|
estimated
timeframe |
|
|
| |
1.) |
Preliminary information is sent to DPMC for initial analysis:
- Site description with Unit Composition
- Construction Costs
- Location Map, Site Plan & Floor Plans
|
|
4 Weeks |
2.) |
If project appears feasible, third-party reports are ordered (Market Study, Appraisal, Environmental, etc.) and Sponsor provides necessary exhibits.
|
|
2 Weeks |
3.) |
DPMC prepares Feasibility package, completes underwriting and submits to HUD for review.
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|
|
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.
|
|
4-5 weeks
|
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 |
|
2 weeks |
8.) |
DPMC completes technical processing, Underwriter's Summary and submits the FIRM Application to HUD.
|
|
45 days |
9.) |
HUD reviews the Application and issues the FIRM Commitment to insure.
|
|
2 weeks |
10.) |
DPMC prepares closing documents and proceeds to intial closing.
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|
* |
The timing of this Stage is contingent upon completion of the Engineering for the final Plans and Specifications
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|
** |
Time can be saved if the General Contractor is chosen up front and can work with the Architect during the design/engineering process. |
