HUD has made it easier to access funds for the development or financing of affordable housing by updating its Multifamily Accelerated Processing (MAP) guidance, which is used by lenders underwriting Federal Housing Administration (FHA) deals. In an effort to encourage investment in this much-needed asset class, HUD has simplified the due diligence that must be performed before closing a HUD loan. Specifically, the recent changes to the HUD MAP Guide impact the underwriting requirements relating to environmental risk, radon, reduction in energy expenses, accessibility, and reserve analysis studies that must be performed during the due diligence phase. The new guide will become effective for all program loan applications for FHA multifamily mortgage insurance received on or after May 28, 2016. I am hosting a webinar on Thursday April 14th where I, along with a panel of HUD due diligence experts, will provide an overview of the changes in detail. Read on to learn more about the 6 key changes that will streamline the loan approval process!
Continue reading the GlobeSt blog here.
