HUD MULTIFAMILY APARTMENTS
HUD Preservation Programs
Industry News
Official letter issued by HUD discussing updates to the underwriting requirements for transactions processed under the Section 220, 221(d)(3), 231, and 241(a) programs.
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Official HUD response to Mortgagee Letter 2010-21: HUD Multifamily Risk Mitigation. (Q & A Format)
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Rockport Mortgage Corporation is an approved FHA Mortgagee and actively underwrites, funds and services FHA
insured mortgage loans on multifamily housing, seniors housing, assisted living and skilled care properties nationwide.
Rockport Mortgage Corporation is a Multifamily Accelerated Processing "MAP" approved Lender.
The multifamily market today is witnessing a number of "derivative" products and structures that attempt to
achieve the lowest rates. Nonetheless, government programs such as FHA mortgage insurance still provide one of
the most attractive long term, non-recourse, permanent financing vehicles for projects that qualify from both a
programmatic and financial perspective. With the FHA's implementation of "MAP", processing time has been reduced
to as few as 45 days in HUD offices.
As the mortgage insurance provider of HUD, FHA will insure mortgages to finance the acquisition, new construction,
substantial rehabilitation and refinance of multifamily projects nationwide. Loans are funded on a taxable basis,
can be swapped for Government National Mortgage Association Mortgage-Backed Securities, or can be used as credit
enhancement for tax-exempt bond issues. Projects can be insured by FHA "market" rate, affordable housing, or low-income
housing programs. HUD does not require low-income tenancy set-asides nor does it impose rent limits on insured projects,
though the use of tax-exempt bonds or low income housing tax credits can trigger these requirements.
The multifamily market today is witnessing a number of "derivative" products and structures that
attempt to achieve the lowest rates. Nonetheless, government programs such as FHA mortgage insurance
still provide one of the most attractive long term, non-recourse, permanent financing vehicles for
projects that qualify from both a programmatic and financial perspective.
With the FHA's implementation of "MAP", processing time has been reduced to as few as 45 days in HUD offices.
The FHA Mortgage Insurance Programs are available and may provide the most practical and attractive financing mechanism
for financing the following:
Provides mortgage insurance for proposed apartment projects and rehabilitations
including elderly projects.
Provides mortgage insurance for existing apartment projects to facilitate either the
refinancing or purchase of projects at least three years old. Available for profit
motivated or non-profit borrowers.
Provides mortgage insurance in connection with the refinance of projects currently
insured by FHA. Available for profit motivated or non-profit borrowers and multi-family
or health care facilities.
Provides mortgage insurance for a supplemental loan for the purpose of improvements
or additions to a multi-family project, a nursing home, an intermediate care facility
or a group practice facility covered by a FHA insured loan, without refinancing the
existing mortgage.
Provides mortgage insurance for proposed apartment projects and rehabilitations of existing
multifamily projects including elderly projects.