PROGRAM ACCOMPLISHMENTS: In fiscal year 1993, no projects were insured. Cumulative totals through September 30, 1993 are 544 projects with 100,005 units insured with a value of $3,180,701,965. REGULATIONS, GUIDELINES, AND LITERATURE: 24 CFR 220.1 et seq.; Fact Sheet: Urban Renewal Housing (Mortgage Insurance), no charge; Rental Housing in Urban Renewal Areas for Project Mortgage Insurance, HUD Handbook 4555.1, no charge. INFORMATION CONTACTS: Regional or Local Office: All projects are processed in Regional and Local HUD Offices. Persons are encouraged to communicate with the nearest local HUD Field Office listed in the Catalog Address Appendix IV. Headquarters Office: For production information: Policies and Procedures Division, Office of Insured Multifamily Housing Development, Department of Housing and Urban Development, Washington, DC 20410. Telephone: (202) 708-2556. For management information: Director, Office of Multifamily Housing Management, Department of Housing and Urban Development, Washington, DC 20410. Telephone: (202) 708-3730. Use the same number for FTS. RELATED PROGRAMS: 14.134, Mortgage Insurance-Rental Housing; 14.135, Mortgage Insurance-Rental and Cooperative Housing for Moderate Income Families and Elderly, Market Interest Rate. EXAMPLES OF FUNDED PROJECTS: Not applicable. 14.140 MORTGAGE INSURANCE-SPECIAL CREDIT RISKS (Section 237) FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AUTHORIZATION: National Housing Act, as amended, Section 237 (excepting paragraph (e), Public Law 90-448, 12 U.S.C. 1715(b). OBJECTIVES: To make homeownership possible for low and moderate-income families who cannot meet normal HUD requirements. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: HUD insures lenders against loss on mortgage loans. These loans may be used to purchase or refinance one-to-four family homes or condominiums. The maximum insurable mortgage is $18,000 ($21,000 in high cost areas). ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Only families who do not qualify for homeownership under regular HUD credit standards are eligible. Beneficiary Eligibility: Individuals/families. Credentials/Documentation: Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: Counseling assistance must be obtained Award Procedure: See application procedure. Range of Approval/Disapproval Time: Varies. Appeals: HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender. Renewals: Not applicable. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: The downpayment required is determined by the requirements for the HUD program under which the application originates. Application may be originated under most HUD home mortgage programs. Length and Time Phasing of Assistance: The mortgage term may extend for 30 years, except 35 years if the mortgagor is unacceptable under a 30 year term. POST ASSISTANCE REQUIREMENTS: Reports: Defaults in meeting the mortgage terms must be reported. All approved mortgagees (lenders) at any time upon request by HUD must furnish a copy of their latest financial statement. Audits: The Department of Housing and Urban Development reserves the right to audit the account of the mortgagee to determine its compliance and conformance with HUD regulations and standards. Records: Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. FINANCIAL INFORMATION: Account Identification: 86-4077-0-3-371. Range and Average of Financial Assistance: See USES AND USE PROGRAM ACCOMPLISHMENTS: In fiscal year 1993, 1 unit was insured with a value of $13,000. Cumulative totals through September 30, 1993 are 5,255 units insured with a value of $81,247,824. REGULATIONS, GUIDELINES, AND LITERATURE: 'Credit Assistance and Counseling for Low and Moderate Income Home Purchasers (Section 237)," HUD Handbook FHA 4440.5; no charge; 24 CFR 237.1 et seq. INFORMATION CONTACTS: Regional or Local Office: Contact appropriate local HUD Field RELATED PROGRAMS: 14.117, Mortgage Insurance-Homes. 14.142 PROPERTY IMPROVEMENT LOAN INSURANCE FOR IMPROVING ALL EXISTING STRUCTURES AND BUILDING OF NEW NONRESIDENTIAL STRUCTURES (Title I) FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AUTHORIZATION: National Housing Act, Title I, Section 2, as amended, 12 U.S.C. 1703. OBJECTIVES: To facilitate the financing of improvements to homes and other existing structures and the building of new nonresidential structures. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: 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. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: 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. Beneficiary Eligibility: Individuals/families. Credentials/Documentation: The responsibility for credit approval of borrowers is exercised by HUD-insured lenders. This program is excluded from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: None. This program is excluded from coverage under E.O. 12372. Application Procedure: The borrower applies directly to an insured lender, or through a lender's approved dealer. This program is excluded from coverage under OMB Circular Nos. A-102 and A110. Award Procedure: None. Deadlines: None. Range of Approval/Disapproval Time: HUD does not ordinarily participate in the approval or disapproval of individual loans. Appeals: Reapplication in case of refusal should be submitted to an approved lender. Renewals: Not applicable. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: HUD insures private lenders against losses of up to 90 percent of any single loan with maximum insurance coverage limited to a total of 10 percent of the total amount insured. The interest rate is a negotiable interest rate agreed upon between the borrower and lender. The annual insurance charge is 50 cents per $100 of the amount advanced. This program has maintenance of effort (MOE) requirements; see funding agency for further details. Length and Time Phasing of Assistance: 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. POST ASSISTANCE REQUIREMENTS: Reports: Monthly delinquency reports are required of major lenders. Audits: The Department of Housing and Urban Development reserves the right to audit the accounts of lenders in order to determine their compliance and conformance with HUD regulations and standards. Records: Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the HUD regulations. FINANCIAL INFORMATION: Account Identification: 86-4077-0-3-371. Obligations: (Loans insured including funding for programs 14.110 and 14.162) FY 93 $635,925,919; FY 94 est $1,183,000,000; and FY 95 est $1,289,200,000. Range and Average of Financial Assistance: See USES AND USE RESTRICTIONS. PROGRAM ACCOMPLISHMENTS: In fiscal year 1993, 67,875 loans were insured with a value of $635,925,919. Cumulative totals through September 30, 1993 were 34,606,355 loans insured with a value of $40,192,448,342. REGULATIONS, GUIDELINES, AND LITERATURE: Fixing Up Regional or Local Office: Contact HUD Headquarters for program information. Headquarters Office: Director, Title I Insurance Division, Department of Housing and Urban Development, Room B-133, Washington, DC 20410. Telephone: (800) 733-4663 (toll-free) or (202) 7557400. Use the same number for FTS. RELATED PROGRAMS: 10.417, Very Low-Income Housing Repair Loans and Grants; 14.108, Rehabilitation Mortgage Insurance; 14.110, Manufactured Home Loan Insurance-Financing Purchase of Manufactured Homes as Principal Residences of Borrowers. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: Not applicable. 14.151 SUPPLEMENTAL LOAN INSURANCE— MULTIFAMILY RENTAL HOUSING (241(a)) FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AUTHORIZATION: National Housing Act, as amended, Section 241, Public Law 90-448, 12 U.S.C. 1715, Public Law 94-375, 12 U.S.C. 17152-6. OBJECTIVES: To finance repairs, additions and improvements to multifamily projects, group practice facilities, hospitals, or nursing homes already insured by HUD or held by HUD. Major movable equipment for insured nursing homes, group practice facilities or hospitals may be covered by a mortgage under this program. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: HUD insures lenders against loss on loans made either (1) to finance additions and improvements of multifamily housing projects, nursing homes, hospitals and group practice facilities already subject to HUD/FHA insured mortgages or mortgages held by HUD, or (2) to finance energy conservation improvements. The proceeds of a loan involving an insured nursing home, hospital or a group practice facility may also be used to purchase equipment to be used in the operation of such nursing home or facility. The maximum insurable loan for an insured project is an amount which, when added to the outstanding balance of the existing insured mortgage, does not exceed the amount insurable under the program pursuant to which the mortgage covering such project or facility is insured. Where the project is covered by a mortgage held by the Secretary the principal amount of the loan shall be in an amount acceptable to the Secretary. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Owners of a multifamily project or facility already subject to a mortgage insured by HUD or held by HUD. Beneficiary Eligibility: Individuals/families and owners of multifamily projects. Credentials/Documentation: Documentation regarding the characteristics of the property and the qualifications of the mortgagor are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: The sponsor will have a preapplication conference with the local HUD Field Office which does multifamily processing to determine the preliminary feasibility of making the proposed improvements before a formal application is submitted. This program is excluded from coverage under OMB Circular No. A-102. This program is eligible for coverage under E.O. 12372, 'Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. Application Procedure: The sponsor submits a formal application for review and approval or disapproval through a HUD-approved mortgagee to the local HUD Office. This program is excluded from coverage under OMB Circular No. A-110. Award Procedure: If the project meets program requirements, the local HUD field office issues a commitment to the lender to insure the mortgage. Deadlines: Deadlines are established on a case-by-case basis by the local HUD Field Office. Range of Approval/Disapproval Time: Processing time, depending upon the degree of preparation by the sponsor, will range from 3 to 9 months from the first conference with local HUD Field officials to the issuance of a firm commitment. Appeals: If an application for mortgage insurance is refused, HUD will state the reasons for the refusal. If reapplication is desired, the applicant may modify the application and reapply. Renewals: The term of a commitment to insure may be extended when more time is required. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: The amount of the loan may not exceed 90 percent of the estimated value of the improvements, additions, or equipment. Length and Time Phasing of Assistance: A loan for a project with a HUD-insured or HUD-held mortgage must have a maturity acceptable to HUD. POST ASSISTANCE REQUIREMENTS: Reports: Any change of the borrower during the period of loan insurance must be approved by HUD. Defaults in meeting the loan terms must be reported. All borrowers are required to submit an annual financial statement to HUD. All approved lenders at any time upon request by HUD must furnish copies of their latest financial statements. Audits: The Department of Housing and Urban Development reserves the right to audit the accounts of either the lender or borrower in order to determine their compliance and conformance with HUD regulations and standards. Records: Lenders are required to service and maintain records in accordance with acceptable lending practices of prudent lending institutions and the HUD regulations. FINANCIAL INFORMATION: Account Identification: 86-4077-0-3-371. Obligations: (Loans) FY 93 $64,036,800; FY 94 est $43,630,000; and FY 95 est $0. Range and Average of Financial Assistance: Not available. PROGRAM ACCOMPLISHMENTS: During fiscal year 1993, 16 projects with 2,633 units/beds were insured for a value of $64,036,800. Cumulatively through September 30, 1993, 246 projects with 40,503 beds were insured for a value of $967,982,198. REGULATIONS, GUIDELINES, AND LITERATURE: 24 CFR, 241 et seq; HUD Handbook 4585.1 'Supplemental Loans for Project Mortgage Insurance," Section 241, no charge. INFORMATION CONTACTS: Regional or Local Office: All projects are processed in Regional and Local HUD Offices. Persons are encouraged to communicate with the nearest local HUD Field Office listed in the Catalog Address Appendix IV. Headquarters Office: Policies and Procedures Division, Office of Insured Multifamily Housing Development, Department of Housing and Urban Development, Washington, DC 20411. Telephone: (202) 708-2556. Use the same number for FTS. RELATED PROGRAMS: 14.116, Mortgage Insurance-Group Practice Facilities; 14.129, Mortgage Insurance-Nursing Homes, Intermediate Care Facilities and Board and Care Homes. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: Not applicable. 14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS (Section 223(f) Insured Under Section 207) FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AUTHORIZATION: National Housing Act, Section 223(f), as amended; Housing and Community Development Act of 1974, as amended, Public Law 93-383. OBJECTIVES: To provide mortgage insurance to lenders for the purchase or refinancing of existing multifamily housing projects, whether conventionally financed or subject to federally insured mortgages at the time of application for mortgage insurance. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: HUD insures lenders against loss on mortgage loans. These loans may be used to purchase or refinance existing multifamily housing projects. Only rental housing projects not requiring substantial rehabilitation are acceptable under this section. The estimated cost of required repairs may not exceed 15 percent of the estimated value after repairs or $6,500 per unit, adjusted by a high cost factor, whichever is greater and may not involve the replacement of more than one major system. The program has statutory per unit mortgage limits which vary according to the size of the unit, the type of structure, and the location of the project. There are also loan-to-value and debt service limitations. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Mortgagors may be either private or public as defined in Section 207.17 of the Code of Federal Regulations (CFR 24). The property must consist of not less than 5 living units and must meet the following criteria: (a) Three years must have elapsed from the later of the date of completion of the project construction or substantial rehabilitation, or beginning of occupancy to date of application for mortgage insurance, and (b) Remaining economic life must be long enough to permit at least a tenyear mortgage term. Beneficiary Eligibility: All persons are eligible to occupy such projects subject to normal occupancy restrictions. Credentials/Documentation: Documentation regarding the characteristics of the property and the qualifications of the purchaser or existing mortgagor in refinance projects are assembled by the mortgagee and submitted with the application. Management plan must be submitted at time of application for commitment. This program is excluded from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: Before the application is filed, the sponsor should have a conference with local HUD field office Staff. This program is excluded from coverage under OMB Circular No. A-102 and E.O. 12372. Application Procedure: The applicant will submit a formal application for conditional or firm commitment, through a HUD approved mortgagee. This program is excluded from coverage under OMB Circular No. A-110. Award Procedure: The local HUD field office reviews the application to determine proposal eligibility. If the project meets program requirements, the local HUD field office issues the commitment to the lender to insure the project. Deadlines: Deadlines are established on a case-by-case basis. Range of Approval/Disapproval Time: Processing time, depending on the degree of preparation of the sponsor, will range from 6 to 9 months. Appeals: If an application for mortgage insurance is refused, HUD will state the reasons for refusal. Renewals: The term of a commitment to insure may be extended under certain circumstances when more time is required. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: The maximum amount of the loan will not be in excess of 85 percent of the Commissioner's estimate of value. For the first year there is a 1 percent mortgage insurance premium; thereafter, a .5 percent mortgage insurance premium will be applied. Length and Time Phasing of Assistance: The mortgage term should not be less than 10 years nor should it exceed the lesser of 35 years or 75 percent of the estimated remaining economic life of the physical improvements. POST ASSISTANCE REQUIREMENTS: Reports: Any change of the mortgagor during the period of mortgage insurance must be approved by HUD. Defaults in meeting the mortgage term must be reported. All mortgagors are required to submit annual financial statements to HUD. All approved mortgagees at any time upon request by HUD must furnish copies of their latest financial statements. Audits: The Department of Housing and Urban Development reserves the right to audit the accounts of either the mortgagee or mortgagor in order to determine their compliance and conformance with HUD regulations and standards. Records: Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. FINANCIAL INFORMATION: Account Identification: 86-4077-0-3-371. Obligations: (Mortgages Insured) (Excludes coinsurance) FY 93 $1,326,902,859; FY 94 est $822,795,000; and FY 95 est $894,910,000. Range and Average of Financial Assistance: See USES AND USE RESTRICTIONS. PROGRAM ACCOMPLISHMENTS: In fiscal year 1993, 2,731 projects with 56,197 units were insured with a value of $1,326,902,859. Cumulative totals through September 30, 1993 are 1,613 projects with 348,244 units valued at $7,439,048,411. REGULATIONS, GUIDELINES, AND LITERATURE: Fact Sheet, Section 223(f) Mortgage Insurance; 24 CFR 207.32a, HUD Handbook 4565.1, Mortgage Insurance for the purchase or Refinancing of Existing Multifamily Housing Projects, Section 223(f). INFORMATION CONTACTS: Regional or Local Office: All projects are processed in Regional and Local HUD Offices. Persons are encouraged to communicate with the nearest local HUD field Office listed in the Catalog Address Appendix IV. Headquarters Office: Office of Insured Multifamily Housing Development, Policies and Procedures Division, Department of Housing and Urban Development, Washington, DC 20410. Telephone: (202) 708-2556. Use the same number for FTS. RELATED PROGRAMS: 14.134, Mortgage Insurance-Rental Housing. EXAMPLES OF FUNDED PROJECTS: Not applicable. 14.157 SUPPORTIVE HOUSING FOR THE ELDERLY (202) FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING TYPES OF ASSISTANCE: Project Grants. USES AND USE RESTRICTIONS: Capital advances shall be used to finance the construction or rehabilitation of a structure or portion thereof, or the acquisition of a structure from the Resolution Trust Corporation to provide supportive housing for the elderly, which may include the cost of real property acquisition, site improvement, conversion, demolition, relocation and other expenses of supportive housing for the elderly. Project rental assistance is used to cover the difference between the HUD-approved operating cost per unit and the amount the tenant pays. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Private nonprofit corporations and consumer cooperatives. Public bodies and their instrumentalities are not eligible Section 202 applicants. Beneficiary Eligibility: Beneficiaries of housing developed under this program must be elderly (62 years of age or older) Credentials/Documentation: The nonprofit sponsor/owner must receive certification of eligibility from HUD. The owner must submit financial statements to support its ability to provide a capital investment of 1/2 of 1 percent of the HUD-approved capital advance amount, up to a maximum of $25,000 for national sponsors or $10,000 if not a national sponsor. This program is excluded from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: This program is excluded from coverage under OMB Circular No. A-102. An environmental assessment is required for this program. This program is eligible for coverage under E.O. 12372, 'Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more infor mation on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. Application Procedure: A Notice of Fund Availability is published in the Federal Register each fiscal year announcing the availability of funds to HUD Regional or Field Offices. Applicants must submit a Request for Fund Reservation, using HUD Form 92015CA, in response to the Notice of Fund Availability (or a Funding Notification issued by the local HUD Field Office). This program is excluded from coverage under OMB Circular No. A-110. Award Procedure: Applications are reviewed and selected for funding within the funding allocation of the particular HUD Field Office or Regional Office. Those selected for funding must meet basic program requirements including, but not limited to: eligibility as a nonprofit entity, ability to meet the minimum capital investment and prior experience in housing or related service activities. The Request for Capital Advance Financing, using HUD Form 92013, is reviewed to determine acceptability of project site and market, correctness of zoning, effect on environment, value of site and financial feasibility. Deadlines: Applications must be submitted within the time period specified in the Notice of Fund Availability (or Funding Notification), usually 6 to 10 weeks. Range of Approval/Disapproval Time: At the fund reservation stage, the sponsor usually is advised of the decision within 4 to 5 months from the end of the application period, but in any event, usually by the end of the same fiscal year (September 30). Appeals: None. Renewals: None. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: This program has maintenance of effort (MOE) requirements, see funding agency for further details. Statistical factors used for allocating funds include a measure of total elderly rental households, including the very low income elderly renters, and a measure of the number sure of the number of one- and two-person elderly renter households with incomes at or below the very low income standard with housing deficiencies, consisting primarily of households paying more than 30 percent of their incomes for rent. Length and Time Phasing of Assistance: The capital advance is not repayable so long as the project is available to very low income elderly for 40 years. Project Rental Assistance Contract payments may not exceed 20 years. Projects are expected to start construction within 18 months of the date of the fund reservation, with limited provision for extensions. Funds will be advanced on a monthly basis during construction for work in place. POST ASSISTANCE REQUIREMENTS: Reports: Any change in the owner during the period of the advance must be approved by HUD. All owners will be required to submit an annual financial statement to HUD. Audits: HUD reserves the right to audit the accounts of the owner in order to determine compliance and conformance with HUD regulations and standards. Records: Regular financial reports are required. Owners must service and maintain records in accordance with acceptable mortgage practices and HUD regulations. Owners also must supply those records necessary to indicate compliance with the project rental assistance contract. FINANCIAL INFORMATION: Account Identification: 86-0164-0-3-371; 86-4588-0-3-371. Range and Average of Financial Assistance: Approximate Award $3,235,300 in FY 93. PROGRAM ACCOMPLISHMENTS: Fiscal Years 1991 - 1993 under the capital advance program: $1.3 billion for 21,498 units. Cumulative totals through September 30, 1993 are 225,597 units funded for a total of $10,498,353,000 under direct loans. REGULATIONS, GUIDELINES, AND LITERATURE: 24 CFR 889; HUD Handbooks 4571.3 and 4571.5. INFORMATION CONTACTS: Regional or Local Office: Contact the appropriate HUD field office RELATED PROGRAMS: 14.181, Supportive Housing for Persons with Disabilities. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: Not applicable. 14.159 SECTION 245 GRADUATED PAYMENT MORTGAGE PROGRAM FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AUTHORIZATION: National Housing Act of 1934, Section 245, Public Law 73-479; Housing and Community Development Act of 1974, Section 308, Public Law 93-383, as amended; Housing and Community Development Amendments of 1979, Section 245(b). OBJECTIVES: To facilitate early home ownership for households that expect their incomes to rise. Program allows homeowners to make smaller monthly payments initially and to increase their size gradually over time. TYPES OF ASSISTANCE: Guaranteed/Insured Loans. USES AND USE RESTRICTIONS: HUD insures lenders against loss on mortgage loans. These mortgage loans may be used by owneroccupant mortgagors to finance the purchase of proposed, under construction, or existing single family housing, and condominiums. Maximum insurable mortgage is the percent of the first $25,000 of value and closing costs, plus 95 percent up to $125,000. If the property is in an area with mortgage limits above $125,000, the financing is 90 percent of such value in excess of $125,000 (or 97 percent if the estimated value and closing costs are $50,000 or less); or (3) 97 percent of the appraised value and closing costs of the property, minus all of the deferred interest which would accrue during the graduated term. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: All persons intending to occupy the property are eligible to apply for Section 245(a). Beneficiary Eligibility: Individuals/families. Credentials/Documentation: Documentation regarding the characteristics of the property and the qualifications of the applicant are assembled by the mortgagee and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. APPLICATION AND AWARD PROCESS: Preapplication Coordination: Application conference with the mortgage lender submitting the application is suggested. This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under E.O. 12372. Application Procedure: Applications are submitted for review and approval or disapproval to the local HUD field office through a HUD-approved lending institution. This program is excluded from coverage under OMB Circular No. A-110. Award Procedure: See Application Procedure. Deadlines: None. Range of Approval/Disapproval Time: Varies. Appeals: HUD will state the reasons for refusing an application. The applicant may reapply subject to concurrence of the lender. Renewals: Not applicable. ASSISTANCE CONSIDERATIONS: Formula and Matching Requirements: For most families, the maximum amount of the loan is 97 percent of the first $25,000 of estimated value (including total allowable closing costs) plus 95 percent of the remainder; or, an amount which, when added to all deferred interest under the financing plan selected, will not exceed 97 percent of the appraised value of the property. In no event (except for veteran loans) may a loan exceed 98.75 percent of value for properties worth up to $50,000; or 97.75 percent of value for properties worth more than $50,000. The downpayment is the difference between the maximum loan amount and the purchase price of the home. In addition to the downpayment, the purchaser must pay for all items of prepaid expense. Either a one-time mortgage insurance premium or a monthly premium is required based on the program under which a GEM mortgage is insured. The loan origination charge by the mortgagee varies, but may not exceed one percent of the total mortgage (minus the mortgage insurance premium, if being financed). Mortgagors may be charged appraisal and inspection fees in accordance with fee schedules established by HUD. Length and Time Phasing of Assistance: The term of the mortgage is limited to 30 years. POST ASSISTANCE REQUIREMENTS: Reports: Defaults in meeting the mortgage terms must be reported. All approved mortgagees at any time upon request by HUD must furnish a copy of their latest financial statement. Audits: HUD reserves the right to audit the account of the mortgagee to determine its compliance and conformance with HUD regulations and standards. Records: Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the HUD regulations. FINANCIAL INFORMATION: Account Identification: 86-4587-0-3-371. PROGRAM ACCOMPLISHMENTS: In fiscal year 1993, 1,768 units valued at $154,799,443 were insured. Cumulative totals through September 30, 1993 are 519,931 units insured with a value of $29,155,342,151. REGULATIONS, GUIDELINES, AND LITERATURE: 'Move in...With A Graduated Payment Mortgage", no charge; 'Lending and Selling With A Graduated Payment Mortgage", no charge; 24 CFR 203.45; Hud Handbook 4240.2, no charge. INFORMATION CONTACTS: Regional or Local Office: Persons are encouraged to communicate with the nearest local HUD Field Office listed in Appendix IV of the Catalog. Headquarters Office: Director, Single Family Development Division, Office of Insured Single Family Housing, Housing, Department of Housing and Urban Development, Washington, DC 20410. Telephone: (202) 708-2700. Use the same number for FTS. RELATED PROGRAMS: 14.117, Mortgage Insurance-Homes; 14.120, Mortgage Insurance-Homes for Low and Moderate Income Families; 14.121, Mortgage Insurance-Homes in Outlying Areas; 14.122, Mortgage Insurance-Homes in Urban Renewal Areas; 14.172, Mortgage Insurance-Growing Equity Mortgages. EXAMPLES OF FUNDED PROJECTS: Not applicable. CRITERIA FOR SELECTING PROPOSALS: Not applicable. 14.162 MORTGAGE INSURANCE-COMBINATION AND MANUFACTURED HOME LOT LOANS (Title I) FEDERAL AGENCY: HOUSING, DEPARTMENT OF HOUSING OBJECTIVES: To make possible reasonable financing for the purchase on mortgage loans. Insured loans may be used to purchase manufactured homes and lots for buyers intending to use them as their principal places of residence. The maximum mortgage amount is $64,800 for a manufactured home and a suitably developed lot and $16,200 for a developed lot only. The lot must be appraised by the |