Property Improvement Loan Insurance for Improving All Existing Structures and Building of New Nonresidential Structures

 

To facilitate the financing of improvements to homes and other property types.

Active 14.142 Office of Housing-Federal Housing Commissioner, Department of Housing and Urban Development F - Guaranteed/Insured Loans; H - Sale, Exchange, or Donation of Property and Goods Not applicable. National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703. Eligible borrowers include the owner of the property to be improved, a lessee having a lease extending at least 6 months beyond maturity of the loan, or a purchaser of the property under a land installment contract. Individuals/families. The responsibility for credit approval of borrowers is exercised by HUD-approved lenders. Preapplication coordination is not applicable. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. The borrower applies directly to HUD approved lender, or through a lender's approved dealer. The HUD approved lenders makes the loan approval or denial decision. Not applicable. Not applicable. Not applicable. Not applicable. Not applicable. HUD insures lenders against loss on loans. Insured loans may be used to finance alterations, repairs, and improvements for existing structures and the building of new nonresidential structures which substantially protect or improve the basic livability or utility of the properties. The maximum loan amount is $25,000 for improving a single family home or for improving or building a nonresidential structure. For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure. Not applicable. Not applicable. Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the HUD regulations. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. Loans mature in 20 years and 32 days or earlier. Loans may be refinanced, but may not extend beyond 30 years from the date of the original note. Method of awarding/releasing assistance: Lump. For additional information, individuals are encouraged to contact the FHA Resource Center by phone at 1-800-CALL-FHA (1-800-225-5342), by email at answers@hud.gov or visit the FHA Resource Center site at http://portal.hud.gov/hudportal/HUD?src=/FHAFAQ. Kevin Stevens
451 7th Street, SW
Washington, DC 20410 US
answers@hud.gov
Phone: (800) 225-5342. http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/title/ti_home 86-4077-0-3-371 (Sale, Exchange, or Donation of Property and Goods) FY 22$20,000,000.00; FY 23 est $18,000,000.00; FY 24 est $16,000,000.00; FY 21$26,281,971.00; FY 20$35,253,252.00; FY 19$53,559,672.00; FY 15$90,000,000.00; FY 16 est $90,000,000.00; FY 17 est $90,000,000.00; - Average loans size is $19,000. The maximum loan amount is $25,000 for improving a single family home or for improving or building a nonresidential structure ($25,090 for a Manufactured Home). For improving a multifamily structure, the maximum loan amount is $12,000 per family unit, not to exceed a total of $60,000 for the structure. 24 CFR Part 201 Not applicable.