Assisted Living
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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 printer
friendly version
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Purpose
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Provides mortgage insurance
for a supplemental loan for the purpose
of improvements or additions to 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 the 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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