Multifamily - Programs - Learning Center

Program	Benefits	Presentation	Term Sheet	Calculator	Application
CONSTRUCTION/SUBSTANTIAL REHAB Compare Programs
HUD 221(d)(4) New construction or substantial rehab for market rate and affordable apartments nationwide	40 year, fixed rate, non-recourse,83-90% loan to replacement cost. One closing, assumable. Allow 10% builders profit credit.
HUD 221(d)(3) New construction or substantial rehab for non-profit borrowers	40 year, fixed rate, non-recourse, one closing, assumable. Allow 10% builders profit credit. 95% loan to replacement cost.
HUD 220 New construction or substantial rehab for projects located in Urban Renewal Areas	40 year, fixed rate, non-recourse, one closing, assumable. Allows more commercial income than HUD 221(d)(4) and 221(d)(3) programs. Allow 10% builders profit credit. 83-90% loan to replacement cost.
USDA 538 New construction or substantial rehab for communities or cities with 20,000 or less population.	40 year, fixed rate, non-recourse, one closing, assumable. Allows developer’s fee. 90% LTV. 97% for Non Profits.
ACQUISITION/REFINANCE Compare Programs
HUD 223(f) - Acquisition Acquisition and Moderate Renovation of multifamily projects nationwide.	35 year, fixed rate, non-recourse, assumable. Allow 7.5% second mortgage. 83.3-90% LTV.
HUD 223(f) - Refinance Refinance and Moderate Renovation of multifamily projects nationwide.	35 year, fixed rate, non-recourse, assumable, cash out up to 80%, rate and term 83-90%.
Agency Acquisition, Refinance and Moderate Renovation of multifamily projects nationwide.	30 year, fixed rate, recourse & non-recourse, assumable, cash out up to 75%, rate and term 80%.
HUD a7 (existing HUD loans) Financing for existing apartment HUD loans.	Refinance up to 12 years beyond remaining term. Maximum term is 35 years. No cash out, non-recourse, assumable.
HUD 241(a) (existing HUD loans) Provides insured second mortgages to finance repairs, additions and improvements to existing multifamily properties already held or insured by HUD.	83-90% of replacement costs. Up to 40 years, non-recourse, assumable.