HUD / FHA Program

The HUD/FHA Program focuses on serving the multifamily, affordable housing and healthcare industries utilizing the Federal Housing Administration credit enhancement. There are several programs within HUD which finance the new construction, rehabilitation, acquisition and /or refinance of multifamily and healthcare properties.

Program:

Section 223(f)

Loan Amounts:

$7,000,000 - no upper limit

Eligible Property Types:

Multifamily (5+ Units) that are at least 3 years old

Occupancy Requirement:

Minimum 90% on 3 month trailing basis

Loan to Value:

Up to 85% of total project cost

Typical Interest Rate:

5.50% - 6.50%

Minimum DSCR:

1.18x

Term/Amortization:

35 Year Term / 35 Year Amortization

Prepayment Penalty:

5-Year Lockout, then 5-Year Declining

Minimum Credit Score:

650 middle

Assumable:

Fully Assumable

Recourse:

Non-Recourse