Apartments
New Construction
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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 221(d)(3)&(4)
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Non-Profit
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For Profit
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Purpose
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Provides mortgage insurance for proposed
apartment projects and rehabilitations including elderly
projects.
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Eligible Borrowers
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Profit and Non-Profit motivated single
purpose entities (note: a non-profit can be the General partner of a profit motivated single purpose
ownership entity).
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Maximum Term
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40 years plus a construction period.
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40 years plus a construction period.
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Maximum Loan
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The lesser of:
1. 100% of replacement cost, or
2. Amount of debt that can be serviced by 95% of net
income.
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The lesser of:
1. 90% of replacement cost, or
2. Amount of debt that can be serviced by 90% of net
income.
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Personal Liability
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None
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None
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Prepayment
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Typically closed for two years then
open to prepayment at 8% prepayment fee in year three,
declining 1% per year.
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Typically closed for two years then
open to prepayment at 8% prepayment fee in year three,
declining 1% per year.
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FHA Application Fees
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0.3% of the loan amount.
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0.3% of the loan amount.
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Mortgage Insurance
Premium
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0.45% of the outstanding loan amount
annually.
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0.45% of the outstanding loan amount
annually.
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Insured
Construction Loan
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Included
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Included
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Builder/Developer's Profit
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Builder and sponsor's profit and risk
allowance equal to 10% of all
costs other than land.
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Builder and sponsor's profit and risk
allowance equal to 10% of all
costs other than land.
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FHA Inspection Fees
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0.5% of loan amount
(new construction)
0.5% of costs associated with construction (sub rehab)
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0.5% of loan amount
(new construction)
0.5% of costs associated with construction (sub rehab)
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Finance Fee
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Negotiable
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Negotiable
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Secondary Financing
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Surplus cash notes are permitted.
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Surplus cash notes are permitted
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Timing
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Per "MAP" (Multifamily Accelerated
Processing) Guidelines an application can be processed
in approximately 90-120 days from submission of a complete
package.
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Per "MAP" (Multifamily Accelerated
Processing) Guidelines 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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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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Subject to market conditions.
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Territory
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Nationwide
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Nationwide
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