MIF's project mortgage insurance is available for multifamily rental and underlying cooperative mortgage loans. Our insurance has the following features:
Top loss coverage up to 100% on mortgage loans made by public entities including public employees pension funds, up to 75% on loans made by commercial lenders.
Insurance takes effect when the project is occupied and has achieved a minimum rental income level.
Provides current payment of principal and interest on public entity loans and final payment of principal and interest subsequent to foreclosure on loans by commercial lenders.
In general, MIF's underwriting criteria include:
Up to the lesser of 80% loan-to-value or 90% loan-to-cost.
Minimum income to total expense (including debt service) ratio of 1.05 to 1.00 for rental projects and 1.00 to 1 for cooperatives assuming at least a 5% vacancy rate.
Rehabilitation loans for multifamily rentals must use at least 20% of the loan amount for rehabilitation. Refinance loans are permitted for underlying cooperative loans only.
You can also link to MIF's Application for insurance.
Last updated: 11/14/2008 6:13:36 PM