Approved Federal Housing Administration (FHA) Multifamily Accelerated Processing (MAP) Lender, specializing in apartment mortgages. Crain Mortgage Group, LLC was founded in 2009 with a mission to be the best FHA multifamily accelerated processing lender. To be the best requires knowledge, particularly product knowledge. One must be effective in the execution of the process, understanding the rules and being able to communicate them to everyone, FHA staff, and borrowers alike.
Finally, to be the best, one must work hard enough to excel in a field of tough competitors. That requires hard work and reflection, boldness and patience and a desire to encourage everyone with whom you come in contact. Over the last 5 years, these programs have become harder for everyone associated with the financing. While rates have plummeted, the MAP Guide has changed twice and more Mortgagee Letters affecting FHA Multifamily Financing have been issued than ever before.
Add to that the closing of many offices in the Southwest as part of Wave One, the overall transformation of FHA Multifamily, and you have a rather large upheaval in what were once very static programs.
Finally, to be the best, one must work hard enough to excel in a field of tough competitors. That requires hard work and reflection, boldness and patience and a desire to encourage everyone with whom you come in contact. Over the last 5 years, these programs have become harder for everyone associated with the financing. While rates have plummeted, the MAP Guide has changed twice and more Mortgagee Letters affecting FHA Multifamily Financing have been issued than ever before.
Add to that the closing of many offices in the Southwest as part of Wave One, the overall transformation of FHA Multifamily, and you have a rather large upheaval in what were once very static programs.
Services
Used for refinance or purchase of multifamily rental housing nationwide.
The program allows for low or moderate rehabilitation of the property, a term that will typically allow up to $10,000-$13,000 per unit in rehabilitation, subject to certain limitations that need to be discussed more in depth.
Property must be three years of age or older.
If constructed with HUD-insured mortgage, the property is eligible at the expiration of the latent defects warranty period and is exempt from the three year rule.
The program allows for low or moderate rehabilitation of the property, a term that will typically allow up to $10,000-$13,000 per unit in rehabilitation, subject to certain limitations that need to be discussed more in depth.
Property must be three years of age or older.
If constructed with HUD-insured mortgage, the property is eligible at the expiration of the latent defects warranty period and is exempt from the three year rule.
This section will discuss the benefits of the FHA 223 (f) program for existing properties that are operating at a minimum 85% occupancy.
This is the standard FHA has adopted for submitting a loan for Firm Application.
Most properties break even at around 82% to 84%, meaning the proposed properties should be cash flowing at least a little.
When one thinks the new interest rate will likely be lower than presently on the existing loan, the possibility for greater cash flow occurs, an appealing proposition.
This is the standard FHA has adopted for submitting a loan for Firm Application.
Most properties break even at around 82% to 84%, meaning the proposed properties should be cash flowing at least a little.
When one thinks the new interest rate will likely be lower than presently on the existing loan, the possibility for greater cash flow occurs, an appealing proposition.
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