Manufactured Housing Program
Ginnie Mae's Manufactured Housing Program provides a guarantee for mortgage loans insured by FHA for the purchase of a new or used manufactured home. This program provides liquidity in the market that in turn lowers costs for borrowers.
The Manufactured Housing Program works in conjunction with the FHA Manufactured Housing Loan Modernization Act of 2007 and the Housing and Recovery Act of 2008. The Modernization Act was developed to address the diminishing market for the earlier version of the Title I Program. The limited nature of this program left low- to moderate-income borrowers with no adequate financing options for manufactured housing. Following FHA’s modernization of the program, Ginnie Mae also made updates to the Title I Program to offer a securitization vehicle for manufactured housing that is backed by the US Government.
The Manufactured Housing Program’s remaining principal balance was $276.6 million by the end of FY 2012, up from $275.9 million at the end of the FY 2011.
Unlike other entities, Ginnie Mae does not originate or invest in mortgage loans directly. Rather, Ginnie Mae is the guarantor of securities issued by approved lenders who participate in our programs.