|
estimated
timeframe |
|
|
|
|
1.) |
Preliminary information is sent to DPMC for initial analysis:
- Site Description with Unit Composition
- Construction Costs
- Land Area Information
- Location Map, Site Plan & Floor Plans
|
|
3 Weeks |
2.) |
If project appears feasible, third-party reports are ordered (Market Study, Environmental Phase I, Appraisal, etc.).
|
|
1 Week |
3.) |
DPMC prepares Feasibility package, completes underwriting and submits to HUD for review.
|
|
30-45 days |
4.) |
If found acceptable, an Invitation Letter is issued with a 120-day expiration.
|
|
? |
*5.) |
Architect prepares Architectural Plans, Engineering & Specifications
|
|
? |
**6.) |
The General Contractor bids out the Plans & Specifications to prepare the HUD Form 2328 - Mortgagor's / Contractor's Cost Breakdown.
|
|
3 weeks
1 week |
7.) |
-
Plans, Specifications and Costs are reviewed by a 3rd Party Reviewer
-
The Appraiser utilizes the Construction Costs to complete the FIRM Appraisal
-
Sponsor and principal participants submit required exhibits |
|
1 week |
8.) |
The Appraisal is reviewed by third-party Reviewer
|
|
1 week |
9.) |
DPMC completes technical processing, Underwriter's Summary and submits FIRM Application to HUD.
|
|
30-45 days |
10.) |
HUD reviews the Application and issues the FIRM Commitment to insure.
|
|
2-3 weeks |
11.) |
DPMC prepares closing documents and proceeds to intial closing.
|
|
|
* |
The timing of this Stage is contingent upon completion of the Engineering for the final Plans and Specifications
|
|
|
** |
Time can be saved if the General Contractor is chosen up front and can work with the Architect during the design/engineering process. |
