HUD FHA Insured Multifamily and Healthcare Mortgage Programs
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.
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.
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.
A Few Advantages
•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
•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
HUD FHA Multifamily and Healthcare Programs
FHA 221(d)(4) New Construction and Substantial Rehabilitation for Multifamily Properties
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.
FHA 223 (F) Refinance or Acquisition MultiFamily Properties
Section 223(f) FHA apartment loans are available for the acquisition or refinancing of multifamily properties. Up to the lesser of 83% LTV or 83% LTC including loan costs and repairs - and 35 year fixed rate terms available. HUD apartment loans are non-recourse and assumable.
FHA 223(a)(7) Refinance of an Existing FHA Insured Multifamily or Healthcare Mortgage
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.
FHA 232 New Construction or Substantial Rehabilitation for Healthcare Properties
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.
FHA 232 Refinance or Acquisition for Healthcare Properties
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.
FHA 241(a) Insurance for Supplemental Loans
Section 241(a) provides supplemental - 2nd loans - to borrowers that currently have an FHA insured multifamily, healthcare or hospital mortgage loan.
FHA 242 Construction, Rehab, Modernization or Expansion for Hospital and Acute Care Facilities
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%.
FHA 207 Manufactured Housing Community Properties
Section 207 Program insures mortgage loans to facilitate the construction or substantial rehabilitation of multifamily manufactured home parks.
1st Coastal Commercial Capital - 3201 Mountain Rd Suite 116 - Pasadena, MD 21122
Office Phone: (410) 255-7437 Fax: (410) 360-1429 Cell Phone: (443) 257-9096
Toll Free Phone: (888) 316-1787
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