HEALTHCARE PROPERTIES | FHA/HUD Section 232/223(a)(7)
Refinancing of Healthcare Properties with Existing FHA-Insured Debt
Our FHA/HUD Section 232/223(a)(7) mortgage program provides for the streamlined refinance of an existing FHA-insured project.
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.
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.
Maximum loan amount will be the lesser of the original principal balance when first insured or parameters below.
Fees and Expenses
- FHA Application Fee of 0.15% of loan amount.
- Mortgage Insurance Premium of 0.5% due to HUD at closing and 0.55% annually thereafter.
Property Capital Needs Assessment (PCNA) required.
Approximately 3 - 4 months for engagement, submission, FHA/HUD review, and closing.
Ginnie Mae guaranteed mortgage-backed securities.
Other Program Parameters
Cash out is not permitted.