The borrower is responsible for HUD application fees.
PCNA is required if the last one was not completed in the last 5 years.
After the loan sizing, the processing fee (approximately $5,000) along with the required third-party reports are collected at the time of engagement with the lender.
The borrower is responsible for the costs listed below. These costs are mortgageable, and the costs vary based on the size and complexity of the transaction.
- lender financing and placement fees (up to 3.5% of the final loan amount, and payable from mortgage proceeds at closing),
- lender legal fees,
- recording fees,
- title insurance, and
- borrower’s legal expenses.
Once the lender inputs the information in the system, and the deal looks feasible, they will issue an Engagement Letter providing detailed information of the transaction. The timeline of the entire process should be completed in 2 to 3 months.
The information listed is required for the most accurate estimate for both the loan eligibility amount and costs for the loan.
Download the attached Term Sheet as a reference for eligibility, Interest Rates, Requirements, Limitations, Terms and more.