Apartments
Expansion and Renovation
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Rockport Mortgage Corporation is an FHA-approved
Mortgagee and actively provides financing
utilizing the FHA insurance programs nationwide.
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HUD 241
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Existing FHA Insured
Loans Only
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Purpose
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Provides mortgage insurance
for a supplemental loan for the purpose of
improvements or additions to a Multifamily
project, a nursing home, an intermediate
care facility or a group practice facility
covered by a FHA insured loan, without refinancing
the existing mortgage.
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Eligible Borrowers
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Profit motivated, non-profit
motivated and public owners are eligible.
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Maximum Term
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Amortization period is not
to exceed the remaining term of the first
mortgage plus 12 years.
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Maximum Loan
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90% of cost of improvement
or addition and in term to a period not longer
than the remaining term of the mortgage.
Statutory dollar limits and statutory unit
limits are applicable to the total of (1)
the outstanding mortgage and (2) the supplemental
loan.
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Personal Liability
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None
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Prepayment
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Negotiable
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FHA Application Fees
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0.3% of requested loan amount.
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Mortgage Insurance
Premium
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.50% of the outstanding loan
amount annually.
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FHA Inspection Fees
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.50% of the loan amount.
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Finance Fee
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Negotiable
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Timing
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An application can be processed
in approximately 90-120 days from submission
of a complete package.
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Funding
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Qualifies for government insured
mortgage-backed securities or direct Placement
or may be used to credit-enhance tax-exempt
bonds.
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Interest Rate
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Subject to market conditions
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Territory
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Nationwide
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