Streamline Refinance
Insured Financing
FHA Section 223(a)(7)
The goal of this mortgage insurance program is to provide the refinance of existing market rate and/or affordable multifamily rental housing projects currently owned by HUD.
Through a one stage application process, called Multifamily Accelerated Processing (MAP) and with the help of our own in-house underwriters, we expedite your loan package. It usually takes around three to five months to fund. Finance now with record low rates for a non-recourse, GNMA securitized, fixed rate loan. Average loan size is approximately $3,000,000 and typically costs you $25,000.
Benefits of this loan include no inspection fee, no appraisal needed, quick processing time, and fully assumable.
Does your project qualify?
- The refinance of existing market rate and/or affordable multifamily rental housing projects currently owned by HUD
- Must be at 90% occupancy
- Not be built within the last three years (exceptions apply)
- Maximum Mortgage Limits.
The lesser of:- The original amount of existing insured loan
- The outstanding principal balance of the existing insured loan plus the cost of required repairs, improvements, prepayment penalties, and loan closing costs
- 1.11 Debt Service Coverage Ratio
- Annual Mortgage Insurance Premium of 45 basis points
- Maximum term and amortization of up to 12 years beyond the term of existing loan, subject to approval
View Complete Terms & Conditions PDF
by phone
801.555.5757
or email