19.5.10.3 Application for Insurance of Advance of Mortgage Proceeds

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. Application for Insurance of Advance of Mortgage Proceeds (form HUD-92403) is used both during construction and at the conclusion of construction for the final advance. When construction is not yet complete, any form of Application for Insurance of Advance of Mortgage Proceeds submitted for processing will not be treated as approval of a final advance, nor will the submission of the Request for Final Endorsement of Credit Instrument (form HUD-92023M) be in order. Instead, Application for Insurance of Advance of Mortgage Proceeds may be treated as an ordinary application for advance of mortgage Loan proceeds and approved in an amount which, when added to previous advances of mortgage Loan proceeds, will not exceed 90% of the total advances to which the Borrower will be entitled at 100% completion (or such greater percentage as may be permitted pursuant to any Retainage Reduction Rider attached to the Building Loan Agreement).

Get a plain-English answer with a citation back to this text.

Ask AI about this code

Export this section

▸Contents — HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

GoCodebook provides public access, search, citation, multilingual explanation, and practical interpretation of legally adopted building regulations. It is not a substitute for the official ICC or California code publications.