The Virginia Housing Development Authority recently partnered with a federal agency to pilot a new home loan program in Virginia that helps low to moderate-income individuals and families buy manufactured homes in rural areas.
By agreeing to join the Existing Manufactured Housing Unit Financing Pilot Program offered by the U.S. Department of Agriculture’s Office of Rural Development, VHDA has expanded its existing VHDA/USDA loan program from financing only new manufactured housing—defined as one year old and newer—to financing existing manufactured housing that can be between one and approximately 10 years old. As a result, many more manufactured housing units are now available to be financed with the multiple benefits offered by VHDA and USDA.
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