FHA issues final multifamily loan closing documents.
The revised closing documents reflect extensive changes. Among the many changes, some key modifications include: expanding the definition of an eligible borrower to allow a non-single-asset entity in certain conditions, requiring additional borrower liability and creating a two-tiered default structure. Member firms that use FHA financing are encouraged to review the revised documents. Firms with applications under consideration by FHA should consult with their legal counsel. See www.hud.gov/offices/adm/hudclips/.