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specialists
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time and money
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Home >
Commercial Loan Center Refinance or Purchase |
HUD FHA 223(a)(7) Refinance of Existing HUD Apartment Loan
or Healthcare Loan Overview
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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.
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Streamlined processing
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Fewer fees and lower overall cost
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Extend original term of loan
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Reduce current interest rate
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Finance up to 100% of eligible costs
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Fast closings - no new appraisal, market study or
environmental required
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Close in as few as 60 days
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HUD FHA 223(a)(7) Multifamily Loan Program Guidelines
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Eligible Properties |
Multifamily and Healthcare properties with current FHA
insured loans. |
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Eligible Locations |
Nationwide. |
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Maximum Loan Size |
The Lesser of:
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Original principal amount of
existing insured mortgage;
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DSC of 1.11x (1.05x for
non-profit borrowers);
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100% of eligible transaction
costs, including existing indebtedness, repairs,
fees, third party costs and initial reserve deposit.
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Maximum Term |
Up to 12 years beyond the remaining term
of the existing mortgage, but not to exceed
the original term. |
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Guarantee |
Non-recourse. |
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Assumable |
Yes. |
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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. |
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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. |
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Sponsor Requirements |
Refinancing of existing HUD FHA insured
mortgages requires minimal underwriting of
the sponsor. |
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