HUD MAP Market Studies and Appraisals
HUD MAP market studies and appraisals are prepared as a part of the underwriting process for financing multi-family housing provided by HUD. HUD is an acronym for Housing and Urban Development, a department of the U.S. Government. MAP is an acronym for multi-family accelerated processing.
HUDís MAP program was implemented to expedite HUD 221 d 4 lending programs for existing and proposed multi-family. Some real estate investors and mortgage brokers had become disenchanted with the time necessary to complete a HUD financing transaction. They were delighted with the non-recourse provisions, interest rates, loan to value ration and amortization period. However, the time required to close a loan made it impractical for many transactions.
HUD MAP has revised the process to have borrowers obtain and organize all documentation prior to submitting an application. Once HUD MAP revised the complete application and it has been submitted, the local HUD office has 30 days to review and accept or reject the application.
Market studies and appraisals for HUD MAP are similar in concept to other market studies and appraisals. However in HUD MAP, there are numerous detailed criteria. Strict compliance with these criteria is mandatory.
O'Connor & Associates has prepared over 4,000 appraisals and market studies for apartments. Many of these have been prepared in conjunction with HUD financing.
OíConnor & Associates is the largest independent appraisal firm in the southwestern US and has over 40 full-time staff members engaged full-time in valuation and market study assignments. Their expertise includes HUD MAP market studies and appraisals, HUD mark to market studies, HUD rent comparability market studies, feasibility studies, valuing real estate, business personal property, business enterprise valuation, purchase price allocation for businesses, valuation for property tax assignments, partial interest valuation, estate tax valuation, expert witness testimony, and valuation for condemnation.
To obtain a quote or further information for a HUD MAP Market Studies and Appraisals, contact John Fisher at 713-375-4300, 1-800-856-7325 x 4300, or fill out our online form.