Crefcoa Connect with Crefcoa Twitter Facebook

HUD FHA 223(a)(7)Apartment Loans

Nav
How Can We Help
How can we help?
Call, email or request an online quote. It's your choice. We're here to help.
Call Today Give us a call 1-844-359-6413
Contact Us Contact us online or by email
Request a Quote Request an online quote
Brd
Apartment Loans
Brd
HUD FHA Multifamily Loans
Brd
Nav
Brdr

HUD FHA 223(a)(7) Refinance of Existing HUD Apartment Loan or Healthcare Loan Overview

HUD FHA 223(a)(7) multifamily mortgages are available for the refinancing of existing HUD FHA insured multifamily loans and healthcare loans under Section 223(f) and Section 232. Streamlined processing results in quicker closings with fewer fees.
  • Streamlined processing
  • Fewer fees and lower overall cost
  • Extend original term of loan
  • Reduce current interest rate
  • Finance up to 100% of eligible costs
  • Fast closings - no new appraisal, market study or environmental required
  • Close in as few as 60 days
Brd
Brdr

HUD FHA 223(a)(7) Multifamily Loan Program Guidelines

Eligible Properties Multifamily and Healthcare properties with current FHA insured loans.
Eligible Locations Nationwide.
Maximum Loan Size The Lesser of:
  • Original principal amount of existing insured mortgage;
  • DSC of 1.11x (1.05x for non-profit borrowers);
  • 100% of eligible transaction costs, including existing indebtedness, repairs, fees, third party costs and initial reserve deposit.
Maximum Term Up to 12 years beyond the remaining term of the existing mortgage, but not to exceed the original term.
Guarantee Non-recourse.
Assumable Yes.
Cash Out Cash out restricted. Loan amount may be increased to cover funds for repairs, improvements and transaction and closing costs. Outstanding debt incurred in connection with capital improvements already made to the property may also be included in the loan amount, subject to HUD approval.
Third Party Reports Refinancing under HUD FHA Section 223(a)(7) does not require a new appraisal, market study or environmental assessment. A PCNA is required as part of the application and required every 10 years thereafter.
Sponsor Requirements Refinancing of existing HUD FHA insured mortgages requires minimal underwriting of the sponsor.
  Quick Quote Apply Now
Brd
Brd