Acquisition or Refinance
Insured Financing
FHA Section 223(f)
The goal of this mortgage insurance program is to provide the acquisition or refinance of existing market rate and/or affordable multifamily rental housing projects nationwide.
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 $65,000.
Benefits of this loan include negotiable prepayment options, fully assumable, and no rent control restrictions or affordability requirements.
Does your project qualify?
- The acquisition or refinance of an existing market rate, and/or affordable multifamily rental housing.
- Must be at 90% occupancy
- Not be built within the last three years (exceptions apply)
- Maximum Mortgage Limits
The Lesser of:- HUD Statutory Limits
- 85% of HUD Appraised Value
- 1.17 Debt Service Coverage Ratio
- 80% of the value if cash is being disbursed to investors
- Maximum term and amortization of 35 years
- Annual Mortgage Insurance Premium of 45 basis points
View Complete Terms & Conditions PDF
by phone
801.555.5757
or email