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HUD MULTIFAMILY INTEREST RATE REDUCTION LOANS

Non-Recourse FHA HUD Refinancing Loans in Dallas Fort Worth for Multifamily and Healthcare properties to include Apartment Buildings, Nursing Homes, Assisted Living Facilities and Memory Care Properties.

 

HUD Apartment Loan Amount:

Equal to the unpaid principal balance of the existing mortgage

FHA HUD Interest Rate Reduction Loans in Texas

Eligible Properties
Multifamily and healthcare properties that have FHA-insured loans with a G.R.E.A. company listed as the Servicer.

Recourse
Non-recourse

Interest Rate
Fixed for term of loan, determined by market conditions at time of rate lock. Rate lock deposit is 0.5%, refunded at closing.

Loan Parameters
New loan amount is equal to the unpaid principal balance of the existing mortgage as of the closing of the modification. Loan term and maturity likewise remain unchanged from existing mortgage. Debt service coverage of at least 1.05x is required.

Prepayment and Assumption
Negotiable, with best pricing for 10 years of call protection (can be a combination of lockout and/or penalty); loan is fully assumable, subject to HUD approval

Mortgage Insurance Premium
Remains unchanged from existing Mortgage

HUD Application Fee
None

Closing Costs
Lender’s attorney’s fees and any prepayment penalties on current loan may be paid from loan sale premium. Borrower’s attorney’s fees and cost of title policy update must be paid by Borrower at closing.

Timing
Typical application is submitted within a few days of engagement, followed by 30 days to issuance of HUD’s commitment and 15-30 days to closing

Related Fannie Mae Loan Options

FANNIE GREEN

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FANNIE HYBRID ARM

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FANNIE MOD. REHAB

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