What is Renovation?

Renovation Definition

In terms of HUD multifamily loans, renovation can be defined as repairs or reconstruction activities involving 75% or less of a facility or building’s value before rehabilitation. While HUD 221(d)(4) loans can finance the renovation of multifamily properties, HUD 223(a)(7) loans typically cannot.

To learn more about the HUD 223a7 refinance program, fill out the form below to speak to a HUD/FHA loan expert.