What are the Terms and Amortization for the HUD 223(a)(7) Refinance Program?
When refinancing with the HUD 223(a)(7) loan, the existing loan term may be extended by up to 12 years. At the same time, the new term cannot exceed the initial loan term.
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When refinancing with the HUD 223(a)(7) loan, the existing loan term may be extended by up to 12 years. At the same time, the new term cannot exceed the initial loan term.
To learn more about the HUD 223a7 refinance program, fill out the form below to speak to a HUD/FHA loan expert.
Related Questions
What is the maximum loan term for a HUD 223(a)(7) refinance?
The maximum loan term for a HUD 223(a)(7) refinance is the initial loan term, which is 40 years in the case of a 221(d)(4) loan and 35 years for 223(f) financing.
What is the maximum amortization period for a HUD 223(a)(7) refinance?
The maximum amortization period for a HUD 223(a)(7) refinance is 40 years in the case of a 221(d)(4) loan and 35 years for 223(f) financing.
What is the minimum loan amount for a HUD 223(a)(7) refinance?
The minimum loan amount for a HUD 223(a)(7) refinance is the existing loan balance plus fees, repairs, third-party costs, and initial reserve deposits. A minimum debt service coverage ratio (DSCR) is also required - 1.11x for for-profit borrowers or 1.05x for non-profit borrowers. To learn more about the HUD 223a7 refinance program, click here.
What is the maximum loan amount for a HUD 223(a)(7) refinance?
The maximum loan amount for a HUD 223(a)(7) refinance is 100% of eligible refinancing costs, including the principal amount of existing debt, fees, repairs, third-party costs, and initial reserve deposits. A minimum debt service coverage ratio (DSCR) is required - 1.11x for for-profit borrowers or 1.05x for non-profit borrowers. Source and Source.
What are the interest rate requirements for a HUD 223(a)(7) refinance?
The interest rate on HUD 223(a)(7) refinancing loans remains fixed for the life of the loan. The actual rate is based on the relevant SOFR index at rate lock. Source
What are the eligibility requirements for a HUD 223(a)(7) refinance?
The HUD 223(a)(7) refinance loan program is available for multifamily and healthcare properties with existing HUD-insured debt. For more information, please visit www.hud.loans/fha-223a7 and hud223a7.loan/hud-223a7-faqs/hud-223a7-property-eligibility. To speak to a HUD/FHA loan expert, please fill out the form on the latter page.