Program Eligibility for the HUD 223a7 Loan Program
No, HUD’s 223(a)(7) refinance loan is used exclusively to refinance existing HUD-insured loans on multifamily and healthcare properties. It is reserved for those with existing loans like the 223(f), 221(d)(4), HUD 232 and other FHA-insured multifamily and healthcare loans. Unlike most other HUD multifamily loan programs, the HUD 223(a)(7) loan requires very little underwriting, only one third-party report (a PCNA, or project capital needs assessment), and can close in as little as 60 days.
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