Streamlined Refinance of Existing HUD-insured Mortgages

FHA 223(a)(7)
We are obsessed with quality and perpetual improvement. As we get to know you, our approach will be optimized and tailored toward your transactional objectives.
  • Loan Term:Not to exceed term of existing loan; up to remaining term plus 12 years
  • Interest Rate:Fixed rate, fully amortizing
  • Non-recourse:Non-recourse
  • Assumable:Fully assumable
  • Cash Out:Not permissible
  • Prepayment:10% year one, then declining 1% per year; and customizable
  • Borrower:A single asset SPE
  • Escrows:Escrows required for taxes, insurance, MIP and capital needs replacement reserves (minimum $250 per unit/annually)
  • Third Party Reports:Capital Needs Assessment only if prior report is more than 2 years old
DSCR/LTV Requirements:
  • Property Type
  • Minimum DSCR
  • Subsidized
  • 1.05
  • Affordable
  • 1.11
  • Market Rate
  • 1.11

Mortgage Insurance Premium:

  • Market Rate Properties: 0.5%
  • Affordable Properties: 0.35%
  • Broadly Affordable or Green: 0.25%
  1. 90% or more of the units are covered by a project based Section 8 contract for at least 15 years.
  2. 15 or more year regulatory agreement after Final Endorsement with a minimum AMI set aside