FHA LOANS INFORMATION

Pre-Application Architectural Requirements The architectural requirements for a Pre-Application package may vary depending on the office and current changes. We offer the following as a general guide for developers to understand the process. Architects should consult the proper HUD handbooks. … Read More

Explanation Refinance/Acquisition – MAP Loans The FHA/HUD refinance/acquisition program is designed for apartments of more than 5 units. It is conventional financing. FHA insures our mortgages and this results in favorable terms and low rates. Subsidy requirements, affordable housing percentages, … Read More

Explanation:  New Construction – MAP Loans   The FHA/HUD new construction/substantial rehabilitation program is designed for apartments and health care facilities and is a conventional loan. FHA insures the mortgage and this results in favorable terms and low rates. Subsidy … Read More

Minimum Criteria for Consideration for FHA Insured Hospital Mortgage Insurance These are guidelines to help potential applicants reach their own preliminary assessments on whether or not they meet the minimum criteria for Mortgage Insurance. Passing this preliminary test DOES NOT … Read More

  BSPRA (Builder Sponsor Profit Risk Allowance) BSPRA is paper equity. A BSPRA allowance of up to 10% of all hard and soft costs combined is added to those costs and then the value of the land (or as-is value … Read More

  HUD Terms 1.HUD Exam Fee: This is an application fee to HUD when everything is completely processed and the final package goes in for the application for mortgage insurance. It is 3/10 of 1% of the mortgage amount. 2. … Read More