Multifamily - FHA Refinance

Multifamily Housing

223(a)(7) Streamlined Refinance

Our direct HUD 223(a)(7) program provides a streamlined process for borrowers with existing properties insured by FHA to lower their interest rate, increase the loan term and replacement reserves, and complete minor repairs ($1,500 per unit, not subject to Davis-Bacon wages) that extend the economic viability of the project. 

If an existing prepayment penalty exists, proceeds from the 223(a)(7) refinance can fund those prepayment expenses.

As an added benefit, borrowers may be able to significantly lower their MIP payments under HUD's "Green" underwriting initiative. Any property constructed or rehabilitated in the past 5-8 years may qualify for a debt service reduction of 40 basis points. Please see the Energy Efficiency PDF to the right of this page for more information.

As part of the 223(a)(7) streamlined process, borrowers are not required to secure a new appraisal, market study or environmental assessment, however a new PCNA (Property Capital Needs Assessment) is typically required as part of the application.

Typically, the 223(a)(7) program takes 90 days from start to finish.


  • Streamlined Process
  • Non-Recourse
  • Reduce Interest Rate & MIP