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Greystone has originated in excess of $30 million of FHA insured loans for two multifamily properties located in Texas and Tennessee.
The $18 million, 34-year, fully amortizing FHA insured 223(f) L[degrees]an refinanced College Towne West Apartments in Lansing, Michigan.
According to GAO, nearly half of all single-family home purchase loans the FHA insured included downpayment support, and almost one-third of those loans involve funds from the seller, often channeled through nonprofit organizations.
HUD says the rule just strengthens regulations concerning the responsibilities of lenders in the selection of appraisers to perform appraisal on properties that will be security for FHA insured mortgages.
The increase in FHA insured loan limits is expected to help reverse a national decline in multifamily housing construction.
In 1994, the FHA insured 686,000 new mortgages for the purchase of single-family homes.
Updating and clarifying the MAP guide supports an estimated $11 billion of FHA insured lending each year.
In fact, FHA insured as many loans to African-American and Hispanic homebuyers in 2003 as Fannie Mae and Freddie Mac combined.
He will provide sales support and technical assistance to Arbor's sales staff nationwide to develop FHA insured financing opportunities.
Borrowers with existing FHA insured mortgages may continue to utilize FHA's Streamline refinance program regardless of their loan balance.
Czerwinski stated: "During fiscal year 1999 alone, FHA insured 1.