12.7.7 Final Advance
HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021) · 2026 edition · updated 2026-10-05 · United States
A. The Application for Insurance of the Final Advance will request any remaining balance of mortgage proceeds and ensures that:
The mortgagor’s cost certification has been approved and the maximum insurable mortgage amount determined using form HUD-92580, Maximum Insurable Mortgage.
Form HUD-92403 is accompanied by a completed form HUD-92448, with required Contractor’s Prevailing Wage Certificate, if the contractor’s holdback has not been previously disbursed. Refer to Section 12.15.5 for instructions on releasing the contractor’s holdback.
The sum to be approved for the advance is the balance of the mortgage proceeds, based on the maximum insurable mortgage on form HUD-92580. Refer to Chapter 13, Section 13.10 for instructions on an advanced amortization adjustment, if any.
An escrow is established for incomplete or delayed construction items under the provisions of form HUD-92456M, Escrow Agreement for Incomplete Construction.
Form HUD-92023M, Request for Final Endorsement of Credit Instrument, or form FHA-2453, Commitment to Insure upon Completion, must have been submitted and reviewed.
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Chapter 12 Construction Period 12.7 Application for Insurance of Advances
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- The escrow for the mortgagor’s unpaid construction costs under the provisions of form HUD-92456M, Escrow Agreement for Incomplete Construction is established.
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