office 480.682.4501
fax 480.682.4517
BK-0910597
Under section 223 (a)(7) of the National Housing Act, the FHA provides mortgage insurance to facilitate the refinance and moderate rehabilitation of existing HUD-insured multifamily properties.
The unique demands and processes of HUD/FHA multifamily financing are generously offset by the advantages. FSF streamlined internal procedures and staff of FHA dedicated professionals bring greater speed and efficiency to meet the accelerating needs of today's market.
(For a Printable PDF of this program, please click here)
Eligibility For Refinance and moderate rehabilitation of existing HUD-insured multifamily properties
Loan Amounts Loan amount can be no greater than the original amount of the existing HUD-insured first mortgage
Term/Amortization Not to exceed 12 years beyond the remaining term of the existing HUD-insured first mortgage. All loans fully amortizing
Interest Rate Fixed rate are based on current market conditions. Call for current rates
Debt service coverage ratio Debt service coverage ratio (DSCR) must be the same as the original DSCR under which the property was first financed
Personal recourse Non-recourse
Prepayment If loan converts to a Ginnie Mae MBS, a five year lock-out period then a declining prepay schedule normally applies (5%, 4%, 3%, etc..) but alternate lock-out and prepayment options are available
Origination Fee
Commitment Fee
Third Party Fees Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required
Mortgage Insurance Premium 1% for the first year (payable at closing), .5% per year thereafter
Financing Fee Negotiable and competitive
Permanent Loan Fee Negotiable and competitive
Permanent Loan Fee Negotiable and competitive
Transaction Costs Borrower is responsible for legal fees and customary closing costs which may be included in mortgage proceeds
Venture Placement Fee 1% to 2% dependent on property