New multifamily handbook issued by FHA

HUD has announced that the FHA has published a new consolidated handbook to guide lenders on underwriting all FHA-insured multifamily housing construction and rehabilitation transactions. FHA’s new MAP Guide offers a new operating manual for multifamily underwriting through the Multifamily Accelerated Processing program. The MAP Guide is intended to cut the time required to approve loan applications and to ensure consistent application of program requirements and credit standards across all HUD processing offices. While all provisions of this new MAP Guide will become effective for all applications for FHA multifamily mortgage insurance received after May 28, 2016, FHA has the authority to approve transactions that incorporate the new policies immediately for projects with Firm Commitments issued or reissued after the date of publication.