Program mechanics, loan sizing, and process — written from the underwriter's desk.
What HUD financing is, and which sponsors it actually fits.
Where HUD deals lose time, and what to have ready before you start.
Whether HUD's step-down or Fannie's yield maintenance costs less to exit early.
Whether interest-only beats a fully amortizing HUD loan once leverage is accounted for.
The tests that set the loan amount, and which one usually binds.
How HUD sizes new construction against cost, value, and debt service.
What actually drives the number when DSCR is the binding constraint.
Why HUD underwrites two different NOIs on the same deal.
How builder profit increases HUD's LTC basis.
What HUD requires at application, item by item against Fannie, Freddie, and life company.
How long a refinance takes, step by step, from engagement to closing.
How long new construction takes, step by step, from concept meeting to initial closing.
What HUD requires on a survey to close.
The two escrows you fund at closing that the mortgage will not cover.
How to finance an addition (or even a new phase) on a property that already carries HUD debt.
Three ways to cut the rate on an existing HUD loan without cash-out.
How to get money out of the replacement reserve for capital items, and what HUD will approve.
When HUD lets you take distributions, and how often.
The white papers above cover how the programs work. The Quarterly covers what is changing — Washington D.C. and Mortgagee Letter updates, what is happening in the larger Agency marketplace, and the underwriting details that moved real deals. Four times a year, from Wim Roach and Brian Lorenz.
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