Government Grants, Loans: Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects (Matching, Phasing)

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Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects

ASSISTANCE CONSIDERATIONS
	· Length and Time Phasing of Assistance
		The maximum mortgage term is 40 years, or not in excess of three-quarters of the remaining economic life, whichever is less, if the project remains a rental.
	· Formula and Matching Requirements
		The maximum amount of the loan is 90 percent of the replacement cost, the sum of the statutory per unit limits, or sum of the unit mortgage amounts, whichever is less. The combined HUD site appraisal and market analysis application fee and commitment fees are $3.00 per $1,000 of the mortgage amount, and the HUD inspection fee may not exceed $5.00 per $1,000 of the mortgage amount, except that in all cases the combined application, commitment and inspection fee shall aggregate no less than $65 per unit for new construction or $50 per unit in rehabilitation cases. The mortgage insurance premium is one-half percent of the mortgage amount.

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