HUD Project Concept Meetings

2019-04-22T14:31:40+00:00By |HUD|

In recent years, HUD has mandated that prior to submitting a loan application package for a HUD 221(d)4 or 220 loan, the lender must attend a project concept meeting with HUD. While not required, we recommend that project concept meetings be held for 223(f) loans, particularly when the borrower is seeking a cash-out refinance. We also recommend that the developer/borrower attend the project concept meetings and, if helpful, the lender’s appraiser and market study firm. HUD construction and substantial rehabilitation loans require an appraisal to be submitted with the final loan application package. However, unlike acquisition financing or refinances, the