Mortgage Determinants Overview The mortgage criteria based on actual allowed costs are summarized as follows: Firm Cost Criteria Commitment Certification Application Amount Fair Market Value: $ $ Replacement Cost: $ $ Debt Service: $ $ Requested Amount: $ $ The Mortgage Amount is: $ (Note: If the new Mortgage Amount is less than the Firm Commitment Mortgage Amount, the difference will be an additional deposit in the reserve for replacement account or may be a mortgage reduction if requested by the lender.) Additional Deposit to Reserve for Replacement Account: $ Sources & Uses – Copied from HUD-92264a-ORCF <<Provide a statement of Sources and Uses of estimated cost at final closing. Include all eligible and ineligible costs.>> Secondary Sources <<List and discuss all secondary sources, including terms and conditions of each. Secondary sources include Surplus Cash Notes, Grants/Loans, Tax Credits, and the like. Demonstrate compliance with HUD limits on private sources. Remember that Criterion 11 is applicable to mortgage sizing.>> Circumstances that May Require Additional Information In addition to the information required in this narrative, depending upon the facility for which mortgage insurance is to be provided, the mortgagor, operator, management agent and such other parties involved in the operation of the facility, current economic conditions, or other factors or conditions as identified by HUD, HUD may require additional information from the lender to accurately determine the strengths and weaknesses of the transaction. If additional information is required, the questions will be included in an appendix that accompanies the narrative.
Mortgage Determinants Overview The mortgage criteria based on actual allowed costs are summarized as follows: Criteria Firm Commitment Application Cost Certification Amount Fair Market Value: $ $ Replacement Cost: $ $ Debt Service: $ $ Requested Amount: $ $ The Mortgage Amount is: $ (Note: If the new Mortgage Amount is less than the Firm Commitment Mortgage Amount, the difference will be an additional deposit in the reserve for replacement account or may be a mortgage reduction if requested by the lender.) Additional Deposit to Reserve for Replacement Account: $ Sources & Uses – Copied from HUD-92264a-ORCF <<Provide a statement of Sources and Uses of estimated cost at final closing. Include all eligible and ineligible costs.>> Secondary Sources <<List and discuss all secondary sources, including terms and conditions of each. Secondary sources include Surplus Cash Notes, Grants/Loans, Tax Credits, and the like. Demonstrate compliance with HUD limits on private sources. Remember that Criterion 11 is applicable to mortgage sizing.>> Circumstances that May Require Additional Information In addition to the information required in this narrative, depending upon the facility for which mortgage insurance is to be provided, the mortgagor, operator, management agent and such other parties involved in the operation of the facility, current economic conditions, or other factors or conditions as identified by HUD, HUD may require additional information from the lender to accurately determine the strengths and weaknesses of the transaction. If additional information is required, the questions will be included in an appendix that accompanies the narrative.
9444_ORCF.DOCX