Nursing Homes/Assisted Living
Supplemental Loans for Project
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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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Section 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 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.
The maximum interest rate is presently
7%. 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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