Under Section 234(d) , HUD insures mortgage loans made by private lenders to finance the construction or rehabilitation of condominium projects. Section 234(d) insures mortgages issued to developers of condominium projects for 10-40 years or three-quarters of the property’s remaining economic life, whichever is less. The maximum amount of the mortgage varies according to the size of the unit and the type of structure. There are also loan-to-replacement cost limits and debt service limits. To be eligible for HUD insurance, a condominium project must contain at least four dwelling units. The units may be in detached, semi-detached, row, walk-up, or elevator structures. (14.112 Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects 234d) . For more information contact your local HUD office or check out the program online at www.hud.gov; or Home Mortgage Insurance Division, U.S. Department of Housing and Urban Development, 451 7th St., SW, Room 9272, Washington, DC 20410; 202-708-2121; http://www.hud.gov/offices/hsg/mfh/progdesc/subrehabcondo234d.cfm
Income Eligibility: None
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