 |  Rockport Mortgage Corporation is a Multifamily Accelerated Processing "MAP" approved Lender. Click Here to learn more.
| | | | 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 FHA Mortgage Insurance Programs are available and may provide the most practical and attractive financing mechanisms for financing the following: | Section 221(d)(4) | New Construction or Rehabilitation of Apartments (profit-motivated or non-profit borrowers) | | | Section 221(d)(3) | New Construction or Rehabilitation of Apartments (non-profit borrowers) | | | Section 223(f) | Acquisition or Refinance of Apartments | | | Section 232 | Construction or Rehabilitation of Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities (Board and Care Facilities) | | | Section 232 pursuant
To Section 223(f | Acquisition or Refinance of Skilled Care Nursing Homes, Intermediate Care, Assisted Living and Personal Care Facilities (Board and Care Facilities) | | | Section 223(a)(7) | Refinance of existing FHA insured mortgages (to reduce the interest rate and increase mortgage amount, if desired). | | | Section 241 | Supplemental Loan Program for Renovation or Expansion of existing FHA insured Apartments, Nursing Homes, Assisted Living Facilities, and Personal Care Facilities. | | | Description | 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 Federal Housing Administration’s (FHA) implementation of Multifamily Accelerated Processing “MAP”, processing time has been reduced to as few as 45 days in Department of Housing and Urban Development (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 GNMA Mortgage-Backed Securities, or can be used as credit enhancement for tax-exempt bond issues. Project insured by FHA can be “market” rate, affordable housing, or low-income housing. 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. | | | Special Program Features:
| • Non-Recourse (HUD takes a first mortgage lien)
• 35 Year Term and Amortization (Refinance/Acquisition)
| | | 40 Year Term and Amortization (New Construction/Substantial Rehab)
| • Up to 85% LTV (Refinance/Acquisition)
Up to 90% LTV (New Construction/Substantial Rehab)
• Construction and Permanent Financing Available
| | | Available To:
| • For Profit, Nonprofit, and Public Borrowers
• New Construction/Rehab projects must be approved by HUD prior to workcommencing and | | | Architect/Engineer should have FHA experience
| • Refinance properties must be 3 years old
| | | Basic Costs:
| • Annual Mortgage Insurance Premium of 45 to 80 basis points depending upon the program.
• Application Fee of $3 per $1,000 of mortgage
• Inspection Fee Estimated at $30 per Unit
• Finance Fees Negotiable | | | Application Processing:
| • 60 days for refinance or acquisition loan
• Two 45-day reviews (90 days total) or One 60 day period for new constructionor substantial rehab loans. | | |
