Sec. 05.06.04.06. Eligible Loans—Maximum Loan Amount

A. For acquisition, construction, or rehabilitation loans, the maximum amount of any loan that may be insured by the Fund under the Program may not exceed the lesser of:

(1) 75 percent of the appraised market value of the project; or

(2) The total cost of the project.

B. For loans to refinance existing debt, the maximum loan amount that may be insured by the Fund under the Program may not exceed the lesser of:

(1) 75 percent of the appraised market value of the project; or

(2) The sum of the following:

(a) The amount of existing principal debt secured by the property;

(b) Improvements to be financed with the proceeds of the loan;

(c) Costs associated with closing the loan, including lender prepayment fees and charges;

(d) Legal, processing, packaging, title, and other closing fees;

(e) Other fees and charges relating to the existing debt to be paid off with proceeds of the loan; and

(f) Any other costs approved by the Fund.