Costs of Financing:

• FHA 221(d)4 Loan Program
• The client must pay for all third party reports, which include a market study, a phase I environmental analysis, a limited and a full appraisal, and our contracted architectural and cost reviewers. Funds must be remitted to us and these contractors are engaged and paid by us directly.
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• Financing and permanent placement fees are based on final loan amount, due upon commitment and payable from mortgage proceeds at closing. Call Scott (847) 903-7578 or Chuck (773-259-2040 for quote
  
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• Annual Mortgage Insurance Premium (MIP) of 0.45% is escrowed at initial endorsement for each year or fractional year during construction; 0.45% annually thereafter.
• HUD inspection fee for new construction is 0.5% of mortgage amount.
• HUD application fee is 0.3% of mortgage amount due at the time of submission of the Firm Application.