hud 223 (f) costs and fees
While they do offer a variety of benefits, HUD 223(f) financing still requires developers to pay a certain amount of fees during the loan application and approval process. These include:
- * $25,000 application fee: covers due diligence and third party reports * FHA application fee: 0.30% of the total loan amount * FHA inspection fees: * $30 per unit where repairs total over $100,000, but $3,000 or less per unit * If required repairs are greater than $3,000 per unit, the greater of: * $30 per unit or * 1% of the cost of repairs * Finance and permanent placement fees: capped at 3.50% of the loan amount and paid from mortgage proceeds * Good-faith deposit (commitment and rate lock): 1% of the loan amount. Paid at commitment and refunded at closing * Standard borrower closing costs: Title Fees, Lender's Legal Fees, etc.
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