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Apartment Loan
Quick Links
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HUD FHA Insured
Mortgages |
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FHA
221(d)(4) - Multifamily New Construction or
Substantial Rehabilitation |
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FHA
223(f) - Multifamily Purchase or Refinance |
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FHA
223(a)(7) - Refinancing of an Existing FHA
Multifamily or Healthcare Loan |
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FHA 232
- Healthcare New Construction and
Substantial Rehabilitation |
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FHA 232
Healthcare Acquisition and Refinance |
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FHA
241(a) - Supplemental Financing |
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FHA 242
- Hospital Financing |
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HUD FHA
207 - Manufactured Housing |
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FHA
Insured Multifamily Accelerated Processing -
MAP Lender Overview |
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Information needed for HUD FHA Preliminary
Loan Analysis |
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HUD FHA
LEAN Processing for Healthcare Properties -
Section 232 |
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HUD FHA
Insured Multifamily
and Healthcare Mortgage Programs
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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.
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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. |
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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. |
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Up to 90% LTV
Refinances up to 85%
LTV
35 and 40 year fixed
rates
Minimum DSCR of 1.17
Lowest rates
in the market
FHA loans are
assumable
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Non-recourse
No minimum
population
requirements
Some costs and fees
can be financed
No minimum net worth
requirements
Profit and
not-for-profit
borrowers
Construction and
permanent
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HUD FHA Multifamily
and Healthcare
Programs
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FHA 221(d)(4) New
Construction and
Substantial
Rehabilitation for
Multifamily
Properties
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Section 221(d)(4)
FHA apartment loans
are available for
the new construction
or substantial
rehabilitation of
multifamily
properties. Up to
90% LTC and 40 year
permanent fixed rate
terms available.
Learn more |
Section 223(f) FHA
apartment loans are
available for the
acquisition or
refinancing of
multifamily
properties. Up to
85% LTV - 92.5% LTC- and 35 year
fixed rate terms
available. HUD
apartment loans are
non-recourse and
assumable.
Learn more |
FHA 223(a)(7)
Refinance of an
Existing FHA Insured Multifamily
or Healthcare
Mortgage
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Section 223(a)(7)
FHA mortgages
are available for
the refinancing of
existing multifamily
and healthcare
properties that are
currently insured by
FHA. Streamlined
processing results
in quicker closings
with fewer fees.
Learn more |
FHA 232 New
Construction or
Substantial
Rehabilitation for
Healthcare
Properties
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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.
Learn more |
FHA
232 Refinance or
Acquisition for
Healthcare
Properties
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FHA insured
mortgages available
for the purchase or
refinancing of
Residential Care
Facilities.
Property types
include, skilled
nursing,
intermediate care,
assisted living
facilities and other
special care
properties. Facilities currently
insured with an FHA
insured healthcare
mortgage are
eligible for
streamlined
refinancing through
the
FHA 223(a)(7)
LEAN program.
Acquisitions are
subject to financing
under the
FHA Section 223(f)
program.
Learn more |
FHA 241(a)
Insurance for
Supplemental Loans
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Section 241(a)
provides
supplemental - 2nd
loans - to borrowers
that currently have
an FHA insured
multifamily,
healthcare or
hospital mortgage
loan.
Learn more |
FHA 242
Construction, Rehab,
Modernization or
Expansion for
Hospital and Acute
Care Facilities
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Section 242 provides
insured mortgages
for hospital and
critical care
centers for
construction,
rehabilitation,
expansion or
modernization of the
facility. Refinances
are only available
if the refinance
results in at least
20% new money to
improve the
facility. 25 year
terms with LTVs up
to 90%.
Learn more |
FHA 207 Manufactured
Housing Community
Properties
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Section 207 Program
insures mortgage
loans to facilitate
the construction or
substantial
rehabilitation of
multifamily
manufactured home
parks.
Learn more |
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