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Saturday, February 6, 2010

FHA proposes Changes to Underwriting FHA 223(f) and FHA (d)(4)

FHA Bombshell: We're Tightening Our Underwriting - Debt, Lenders, Government Entities - Multifamily Executive Magazine:

"FHA wants to raise the debt service coverage ratio (DSCR) for the popular Sec. 221(d)(4) program"

"under the proposed changes, market-rate deals seeking 221(d)(4) loans would be underwritten to a minimum 1.20x DSCR. Projects with subsidy levels of 95 percent or greater will still enjoy a 1.11x DSCR, but low-income tax credit deals would be bumped up to a minimum 1.15x."

For FHA 223(f): "Tax-credit deals and HAP-contract deals will stay at the program’s current level of 1.1765x DSCR, but market-rate deals will be bumped up to 1.20x."

"The changes will be open for public comment once they are published on the Federal Register. And judging by the initial reaction of FHA lenders, there will be quite a debate between industry lobbying groups and the agency. The Mortgage Bankers Association is still studying the impact of the changes and gathering additional information on the rationale behind them, before it takes an official position."

Bombshell????? Looks like a minor change to reflect today's reality of dropping rent, higher vacancy, values down but stabilizing and lots of over leveraged bank deals to digest..
.......Scott
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KENDALL

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Origin: (Locality). Derived from the town of Kendal, in Westmoreland, England, and was so called from the river Ken, on which it is situated, and dale; the dale on the river Ken.

About Us:

Our knowledgeable team has worked in the mortgage banking/investment banking industry for the past 24 years specializing in healthcare lending, multifamily housing, FHA and FNMA insured loans. Throughout our careers, we have originated and/or underwritten in excess of $745,000,000 in mortgage loans with a focus on acute care hospitals, assisted living facilities, senior housing, and skilled nursing facilities. Previously our team has worked for several NY-based investment banking/mortgage banking firm specializing in conventional and government-assisted loans. Chuck has been president of a FHA mortgage company and a developer. Scott was the VP of Origination for several FHA and FNMA lenders. He has extensive experience working on affordable housing as the Midwest Loan Officer for FNMA Multifamily Affordable Housing Products. We understand that the integrity of the loan officer for the loan quote and rate pricing can make a huge difference for FHA clients.

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