Permanent Financing Programs Offered By FHA for Multifamily and Healthcare

FHA Permanent Financing Programs

Refinance of Existing Multifamily Property

FHA Section 223(f) Program:

•Consisting of properties with 5 or more units •Loan can be fully assumed by a future buyer
•Consisting or properties 3 or more years old •No personal guarantees required; Non Recourse loan
•Finance a maximum of $15,600 per unit for renovations •Fixed interest rate for a maximum of 35 years
•Cash out available for up to 80% Loan-To-Value (LTV) •Maximum LTV of 83% and minimum DSC of 1.20

Acquisition of Existing Multifamily Property

FHA Section 223(f) Program:

•Consisting of properties with 5 or more units •No personal guarantees required; Non Recourse loan
•Consisting or properties 3 or more years old •Fixed interest rate for a maximum of 35 years
•Finance a maximum of $15,600 per unit for renovations •Maximum loan amount - 83% of total transaction costs
•Loan can be fully assumed by a future buyer •Minimum Debt Service Coverage (DSC) of 1.20

Refinance of Existing Healthcare Facility

FHA Section 232/223(f) Program:

•Skilled Nursing, Intermediate Care, Assisted Living, •Loan can be fully assumed by a future buyer
or Board & Care facilities •No personal guarantees required; Non Recourse loan
•Must have space available for central kitchen and dining •Fixed interest rate for a maximum of 35 years
•Funds available for renovations; max 15% of value
Acquisition of Existing Healthcare Facility
FHA Section 232/223(f) Program:
•Skilled Nursing, Intermediate Care, Assisted Living, •No personal guarantees required; Non Recourse loan
or Board & Care facilities •Fixed interest rate for a maximum of 35 years
•Must have space available for central kitchen and dining •Maximum loan amount - 85% of total transaction costs
•Loan can be fully assumed by a future buyer •
Streamline Refinance of Existing HUD Insured Multifamily or Healthcare Facility
FHA Section 223(a)(7) Program:
•Refinance of existing 223(f), 232, or 221(d)(4) mortgage •No personal guarantees required; Non Recourse loan
•No Appraisal, PCNA, ESA or Survey Required •New term maximum of 12 years + remaining term
•Funds available for minor repairs and renovations •Maximum loan amount of original HUD insured loan
•Loan can be fully assumed by a future buyer

Scott Kendall (847) 903-7578 scott@kendallrealtyadvisors.com

Chuck Kendall (773) 259-7074 kendallrealtyadv@gmail.com

www.kendallrealtyadvisors.com
 

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