Common use of FHA Construction Mortgage Loan Clause in Contracts

FHA Construction Mortgage Loan. Definition. An FHA fully-insured Mortgage Loan for the construction or substantial rehabilitation of a Multi-Family Property. No Warehousing Advance will be made against an FHA Construction Mortgage Loan unless (i) the Administrative Agent has or at one time had or will obtain (as provided in Exhibit B-2 – FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other than Borrower or an Affiliate of Borrower. Subordinate Mortgage Loans: Not permitted. Committed/Uncommitted: Purchase Commitment required. Advance Rate: 100% of the lesser of (i) Mortgage Note Amount or (ii) the Committed Purchase Price. FHA Modified Mortgage Loan Definition: A modified FHA fully-insured Mortgage Loan secured by a mortgage on a Multi-Family Property.

FHA Construction Mortgage Loan. Definition. An FHA fully-insured Mortgage Loan for the construction or substantial rehabilitation of a Multi-Family Property. No Warehousing Advance will be made against an FHA Construction Mortgage Loan unless (i) the Administrative Agent Lender has or at one time had or will obtain (as provided in Exhibit B-2 – FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other than Borrower or an Affiliate of Borrower. Subordinate Mortgage Loans: Not permitted. Committed/Uncommitted: Purchase Commitment required. Advance Rate: 100% of the lesser of (i) Mortgage Note Amount or (ii) the Committed Purchase Price. FHA Modified Mortgage Loan Definition: A modified FHA fully-insured Mortgage Loan secured by a mortgage on a Multi-Family Property.

FHA Construction Mortgage Loan. Definition. An FHA fully-insured Mortgage Loan for the construction or substantial rehabilitation of a Multi-Family Property. No Warehousing Advance will be made against an FHA Construction Mortgage Loan unless (i) the Administrative Agent Lender has or at one time had or will obtain (as provided in Exhibit B-2 – — FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other than Borrower or an Affiliate of Borrower. Subordinate Mortgage Loans: Not permitted. Committed/Uncommitted: Purchase Commitment required. Advance Rate: 100% of the lesser of (i) Mortgage Note Amount or (ii) the Committed Purchase Price. FHA Modified Mortgage Loan Definition: A modified FHA fully-insured Mortgage Loan secured by a mortgage on a Multi-Family Property.

FHA Construction Mortgage Loan. Definition. An FHA fully-insured Mortgage Loan for the construction or substantial rehabilitation of a Multi-Family Property. No Warehousing Advance will be made against an FHA Construction Mortgage Loan unless (i) the Administrative Agent has or at one time had or will obtain (as provided in Exhibit B-2 – — FHA/GNMA) possession of the related Mortgage Note, or (ii) the related Mortgage Note is in the possession of a Person other than Borrower or an Affiliate of Borrower. Subordinate Mortgage Loans: Not permitted. Committed/Uncommitted: Purchase Commitment required. Advance Rate: 100% of the lesser of (i) Mortgage Note Amount or (ii) the Committed Purchase Price. FHA Modified Mortgage Loan Definition: A modified FHA fully-insured Mortgage Loan secured by a mortgage on a Multi-Family Property.