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OCR Page 1 of 255DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
14.108 REHABILITATION MORTGAGE
mine its compliance and conformance with FHA regulations and
standards.
INSURANCE
Records: Mortgagees are required to service and maintain records in
(203(k))
accordance with acceptable mortgage practices of prudent lending
institutions and the FHA regulations.
FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING
FINANCIAL INFORMATION:
AND URBAN DEVELOPMENT
Account Identification: 86-4077-0-3-371.
AUTHORIZATION: National Housing Act, as amended, Section
Obligations: (Loans insured) FY 97 $1,675,745,749; FY 98 est report-
203(k), Public Law 95-557, 12 U.S.C. 1709, 1715(k).
ed under program 14.133; and FY 99 est reported under program
OBJECTIVES: To help families repair or improve, purchase and im-
14.133.
prove, or refinance and improve existing residential structures
Range and Average of Financial Assistance: Maximum insurable
more than one year old.
mortgage loans for an occupant mortgagor are the same as pre-
TYPES OF ASSISTANCE: Guaranteed/Insured Loans.
scribed for Section 203(b) Program 14.117. Rehabilitation cost
USES AND USE RESTRICTIONS: HUD insures lenders against loss
must be at least $5,000.
on loans. These loans may be used to rehabilitate an existing 1 to 4
PROGRAM ACCOMPLISHMENTS: In fiscal year 1997, nearly
unit dwelling in one of four ways: (1) Purchase a structure and the
19,000 loans were insured. The Department expects to insure a
land on which the structure is located and rehabilitate it; (2) pur-
similar number of loans in fiscal year 1998 and fiscal year 1999.
chase a structure on another site, move it onto a new foundation
REGULATIONS, GUIDELINES, AND LITERATURE: HUD Resi-
on the mortgaged property and rehabilitate it; (3) refinance the ex-
dential Rehabilitation Program, no charge; Fact Sheet: Rehabilita-
isting indebtedness and rehabilitate such a structure; or (4) reha-
tion Mortgage Insurance, no charge. 24 CFR 203.50.
bilitate such a structure. Maximum insurable mortgage loans for an
INFORMATION CONTACTS:
occupant mortgagor are the same as prescribed for Section 203(b)
Regional or Local Office: Persons are encouraged to contact the
- Program 14.117. Rehabilitation cost must be at least $5,000.
Homeownership Center serving their State, or the nearest local
ELIGIBILITY REQUIREMENTS:
HUD Office. See Catalog address appendix for a list of offices.
Applicant Eligibility: Individual purchasers or investors are eligible
Headquarters Office: None.
to apply.
Beneficiary Eligibility: Individual purchasers or investors.
RELATED PROGRAMS: 14.117, Mortgage Insurance-Homes;
Credentials/Documentation: Documentation regarding the character-
14.120, Mortgage Insurance-Homes for Low and Moderate
istics of the property and the qualifications of the borrower are as-
Income Families; 14.172, Mortgage Insurance-Growing Equity
sembled by the lender and submitted with the application. This
Mortgages.
program is excluded from coverage under OMB Circular No. A-
EXAMPLES OF FUNDED PROJECTS: Not applicable.
CRITERIA FOR SELECTING PROPOSALS: Not applicable.
87.
APPLICATION AND AWARD PROCESS:
Preapplication Coordination: None. This program is excluded from
14.110 MANUFACTURED HOME LOAN
coverage under E.O. 12372.
INSURANCE-FINANCING PURCHASE OF
Application Procedure: Application is submitted through a HUD ap-
MANUFACTURED HOMES AS PRINCIPAL
proved lending institution. This program is excluded from cover-
RESIDENCES OF BORROWERS
age under OMB Circular Nos. A-102 and A-110.
Award Procedure: See Application Procedure.
(Title I)
Deadlines: None.
FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING
Range of Approval/Disapproval Time: Varies.
AND URBAN DEVELOPMENT
Appeals: The lender or HUD will state the reason for refusing an
application. The applicant may reapply subject to concurrence of
AUTHORIZATION: National Housing Act, Title I, Section 2, as
amended, 12 U.S.C. 1703.
the lender.
OBJECTIVES: To make possible reasonable financing of manufac-
Renewals: Not applicable.
ASSISTANCE CONSIDERATIONS:
tured home purchases.
Formula and Matching Requirements: The maximum loan amount is
TYPES OF ASSISTANCE: Guaranteed/Insured Loans.
the same as Section 203(b) Program 14.117. Value is determined
USES AND USE RESTRICTIONS: HUD insures lenders against loss
by either (a) the value of the property before rehabilitation plus
on loans. Insured loans may be used to purchase manufactured
the cost of rehabilitation, or (b) 110 percent of the appraised value
home units by buyers intending to use them as their principal
of the property after rehabilitation, whichever is less. The loan
places of residence. The maximum amount of the loan is $48,600,
may be subordinated to an existing first mortgage, or there may be
whether single or multiple modules. The borrower must give as-
insured advances during the rehabilitation period if the loan is a
surance that the unit will be placed on a site which complies with
first lien. The lender may charge the greater of $350 or an addi-
local zoning and land development requirements.
tional 1-1/2 percent supplemental loan origination fee for the por-
ELIGIBILITY REQUIREMENTS:
tion of the loan which is allocated to rehabilitation when there are
Applicant Eligibility: All persons are eligible to apply.
insured advances. Also, the lender may charge the mortgagor fees
Beneficiary Eligibility: Individuals/families.
in the nature of discounts.
Credentials/Documentation: Documentation regarding the character-
Length and Time Phasing of Assistance: The mortgage term may
istics of the manufactured home unit and the qualifications of the
extend for 30 years.
borrower are submitted to the lender. This program is excluded
POST ASSISTANCE REQUIREMENTS:
from coverage under OMB Circular No. A-87.
Reports: Defaults in meeting the mortgage terms must be reported.
APPLICATION AND AWARD PROCESS:
All approved mortgagees at any time upon request by FHA must
Preapplication Coordination: None. This program is excluded from
furnish a copy of their latest financial statement.
coverage under E.O. 12372.
Audits: The Department of Housing and Urban Development re-
Application Procedure: Application is submitted to a HUD-approved
serves the right to audit the account of the mortgagee to deter-
lender or through a lender's approved dealer for review and ap-
6-98
241
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