tag:blogger.com,1999:blog-13192002716422280252024-12-18T19:20:10.466-08:00FHA Multifamily Loans FHA 223(f) Apartment Loan FHA 221(d) (4) Apartment LenderFHA 223(f) Loan FHA 221(d)(4) Apartment Construction Loan, Fannie Mae Multifamily Loans and Freddie Mac Apartment and Healthcare LoansAnonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comBlogger20125tag:blogger.com,1999:blog-1319200271642228025.post-677650796870262712014-01-16T09:15:00.001-08:002014-01-16T09:15:52.559-08:00Apartment Lender APARTMENT Loan Rates FHA 223f FNMA DUS FNMA Small Apartment Loans: Apartment Loan Rates FHA 223 F FNMA DUS slightly l...<iframe width='500' height='300' frameborder='0' src='https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true'></iframe><a href="http://apartmentlender.blogspot.com/2014/01/apartment-loan-rates-fha-223-f-fnma-dus.html?spref=bl">Apartment Lender APARTMENT Loan Rates FHA 223f FNMA DUS FNMA Small Apartment Loans: Apartment Loan Rates FHA 223 F FNMA DUS slightly l...</a>: 847 903- 7578 Scott Apartment Loans Commercial Mortgages Chicago, Nationally, Small Apartment Loans, FHA 223 F,FNMA DUS, FNMA Small Apartmen...Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-42021219592077697162013-12-30T09:51:00.001-08:002013-12-30T09:51:52.668-08:00Crystal Balls Proved Reliable for Predicting CRE Market Performance in 2013<a href="http://www.costar.com/News/Article/Crystal-Balls-Proved-Reliable-for-Predicting-CRE-Market-Performance-in-2013/155542#.UsGmTxzUWfM.blogger">Crystal Balls Proved Reliable for Predicting CRE Market Performance in 2013 - CoStar Group</a><br />
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Through the third quarter of this year, investment sales were up 27%, according to CoStar COMPs data. Industrial investments were up 56% and office up 27%; however, multifamily investments tapered off this year and were actually down about 6%.<br />
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Predictions - Apartment purchases will pick up early in the year using FNMA loans and lines of credit - FHA 223 will be used primarily for refinances of strong borrowers with good liquidity and non-profit borrowers with good balance sheets due to its long processing time<br />
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Then FED taper will bring 50 bases points higher interest rates for ten year loans resulting in sales and refinances slowing in the second half of the year <br />
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<h1>
<a href="http://www.bizjournals.com/portland/news/2013/12/26/lending-remains-behind-pre-.html?ana=e_vert">Lending remains behind pre-recession levels</a></h1>
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<span style="color: #3d85c6;"><span style="font-size: large;">Total loan balances for all banks in the third quarter were $154.2 billion less than in 2008.<br /><br />During
that time frame, loans at banks with assets of less than $1 billion
grew by $28.4 billion, or .7 percent annually, while loan balances for
banks with more than $1 billion in assets decreased by $182.8 billion,
or .4 percent.<br /><br />At the same time, total assets for all banks grew by nearly $1.3 trillion, or 1.9 percent.<br /><br />Much of that asset growth came from securities, or investments, that could pose a problem for banks in the future.<br /> More
and more of those purchased securities are long-term [five years or
longer], and they could be problematic as interest rates rise in the
future. </span></span></h1>
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<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-44443692293509111002013-11-20T10:11:00.000-08:002013-11-20T10:11:50.193-08:00new Small balance loans - fix/rehab type loans Chicago Suburbs Scott 847-903-7578Small balance loans and focus on "story book" type
loans which need to close fast and loans that banks will not fund on (i.e. broken condos, fix/rehab type loans, etc).<br />
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Or the standards for existing apartments FNMA and FHA RATES
<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-32487831705126497062013-10-17T09:44:00.000-07:002013-10-17T09:44:54.323-07:00Apartment rates move down on good news the Government is open.FNMA and Freddy open since congress not involved :)<br />
Bad news they went on vacation without re-authorizing FHA lending limit silly guys so no new FHA apartment and home loans resulting in slight downward pressure on home values and owner equity <br />
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Hopefully they will return from vacation refreshed and ready to get America back to bidness<br />
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<a href="http://www.kendallrealtyadvisors.com/ApartmentLoans.html" target="_blank">Apartment Loan Rates Link </a><br />
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<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-8747878814334266852013-09-10T10:51:00.000-07:002013-09-10T10:51:47.118-07:00Apartment Lender Rates FHA 223F FNMA up way up <iframe width='500' height='300' frameborder='0' src='https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true'></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-69705618250867716872013-04-12T13:20:00.000-07:002013-04-12T13:20:04.106-07:00Apartment Lender Loan Rates FHA 223 F FHA 232 Lean Assisted Living Scott Kendall 847-903-7578<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-90693524023844427072013-04-12T13:19:00.000-07:002013-04-12T13:19:57.956-07:00Apartment Lender Loan Rates FHA 223 F FHA 232 Lean Assisted Living Scott Kendall 847-903-7578<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-55127979199641506222013-02-27T10:18:00.000-08:002013-02-27T10:18:30.207-08:00FHA 223 F rates FHA 232 refinances now moving very fast for FHA<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-13776214094421157692013-01-22T06:05:00.000-08:002013-01-22T06:05:48.555-08:00Apartment Loan Rates 1-22-13 FHA 223 f - FNMA<iframe width='500' height='300' frameborder='0' src='https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true'></iframe>
Apartment Loans Commercial Mortgages Chicago, Nationally, Small Apartment Loans, FHA 223 F,FNMA DUS, FNMA Small Apartment Loan rates newsAnonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-20984725281358432452013-01-11T09:08:00.001-08:002013-01-11T09:08:51.143-08:00Apartment loan rates FHA 223 f FHA 232 Rates senior housing<iframe width='500' height='300' frameborder='0' src='https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true'></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-61536665220783102582012-11-29T14:02:00.001-08:002012-11-29T14:02:36.065-08:00FHA FNMA APARTMENT LOAN RATES 847 903 7578<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-2857994878638143972012-10-11T11:01:00.001-07:002012-10-11T11:01:04.425-07:00Apartment loan rates FHA A7 223F fast service low fees great rates<iframe frameborder="0" height="300" src="https://docs.google.com/spreadsheet/pub?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE&single=true&gid=0&output=html&widget=true" width="500"></iframe>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-20981472504235497792012-09-20T10:00:00.000-07:002012-09-20T10:00:47.734-07:00APARTMENT LOAN RATES FHA 223 F FNMA<br />
<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE">APARTMENT LOAN RATES 223F FNMA </a><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9tc5WhJGjVOx1ICkVndj6tAhAA_8JIbVSSq13Liwlr8j12VqD2P9ufRA36XrblZw9sJBc4PYi6_R95Lok38oVSyIQl2Mc6evXMFHWB6Iiq0BnmuJTZ9AqmgQq-BH6tsPlUrCjfpuS2C8/s1600/APARTMENT+LOAN+RATES+FHA+223F+FNMA+9-20-12.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="470" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9tc5WhJGjVOx1ICkVndj6tAhAA_8JIbVSSq13Liwlr8j12VqD2P9ufRA36XrblZw9sJBc4PYi6_R95Lok38oVSyIQl2Mc6evXMFHWB6Iiq0BnmuJTZ9AqmgQq-BH6tsPlUrCjfpuS2C8/s640/APARTMENT+LOAN+RATES+FHA+223F+FNMA+9-20-12.jpg" width="640" /></a></div>
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<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE">APARTMENT LOAN RATES 223F FNMA </a><br />
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<a href="http://www.kendallrealtyadvisors.com/">http://www.kendallrealtyadvisors.com/</a><br />
<br class="Apple-interchange-newline" />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-85627450941432166142012-05-24T08:29:00.000-07:002012-05-24T08:29:56.475-07:00commercial property, prices recovered to mid-2003 Levels CoStar 2012 News APARTMENT LOAN RATES LINK<br />
<a href="https://docs.google.com/spreadsheet/ccc?key=0Ap3HfXzExHJ3dEZYVmc5MHRzaXRXSThDazNoV1FiSUE" target="_blank"><br class="Apple-interchange-newline" />APARTMENT LOAN RATES LINK</a><br />
<span style="font-size: x-large;"><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;"><a href="http://www.costar.com/News/Article/CRE-Price-Recovery-Continues-Despite-Seasonal-Volatility/138593" target="_blank">Despite a generally flat March for pricing of commercial property, prices recovered to mid-2003</a> levels in the first quarter as improving fundamentals and liquidity causing a broadening of the recovery into non-core </span><a href="http://www.showcase.com/" style="background-color: white; color: #3366cc; font-family: Arial, Helvetica, sans-serif; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">commercial real estate</a><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;"> and secondary markets, according to </span><a href="http://www.costar.com/ccrsi/index.aspx" style="background-color: white; color: #3366cc; font-family: Arial, Helvetica, sans-serif; margin: 0px; padding: 0px; text-decoration: none;" target="_blank">this month's CoStar Commercial Repeat Sale Indices (CCRSI) report.</a><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;"> </span></span><br />
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<span style="font-size: x-large;"><span style="background-color: white; color: black; display: inline !important; float: none; font-family: Arial, Helvetica, sans-serif;">At this rate it will be 2006 in ten short years. Oprah sells her Chicago condo for about 1/2 of what she paid. say $3,000,000 on $6,000,000 cost plus extra shoe closets.</span></span><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-12733624683211208302012-04-16T09:37:00.001-07:002012-04-16T09:37:03.364-07:00Apartment Loans Nationally $2,000,000 and up Small Apartment loans Chicago FNMA FHA and Community Banks<br />
Apartment Loans Nationally $2,000,000 and up<br />
<a href="http://www.blogger.com/goog_1026090946">Small Apartment loans Chicago</a><br />
<a href="http://www.kendallrealtyadvisors.com/commercialmortgages.html" target="_blank">FNMA FHA and Community Banks</a><br />
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<a href="http://www.kendallrealtyadvisors.com/rates.html">RATES </a><br />Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-19907021944012998572011-04-03T03:42:00.000-07:002011-04-03T03:42:13.046-07:00FHA 221(d(4 New Construction<div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">FHA 221(d)4 New construction loans are being funded by FHA but the total amount of new construction funding is much smaller than the 223(f) refinance funding. Rates at about 1.25 percent higher than 223(f) rates which are about 5% currently.</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The cost of qualifying for a FHA new construction loan exceeds most other financing programs since the developer must pay for working drawings, about $30,000 in lender required reports and an FHA exam fee of $3 per $1,000 of mortgage request. The contractor must be able to bond a fixed construction price using Davis Bacon Prevailing local wages. </div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">The typical FHA borrower that use the FHA 221(d)4 program ofter is a repeat client and the transactions are normally in excess of $5,000,000 due to the costs of preparing for closing of the loan.</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><br />
</div></div><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;"><div style="margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px;">FHA allows a maximum loan of 83.33% of cost for market rate properties and slightly higher for affordable rental housing. They also require an operating deficit fund and a 4% working capital letter of credit or cash deposit. Basically the equity requirement even after net out BSPRA (Deferred Developer Profit) equals or exceeds 20% at this time.</div></div>Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-36978130479512607082009-10-04T04:13:00.000-07:002009-10-04T04:14:29.828-07:00Small Apartment Loans $750,000 to $5,000,000Fixed Rate non-recourse small apartment loan program.<br />
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Loan Amounts: $750,000-$5,000,000<br />
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Baltimore, Boston, Chicago, Los Angeles, New York City, San Diego,San Francisco, San Jose (CA), Sacramento, Seattle, and Washington<br />
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Fixed Rate Balloon Loans: 5, 7, 10 and 15 year loan terms with up to 30 year amortization terms<br />
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Fully Amortizing Loans: up to 30 year terms<br />
Pricing based upon Loan to Value and Debt Service Coverage<br />
Maximum Loan to Value: 75%<br />
Minimum Debt Service Coverage Ratio: 1.25x<br />
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Low upfront costs, Low loan fees<br />
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http://www.kendallrealtyadvisors.com/smallaptloan.htmlAnonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-14226887067353951012009-09-21T13:50:00.000-07:002009-09-21T13:50:19.097-07:00FHA 223(f) Apartment Refinance RatesFHA 223(f) apartment refinance rates are about 5% plus MIP.<br />
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A new waiver is now allow for properties that are new or recently completed for 223(f) apartment refinance. The properties need to have a certificate of occupancy and should be well occupied at time of application for loan sizing.Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-8099128282989485792009-03-24T06:46:00.001-07:002009-09-21T13:50:45.782-07:00FHA 223(f) New Construction WaiversFebruary 6, 2009<br />
MORTGAGEE LETTER 2009-06<br />
TO: All FHA-Approved Multifamily Mortgagees<br />
SUBJECT: Temporary Authority for Multifamily Hubs to Process Waiver Requests Pertaining to the Three-Year Rule for Section 223(f)<br />
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Purpose - This mortgagee letter sets forth the Department’s policy to grant temporary authority to Multifamily Hub Directors to grant waivers of the Three Year Rule for Section 223(f) (MAP Guide, Section 3.8.a Eligible Property), for the purpose of providing liquidity to recently constructed, self sustaining properties that are unable to secure permanent long term financing due to the freeze in the capital markets. This mortgagee letter will benefit applications that meet all of the qualifications of the Section 223(f) program, except for the fact that the property was originally constructed or substantially rehabilitated less than three years prior to the date of application for Firm Commitment. Eligible applications will have a Certificate of Occupancy. The waiver authority granted under this Mortgagee Letter expires six months from publication. The Department will evaluate the effectiveness of this waiver authority based upon applications received and may elect to extend the program based upon that evaluation. <br />
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Background<br />
A number of fully operating, self sustaining properties, which have recently been constructed or rehabilitated, are now unable to secure permanent long-term financing due to the freeze in the capital markets. At this time, the Department recognizes the need to provide liquidity to the market place. In order to do so, waiver authority of the Section 223(f) eligibility restriction to properties that have been completed or substantially rehabilitated for 3 years prior to the date of application is required. Historically, Section 223(f) program requirements have been temporarily modified to better meet program goals when economic conditions greatly decreased the availability of credit. When the Section 223(f) Handbook was originally published, it set forth a Special Eligibility Program that was applicable to recently completed projects, where construction was started before June 30, 1974 and completed before the end of 1975. This special program was implemented to address liquidity shortages prevailing in multifamily real estate financing at that time that prevented otherwise sound projects from obtaining permanent financing. The existing capital market credit freeze is similarly constraining the availability of permanent financing today. This Mortgagee Letter provides relief similar to that provided in 1974, but also includes additional requirements to ensure that the properties are viable, self sustaining and will not jeopardize the long term financial stability of the Section 223(f) program.<br />
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Waiver Authority<br />
As of the date of this Mortgagee Letter, Hub Directors will have temporary authority to waive the Three-Year Rule for the Section 223(f) program for a six month period subject to the conditions and processing instructions below. The requirements of this Mortgagee Letter may not be waived by Hub Directors.<br />
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Conditions<br />
1. This waiver authority applies only to the refinancing of conventionally funded projects that were originally constructed or substantially rehabilitated less than three years prior to the date of application for Firm Commitment and that have a Certificate of Occupancy for the entire project dated no later than July 31, 2008.<br />
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2. Projects that previously applied for mortgage insurance under other HUD programs and withdrew their applications are ineligible.<br />
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3. Any prepayment restriction associated with the new Section 223f financing must be<br />
discussed with the applicant.<br />
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4. The final mortgage amount shall only be sufficient to pay off existing indebtedness, as defined in Chapter 8.9.E of the MAP Guide and may not include an equity payment to the owner.<br />
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5. All other applicable program requirements for the Section 223(f) program must be met, including compliance with Chapter 10.8 of the MAP Guide that pertains to the<br />
nondiscrimination provisions of the Fair Housing Act, along with Executive Order 11063 and Appendix 5c, Paragraph E that concerns accessibility requirements for persons with disabilities.<br />
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6. The applicant must submit documentation evidencing that efforts to obtain permanent conventional financing have been unsuccessful, or that current offers of conventional financing have been cancelled. This documentation should include rejection letters from prospective lenders or cancellation letters from lenders that had previously committed financing.<br />
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7. The applicant must submit evidence that all interest and/or debt service payments have been made on time since the beginning of the current loan.<br />
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8. A minimum of one full year (non-annualized) audited financial statements are required.<br />
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9. The project must have achieved Sustaining Occupancy for a period of three months immediately prior to the date that the application for Firm Commitment is submitted. Sustaining Occupancy is defined as having sufficient income to pay all operating expenses, monthly debt service, escrow and reserve for replacement requirements. Only leases with 12 month terms will be considered in the calculation. The certified rent roll level of occupancy for the most recent three-month period must be no less than 90% of the total units in the entire project, including all phases. Unusual rent concessions, other discounts and short term leases that are not typical in the market and that are offered by a landlord to induce a prospective tenant to enter into a lease must be taken into consideration when evaluating the credibility of the 90% occupancy requirement. The market analysis contained in the appraisal report must justify any processing occupancy rate that exceeds the certified rent roll occupancy level.<br />
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10. No waiver of the requirement for submission of “as-built” plans shall be permitted.<br />
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11. As per outstanding requirements, a current Phase I Environmental Assessment must be submitted. It should reference any prior Environmental Assessments and these older reports should be submitted if available.<br />
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12. In accordance with the Uniform Standards of Professional Appraisal Practice, the appraisal report should discuss any current listing of the subject and any offers made and/or accepted to purchase, lease or option the project. Also, since these projects are recently constructed or rehabilitated, depreciation will be minimal or significantly reduced, contributing to the reliability of the Cost Approach. Processing offices are reminded that this approach is required and should be considered in the reconciliation process.<br />
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13. Copies of any market studies and updates that were made in conjunction with obtaining the current loan must be submitted. The market analysis in the appraisal report will address current market conditions of the subject property.<br />
14. Inspections/Repairs. All of the existing MAP Guide requirements related to project inspection, repair escrows, and protection against latent defects associated with the new Section 223(f) financing are applicable to cases processed under this waiver authority. In addition, the following requirements apply:<br />
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a. Any latent defects that became apparent during the warranty period provided<br />
under the project’s original construction contract, whether repaired or not, must be disclosed at the time of application.<br />
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b. The Project Capital Need Assessment shall assess the adequacy of the repairs performed to address any latent defects and determine whether any additional repairs are required to correct the defects, and shall establish a cost to complete the repairs.<br />
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c. All repairs required under this category, whether critical or non-critical, must be performed prior to closing and may not be included in the mortgage.Anonymoushttp://www.blogger.com/profile/17960304315237677226noreply@blogger.comtag:blogger.com,1999:blog-1319200271642228025.post-87215069966230352642009-03-24T05:44:00.000-07:002009-03-24T05:45:35.770-07:00FHA Multifamly Loan Program<a href="http://www.kendallrealtyadvisors.com">Kendall Realty Advisors</a>Unknownnoreply@blogger.com