MULTIFAMILY | FHA/HUD Section 223(a)(7)

Refinancing of Multifamily Properties with Existing FHA-Insured Debt

Our HUD Section 223(a)(7) mortgage program provides for the streamlined refinance of an existing FHA-insured project.

Multifamily Housing

Eligible Properties

All properties that currently have FHA-insured debt.


Up to 12 years extension of the original FHA-insured loan maturity, not to exceed the maximum term for the original loan program.

Interest Rate

Locked before closing and fixed for the duration of the term. (Subject to market conditions.)


Non-recourse for the duration of the term.


Customizable, typically a 10-year step down, based on market conditions and borrower preferences.


Subject to FHA/HUD and lender approval.

Loan Parameters

Maximum loan amount will be the lesser of the original principal balance when first insured or parameters below.

Market Rate 100% 1.11 0.50% / 0.25%*
Affordable 100% 1.11 0.45% / 0.25%*
Subsidized 100% 1.05 0.25%

(*If project meets Green/Energy Efficient housing qualifications.)

HUD Fees and Expenses

FHA Application Fee of 0.15% of loan amount.

Third-Party Reports

Property Capital Needs Assessment (PCNA) may be required.


Approximately 3 - 4 months for engagement, submission, FHA/HUD review, and closing.


Ginnie Mae guaranteed mortgage-backed securities.

Other Program Parameters

  • Repairs limited to $1,500 per unit, exclusive of accessibility changes.
  • Cash out is not permitted.