unit in 2023 were capped at $1,089,300, now raised to $1,149,825 in 2024.

  • Similarly, FHA loan limits have seen adjustments, with the 2023 ceiling for a single unit at $1,089,300, now elevated to $1,149,825 for 2024.

These changes reflect the ongoing adjustments needed to accommodate rising home prices and ensure that borrowers continue to have access to necessary financing options for manufactured homes.

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Frequently Asked Questions - FAQ’s

  • Similar to FHA, the conventional loan limits for 2023 on a single family property were $726,000 and higher for high-cost areas, approaching over $1 million dollars.

  • In 2023, FHA loan limits for single-family homes increased to reflect rising home prices:

    • Low-cost areas (floor): $472,030

    • High-cost areas (ceiling): $1,089,300

    Limits varied by county, with higher amounts in expensive markets like parts of California and New York. Alaska, Hawaii, Guam, and the U.S. Virgin Islands had a higher ceiling of $1,633,950 due to increased living costs.

  • The VA actually no longer has loan limits, they actually allow up to the max single family county loan limits, and anything over that amount you just have to put down 25% of the difference. This of course is based on having full VA benefits entitlement and not having an actively open VA loan or having a prior VA loan that was foreclosed upon.

  • The FHA loan limits for 2022 varied by location. For single-family homes in the contiguous United States:

    • The minimum limit (also called the floor) was $420,680.

    • The maximum limit (also called the ceiling) was $970,800.

THE FEDERAL SAVINGS BANK IS NOT AFFILIATED WITH OR ACTING ON BEHALF OF THE FHA, USDA, VA, OR THE FEDERAL GOVERNMENT.

*Subject to credit approval. Terms and conditions may apply. Property insurance is required on all loans secured by property.

*Important: We do not offer financing for homes on rented land or in mobile home parks. For family land, financing is only available if the property is on a separate parcel with no other property, and the borrower must be on the title to that land. Financing is available only for properties permanently affixed to owned land at closing, except for new construction projects. New Dealer Manufactured Home Loans are not available in New York. Modular and site-built land/home construction loans are available in all 50 states.

*Messaging and Data Rates May Apply.

*VA eligibility is required for VA loan products. USDA loans are only available in USDA-eligible areas as designated by the USDA.

*We do not offer new dealer-manufactured home loans in New York, but we do offer modular and site-built land and home construction.

*Qualification for up to $50,000 extra is for qualified borrowers and can be applied to all loan programs. This is a separate unsecured consumer loan we will underwrite in-house at the same time as your requested mortgage loan. Please contact your banker to request this program and the applicable rates, terms, and conditions. Consumer unsecured lending programs prohibit loan proceeds from being used for down payment.

REALTOR® is a registered trademark of the National Association of Realtors and is not affiliated with NationwideHomeLoansGroup.com or The Federal Savings Bank.

†Subject to applicable law and lender approval, when represented by one of our participating real estate brokerage companies during the purchase or sale of a home or land, eligible Consumers may receive a rebate of up to thirty percent (30%) off of the fee to be received by the participating real estate brokerage company representing the respective Consumer, at closing, which rebate will be applied exclusively toward paying down that Consumer’s applicable closing costs. In no event shall any rebate be greater than the aggregate of all closing costs. Issuance of a rebate is subject to a participating real estate brokerage company’s receipt of its fee. The following states condition, or do not permit, the granting of a rebate by real estate brokerage companies (list is subject to change at any time): Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, Oklahoma, Oregon, and Tennessee. No remuneration is paid to The Federal Savings Bank or to any of our Bankers. This is a free program offered exclusively by us to help our consumers save on their real estate transactions.

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