Processing Fee:
Refunded at closing $12,500
Phase I Environmental Report (est.): $2,500
Appraisal (est.): $5,000 to $9,000
Property Condition Assessment (PCA) Report (est.) $4,000
Exam Fee to HUD with final application: 3/10 of1% of Mtg Amount
Provided all borrower requested information is received in a timely manner, it’s estimated 60 days to prepare the Firm Submission for submittal to HUD and a 60 day review period for HUD. Total Time frame is 120 days. Successful conclusion of’ processing, results in a Firm Commitment to set up the sale of the GNMA securities and closing within a few weeks.
Stage II: Closing
Good Faith Deposit (locks the rate and is paid at commitment)1/2 of 1% of mortgage (50 bps). Credited to fees at closing. THIS MAYBE WAIVED FOR EXISTING 202′ S. HUD requires a minimum of 15 days to review closing documents. Typical closing times are within 30 days of rate-lock. This may be expedited with waivers from HUD, efficient reviews, etc. The above time line indicates 5 months for a closing with HUD. This time frame may be shortened to the extent that third parties (appraiser, engineer) can expedite their engagements.
Please contact us now to insure the long term viability of your property.