Multifamily Federal Financing Programs: Refinancing – Acquisitions – Construction

Pursuant to Sections 221(d)(4), 223 and 233(f) of the National Housing Act, the Department of Housing and Urban Develop (HUD) is currently offering financing programs that has made it possible for owners and prospective purchasers to refinance, acquire or construct multifamily housing under extremely favorable terms and conditions.

The low interest rates and current availability of funds is attributed to the insurability of the loans by the Federal Housing Administration (FHA) and the eligibility for financing of the loans with Government National Mortgage (GNMA) mortgage-backed securities.

Other favorable terms and conditions include:

		Non-recourse
		LTV as high as 85%
		Cash out
		Debt service coverage ratio as low as 1:17
		Low Fixed Rate
		Fully amortized over 35 years
		assumable
		Availability of Multifamily Accelerated Processing (MAP)

Properties that will be considered for the programs include:

		Market rate, moderate income and subsidized properties.
		Student housing.
		Assisted living, skilled nursing, intermediate care and board and care facilities.