Rehabilitation Mortgage Insurance (14.108)

Program

14.108 Rehabilitation Mortgage Insurance

Federal Agency

Agency: Department of Housing and Urban Development
Office: Office Of Housing-federal Housing Commissioner

Authorization

National Housing Act, as amended, Section 203(k).

Program Number

14.108

Last Known Status

Active

Objectives

To help families repair or improve, purchase and improve, or refinance and improve existing residential structures more than one year old.

Types of Assistance

GUARANTEED/INSURED LOANS

Uses and Use Restrictions

HUD insures lenders against loss on loans. These loans may be used to rehabilitate an existing 1 to 4 unit dwelling in one of four ways: (1) Purchase a structure and the land on which the structure is located and rehabilitate it; (2) purchase a structure on another site, move it onto a new foundation on the mortgaged property and rehabilitate it; (3) refinance the existing indebtedness and rehabilitate such a structure; or (4) rehabilitate such a structure. Maximum insurable mortgage loans for an occupant mortgagor are the same as prescribed for Section 203(b) - Program 14.117. Rehabilitation cost must be at least $5,000.

Eligibility Requirements

Applicant Eligibility

Individual and families.

Beneficiary Eligibility

Individuals and families.

Credentials/Documentation

Documentation regarding the characteristics of the property and the qualifications of the borrower are assembled by the lender and submitted with the application. This program is excluded from coverage under OMB Circular No. A-87. This program is excluded from coverage under OMB Circular No. A-87.

Application and Award Process

Preapplication Coordination

Preapplication coordination is not applicable. Environmental impact information is not required for this program. This program is excluded from coverage under E.O. 12372.

Application Procedure

This program is excluded from coverage under OMB Circular No. A-102. This program is excluded from coverage under OMB Circular No. A-110. Application is submitted through a HUD-approved lending institution. This program is excluded from coverage under OMB Circular Nos. A-102 and A-110.

Award Procedure

See Application Procedure.

Deadlines

Not Applicable.

Range of Approval/Disapproval Time

Varies.

Appeals

The lender or HUD will state the reason for refusing an application. The applicant may reapply subject to concurrence of the lender.

Renewals

Not Applicable.

Assistance Considerations

Formula and Matching Requirements

Statutory formulas are not applicable to this program.

Matching requirements are not applicable to this program.

MOE requirements are not applicable to this program.

Length and Time Phasing of Assistance

The mortgage term may extend for 30 years. Method of awarding/releasing assistance: quarterly.

Post Assistance Requirements

Reports

Audits

Not Applicable.

Records

Mortgagees are required to service and maintain records in accordance with acceptable mortgage practices of prudent lending institutions and the FHA regulations.

Program Accomplishments

Not Applicable.

Financial Information

Account Identification

86-4587-0-3-371 - FY 2009 and future; 86-4077-0-3-371 - FY 2008 only.

Obligations

(Sale, Exchange, or Donation of Property and Goods) FY 08 $1,089,641,726; FY 09 est $0; FY 10 est $0 - Reported under 14.117 for FY 09 and FY 10.

Range and Average of Financial Assistance

No Data Available.

Regulations, Guidelines and Literature

Not Applicable.

Related Programs

Not Applicable.

Information Contacts

Regional or Local Office

None. Persons are encouraged to contact the Homeownership Center serving their State (see http://www.hud.gov/offices/hsg/sfh/hoc/hsghocs.cfm), or the nearest local HUD Office. See Catalog Appendix IV for a list of offices.

Headquarters Office

Wanda L. Sampedro, 451 7th Street, SW, Washington, District of Columbia 20410 Email: wanda.sampedro@hud.gov Phone: (202) 402-2324.

Web Site Address

http://www.hud.gov/offices/hsg/sfh/ins/singlefamily.cfm.

Examples of Funded Projects

Not Applicable.

Criteria for Selecting Proposals

Not Applicable.