HUD-92580-OHF Maximum Insurable Mortgage

Maximum Insurable Mortgage

U.S. Department of Housing
and Urban Development
Office of Housing
Federal Housing Commissioner

Project Name

OMB No. 2502-xxxx (Exp. xx/xx/xxxx)

Project Number

To Lender (Mortgagee)

Borrower (Mortgagor)

Street Address

Street Address

City & State

City & State

Dear Sirs:
Pursuant to the Agreement and Certification executed in connection with the above project, this office has reviewed the mortgagor’s
certified statement of actual cost and in reliance thereon has made certain related determinations as required under Section 227 of the
National Housing Act. Accordingly, HUD will finally endorse, the above project, secured by a first mortgage upon the land and
property included in the project, in an amount not to exceed that set forth herein below.
It is understood, however, that any estimated items of cost may result in a further reduction of the mortgage when the actual costs are
established, that such a reduction, if any, must be made in accordance with the aforesaid Agreement and Certification, and that
acceptance of items “to be paid in cash within 45 days after final endorsement” is conditioned upon proof of payment of such items
in cash. Failure to comply with this requirement may result in a mandatory mortgage reduction.
Pursuant to Section 227 of the National Housing Act, all items approved herein are final and incontestable, except for fraud or material
misrepresentation on the part of the mortgagor, as of the date of the final endorsement, except that items shown on Form HUD-92330
to be paid within 45 days, shall not be considered final and incontestable until the date of HUD’s Recomputation of the mortgage based
upon its Reconciliation of the “to be paid items” with actual receipts.
1. (a) Original Mortgage Amount
(b) Less: Effect of Construction Changes, if any
$________________
(c)
Unused Contingency Reserve, if any (Rehabilitation) $________________
(d)
Other: ___________________________________
$________________
(e) Total Deductions from Original Mortgage Amount
(f) Adjusted Original Mortgage Amount
2. Certified “Actual Cost” (From Form HUD-92330
$ _______________
3. Disallowed Amounts (Schedule 2)
$ _______________
4. Recognized “Actual Cost” of Improvements
$ _______________
5. Land (New Construction & Substantial Rehabilitation Involving an
$ _______________
Acquisition)
6. Total Land and Improvements
$ _______________
7. Statutory Percentage of Total Cost ( _______% x Item 6)
$ _______________
8. For Substantial Rehabilitation-Property Owned, enter the Lesser of:
(i) $ _______________ Existing Mortgage Indebtedness (Land and Improvements)
or
(ii) ______% x $_________________ AS IS Value of Land and Improvements
(before repair or rehabilitation)
$ _______________
9. Total—line 7 plus line 8, (if applicable)
10. Maximum Insurable Mortgage in Multiples of $100 (item 1(f) or item 9 whichever is the lesser)
if Grants involved see attached sheet to this form for Reconciliation of Adjustments, if required

$_______________

$_______________
$_______________

$ _______________
$_______________

Schedule 1. Approval of the Maximum Insurable Mortgage, as stated on Line 10, is conditioned upon the following:
A. At final closing, satisfactory evidence must be provided that the “to be paid” items listed on form HUD-92330 have been
paid or an escrow established to satisfy those items remaining to be paid.

Previous edition is obsolete

Page 1 of 2

form HUD-92580­OHF (2/95)
ref Handbooks 4440.1, 4470.1

Schedule 1 (continued)

Schedule 2. Disallowed Costs

Schedule 3. Computation of Mortgagor's Initial Equity Investment
1. Total Land and Improvements (Line 6 above)
2. Less: Maximum Insurable Mortgage (Line 10 above)
3. Mortgagor's Initial Equity Investment

$________________
$ ________________
$________________

Schedule 4. Tentative Disallowances. Those items which appear below are classified as tentative disallowances and may be recognized
and approved as certifiable costs subsequent to the issuance of this form provided that satisfactory clarifying documentation
is submitted within 30 days. Whether or not these items are subsequently approved will have no effect on the maximum
insurable mortgage listed on line 10 of this form.

Assistant Secretary for Housing / FHA Commissioner
Name of Authorizing Agent

Signature of Authorizing Agent

Previous edition is obsolete

Date

Page 2 of 2

form HUD-92580­OHF (2/95)
ref Handbooks 4440.1, 4470.1