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HUD FHA Multifamily Loans

Maximum Leverage. Long Fixed Rate Terms.

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HUD FHA Multifamily Loans
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HUD FHA Insured Multifamily and Healthcare Mortgage Programs Overview

HUD oversees the FHA, the largest mortgage insurer in the world. While most of us associate FHA insurance with home loans, HUD also provides FHA insured loans for the purchase, refinancing, construction and substantial rehab of apartments, assisted living facilities, skilled care nursing homes and critical access hospitals.

 

HUD FHA insured mortgages play an important role in providing liquidity to the multifamily and healthcare communities. Because the mortgages are insured by the FHA, HUD approved lenders are able to assume a greater level of risk and provide borrowers with the most aggressive rates and terms in the market.

 

All mortgages are approved by HUD and insured by the FHA. Mortgages are underwritten and processed through a select group of HUD approved lenders and funded through the issuance of GNMA Mortgage Backed Securities; on a taxable basis or as a credit enhancement for the sale of tax-exempt bonds.

  • Eliminate interest rate risk with fixed rate terms up to 40 years
  • Maximize leverage with up to 87% LTV
  • Non-recourse reduces personal liability
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HUD FHA 223(f) Multifamily Loans for the Refinance or Acquisition of Multifamily Properties

HUD 223(f) apartment loans are available for the acquisition or refinancing of 5+ unit multifamily properties and are a great financing option for borrowers looking for maximum leverage and longer fixed rates and terms. There are no income or rent restrictions under Section 223(f) unless otherwise required by a project based HAP contract or other regulatory agreement.
  • Loan sizes above $1 million - no maximum
  • 83.3% LTV for market rate apartments
  • 87% LTV for project based rental assistance
  • Up to 35 year fixed rate terms
  • 1.17 minimum DSCR
  • HUD insured mortgages are non-recourse
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HUD 221(d)(4) Multifamily Loans - New Construction and Substantial Rehabilitation of Multifamily Properties

Section 221(d)(4) FHA apartment loans -- 221 (d)(3) for non-profits -- are available for the new construction or substantial rehabilitation of multifamily properties. Construction loans for multifamily properties with up to 90% of the HUD FHA replacement cost estimate and 40 year permanent fixed rate terms available.
  • $2 million minimum construction loan size
  • Up to 90% leverage
  • Up to 40 year fixed rate terms
  • One closing with permanent rate lock at initial closing
  • Interest only during construction phase
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HUD FHA 223(a)(7) Refinance of an Existing FHA Insured Multifamily Mortgages and Healthcare Mortgages

HUD FHA 223(a)(7) multifamily mortgages and healthcare mortgages are available for the refinancing of existing HUD FHA insured multifamily loans under Section 223(f). 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
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HUD FHA Section 232 - Construction Loans for Healthcare Properties

Section 232 provides mortgage insurance for construction or rehabilitation of healthcare properties collectively referred to as residential care facilities. Property types include, skilled nursing, intermediate care, assisted living facilities and other special care properties.
  • Up to 40 year fixed rate terms
  • Up to 90% of estimated cost
  • One closing with permanent rate lock at initial closing
  • Available for licensed nursing home, assisted living, intermediate and memory care and skilled nursing
  • Non-recourse
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HUD FHA Section 232 - Commercial Loans for the Refinance or Acquisition of Healthcare Properties

HUD provides commercial loans for assisted living, skilled nursing, intermediate care, memory care and other residential care facilities through Section 232. FHA insured mortgages are available for the purchase or refinancing of residential care facilities with a stabilized operating history. Facilities currently financed with an FHA insured healthcare mortgage are eligible for streamlined refinancing through the FHA 223(a)(7) LEAN program.
  • Up to 80% leverage
  • Up to 100% of transaction costs for refinance
  • Non-recourse and assumable
  • Up to 35 year fixed rate term
  • Property types include assisted living, memory care, skilled nursing, intermediate care
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HUD FHA 241(a) Supplemental Loans

Section 241(a) provides supplemental - 2nd loans - to borrowers that currently have an FHA insured multifamily, healthcare or hospital mortgage loan to finance repairs, additions, and improvements to multifamily rental housing and health care facilities.
  • Maximum loan up to 90% of cost
  • Loan term coterminous with first loan
  • Minimum 1.45 DSCR
  • .72% MIP
  • Proposed repairs may not be primarily items of deferred maintenance
  • Davis-Bacon prevailing wage requirements apply to construction/repair costs if the first mortgage loan was financed under FHA’s construction loan program (232). If the existing loan was financed under FHA’s acquisition/refinancing program (Section 232/223(f)) then Davis-Bacon prevailing
    wages do not apply

 

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FHA 242 Construction, Rehab, Modernization or Expansion for Hospital and Acute Care Facilities

The Section 242 program is administered by the Office of Hospital Facilities (OHF) within the Office of Healthcare Programs. Section 242 of the National Housing Act provides insured mortgages for  construction, rehabilitation, expansion or modernization of acute care hospital facilities ranging from large teaching institutions to small rural critical access hospitals. Refinances are only available if the refinance results in at least 20% new money to improve the facility.
  • Up to 90% LTV
  • Fixed rate terms up to 25 years
  • No cash at closing with sufficient equity
  • Low fixed interest rates
  • Minimum 1.25 DSCR
  • No maximum loan amount

 

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FHA 207 Manufactured Housing Community Properties

Section 207 Program insures mortgage loans to facilitate the construction or substantial rehabilitation of manufactured home parks.
  • Up to 90% financing
  • Up to 40 year terms
  • Non-recourse
  • One closing with rate lock at construction

 

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