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January 28, 2016 - The Federal Housing Administration (FHA) has announced a multifamily insurance rate reduction designed to encourage capital financing of affordable and energy-efficient apartments. Lower rates are expected to stimulate production and rehabilitation of affordable rental housing and help increase the amount of quality rental housing across the country. The press release from HUD Secretary Castro states, "The rate reductions will take effect on April 1, 2016, and will directly impact FHA’s Multifamily Housing Programs and properties housing low- and moderate-income families and/or developments installing energy-efficient systems or building within federal energy guidelines." This announcement is a positive change for affordable housing programs. To read the press release announcement and details on FHA's new Multifamily Insurance Rates, click here.  If you have any questions, please contact one our loan originators at 317-569-7420 or at originations@prmic.com.
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FHA To Cut Insurance Rates on Multifamily Mortgages
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Carmel, INDIANA (1/15/2016) – PR Mortgage & Investments (PR) is proud to announce record results for 2015.  The company finished the year with more than $1.15 billion in mortgage originations, the second highest in the company’s 25 year history. The key highlights of these record performance numbers consisted of more than $416 million in Affordable Housing Financings, the highest in company history, 21,423 total housing units, and 151 total loans.  More than $340 million in loans were closed using Merchants Bank of Indiana, the parent company of PR Mortgage & Investments. “We at PR Mortgage are very proud of our accomplishments in 2015 and share in our success with our customers and banking partners. Utilizing Merchants Bank of Indiana in conjunction with FHA has given us a competitive advantage and provides one of the best financing vehicles for our clients. With the continued growth of the bank and the launch of FHA’s new Small Balance Risk Sharing Program, we expect momentum to continue in 2016,” said Mike Dury, COO of PR Mortgage & Investments. PR Mortgage & Investments is headquartered in Carmel, Indiana. PR is an approved FHA Mortgagee and is an approved Multifamily Accelerated Processing (MAP) lender for HUD.  PR Mortgage is also a Rural Housing Service (RHS) approved lender for the Section 538 program.  The company is a Government National Mortgage Association (GNMA) Issuer of Mortgage Backed Securities (MBS).  These agencies offer secondary market programs that provide a full range of loan structures for multifamily rental projects and health care facilities. Through these programs, PR Mortgage & Investments can provide acquisition, refinance, rehabilitation, and new construction loans.  These programs offer competitive long-term, fixed-rate loans that meet the needs of our clients.  Through its parent company (Merchants Bank of Indiana), PR Mortgage offers floating and fixed rate interim construction and acquisition/rehab loans.
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PR Mortgage & Investments Announces Record 2015 Results