American Trust Corporation

FHA Insurance Programs -
Multifamily Accelerated Processing (MAP)

Program Description: MAP establishes a standardized process used by each HUD multifamily Hub office that significantly reduces the amount of HUD review time required to issue mortgage insurance commitments.
Approved MAP lenders prepare, process and submit loan applications, which includes preparing FHA forms, preliminary underwriting and ordering third party reports, such as an appraisal (required for all transactions) or a market analysis (required for all transactions except 223(f)’s). MAP replaces local “fast-track” procedures in Hub offices.

Eligible Programs:
Sections 221(d)(3) and 221(d)(4) - new construction and rehabilitation financing Section 220 - financing for apartments in urban renewal areas Section 232 – new construction and rehabilitation financing for healthcare facilities (skilled and assisted)
Section 232/223(f) – refinancing for existing healthcare facilities (skilled and assisted)
Section 223(f) - refinancing for existing apartments or healthcare facilities

HUD Processing Time:
223(f) and 232/223(f): Firm Commitment: 60 days
221(d), 232 and 220: Pre-Application: 45 days
Firm Commitment: 45 days

Term: New Construction/Substantial Rehabilitation: Maximum of 40 years, not to exceed 75% of remaining economic life.

Refinancing/Acquisition: Maximum of 35 years, not to exceed 75% of remaining economic life.

Maximum Loan:
Section 221(d)(3) Non-Profit or Public Mortgagors:
The lesser of:
(1) 100% of replacement cost, or rehabilitation and structure cost
(2) An amount of debt serviced by 95% of net income available for debt service
(3) Statutory per unit limitations
(4) 100% of mortgagable costs less grants, public loans and tax credits

Section 221(d)(4), 220 For-Profit Mortgagors:
The lesser of:
(1) 90% of replacement cost or rehabilitation and structure cost
(2) The amount of debt that can be serviced by 90% of net income
(3) Statutory per unit limits
(4) 100% of mortgagable costs less grants, public loans and tax credits

Section 232 (New Construction) For-Profit Mortgagors:
The lesser of:
(1) 90% of FHA's value (95% for private non-profits)
(2) Amount of debt serviced by 90% of the estimated NOI attributable to realty (95% for non-profits)
(3) 100% of mortgagable costs less grants, public loans and tax credits

Sections 232/223(f) and 223(f)
Refinancing:
The lesser of:
(1) 85% of FHA's value (90% for non-profits)
(2) Amount of debt serviced by 85% of NOI attributable to the real estate (90% for non-profits)
(3) 100% of HUD approved transaction costs (no equity take-out)
(4) 100% of mortgagable costs less grants, public loans, and tax credits

Acquisition:
The lesser of:
(1) 85% of FHA's value (90% for non-profits)
(2) Amount of debt serviced by 85% of NOI attributable to the real
estate (90% for non- profits)
(3) 85% of HUD approved acquisition costs (90% for non-profits)
(4) 100% of mortgagable costs less grants, public loans, and tax credits

Personal Liability: None. Non-Recourse.

HUD Application Fee: 0.3% ($3/$1,000) of the requested loan amount, payable at application for Firm Commitment.

Mortgage Insurance Premium (MIP): MIP varies by program and is reset by HUD on a yearly basis, and, once set, the MIP does not vary for the life of the loan. Depending on the insurance program and property type, the annual MIP ranges from 45 to 80 basis points per year.

Secondary Financing: Surplus cash notes permitted, but are limited to 7.5% of the project's value on 223(f).

Repairs/Replacements 223(f) and 232/223(f): Funds for repairs, deferred maintenance and capital improvements, within limitations, can be included in the loan amount, subject to the 85% loan to value limitation.

Loan Funding: GNMA mortgage-backed securities, direct placement as a taxable loan or as credit enhancement for tax-exempt bonds.

Prepayment: Subject to negotiation, but typically either: (i) closed for 10 years then open to prepayment at par, or (ii) closed for five years then open to prepayment at 105 in year six, declining 1% per year.

Interest Rate: Contact American Trust Corporation for current indications.

Availability: MAP is offered nationally and implemented through HUD’s HUB offices and program centers.

In its pre-qualifying review, American Trust Corporation will estimate both the loan amount and the fees and costs associated with the transaction. Actual loan amounts and actual fees and expenses may vary from the pre-qualifying estimates. A pre-qualifying estimate is not a commitment to make a loan.

Application Fee: $2,500 non-refundable inspection/loan processing fee payable to American Trust Corporation with the loan application, will be credited to origination fee at closing

Origination Fee: 1%

What We Do

Lending Programs

Property Types

Application Forms

Global Financing Solutions

Short Term Commercial

Float to Fixed

Small Loan Programs

Hard Money Loans

Credit Tenant Financing

Mezzanine

Multifamily

Office

Health Care Financing

Hotel & Resort Financing

Auto, Marine & Equipment Financing

Mobile Home Park

FHA & Fannie Mae Products

Self Storage

Retail

Industrial

SBA Programs

Factoring and Business Finance

Small and Rural Hospital Finance

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	FHA Insurance Programs - Multifamily Accelerated Processing (MAP) Program Description: MAP establishes a standardized process used by each HUD multifamily Hub office that significantly reduces the amount of HUD review time required to issue mortgage insurance commitments. Approved MAP lenders prepare, process and submit loan applications, which includes preparing FHA forms, preliminary underwriting and ordering third party reports, such as an appraisal (required for all transactions) or a market analysis (required for all transactions except 223(f)’s). MAP replaces local “fast-track” procedures in Hub offices. Eligible Programs: Sections 221(d)(3) and 221(d)(4) - new construction and rehabilitation financing Section 220 - financing for apartments in urban renewal areas Section 232 – new construction and rehabilitation financing for healthcare facilities (skilled and assisted) Section 232/223(f) – refinancing for existing healthcare facilities (skilled and assisted) Section 223(f) - refinancing for existing apartments or healthcare facilities HUD Processing Time: 223(f) and 232/223(f): Firm Commitment: 60 days 221(d), 232 and 220: Pre-Application: 45 days Firm Commitment: 45 days Term: New Construction/Substantial Rehabilitation: Maximum of 40 years, not to exceed 75% of remaining economic life. Refinancing/Acquisition: Maximum of 35 years, not to exceed 75% of remaining economic life. Maximum Loan: Section 221(d)(3) Non-Profit or Public Mortgagors: The lesser of: (1) 100% of replacement cost, or rehabilitation and structure cost (2) An amount of debt serviced by 95% of net income available for debt service (3) Statutory per unit limitations (4) 100% of mortgagable costs less grants, public loans and tax credits Section 221(d)(4), 220 For-Profit Mortgagors: The lesser of: (1) 90% of replacement cost or rehabilitation and structure cost (2) The amount of debt that can be serviced by 90% of net income (3) Statutory per unit limits (4) 100% of mortgagable costs less grants, public loans and tax credits Section 232 (New Construction) For-Profit Mortgagors: The lesser of: (1) 90% of FHA's value (95% for private non-profits) (2) Amount of debt serviced by 90% of the estimated NOI attributable to realty (95% for non-profits) (3) 100% of mortgagable costs less grants, public loans and tax credits Sections 232/223(f) and 223(f) Refinancing: The lesser of: (1) 85% of FHA's value (90% for non-profits) (2) Amount of debt serviced by 85% of NOI attributable to the real estate (90% for non-profits) (3) 100% of HUD approved transaction costs (no equity take-out) (4) 100% of mortgagable costs less grants, public loans, and tax credits Acquisition: The lesser of: (1) 85% of FHA's value (90% for non-profits) (2) Amount of debt serviced by 85% of NOI attributable to the real estate (90% for non- profits) (3) 85% of HUD approved acquisition costs (90% for non-profits) (4) 100% of mortgagable costs less grants, public loans, and tax credits Personal Liability: None. Non-Recourse. HUD Application Fee: 0.3% ($3/$1,000) of the requested loan amount, payable at application for Firm Commitment. Mortgage Insurance Premium (MIP): MIP varies by program and is reset by HUD on a yearly basis, and, once set, the MIP does not vary for the life of the loan. Depending on the insurance program and property type, the annual MIP ranges from 45 to 80 basis points per year. Secondary Financing: Surplus cash notes permitted, but are limited to 7.5% of the project's value on 223(f). Repairs/Replacements 223(f) and 232/223(f): Funds for repairs, deferred maintenance and capital improvements, within limitations, can be included in the loan amount, subject to the 85% loan to value limitation. Loan Funding: GNMA mortgage-backed securities, direct placement as a taxable loan or as credit enhancement for tax-exempt bonds. Prepayment: Subject to negotiation, but typically either: (i) closed for 10 years then open to prepayment at par, or (ii) closed for five years then open to prepayment at 105 in year six, declining 1% per year. Interest Rate: Contact American Trust Corporation for current indications. Availability: MAP is offered nationally and implemented through HUD’s HUB offices and program centers. In its pre-qualifying review, American Trust Corporation will estimate both the loan amount and the fees and costs associated with the transaction. Actual loan amounts and actual fees and expenses may vary from the pre-qualifying estimates. A pre-qualifying estimate is not a commitment to make a loan. Application Fee: $2,500 non-refundable inspection/loan processing fee payable to American Trust Corporation with the loan application, will be credited to origination fee at closing Origination Fee: 1%
		What We Do Lending Programs Property Types Application Forms

		Global Financing Solutions Short Term Commercial Float to Fixed Small Loan Programs Hard Money Loans Credit Tenant Financing Mezzanine Multifamily Office Health Care Financing Hotel & Resort Financing Auto, Marine & Equipment Financing Mobile Home Park FHA & Fannie Mae Products Self Storage Retail Industrial SBA Programs Factoring and Business Finance Small and Rural Hospital Finance


Privacy Policy