HUD 223(a)(7) refinances an existing FHA-insured apartment loan. It may reduce debt service, cover eligible transaction costs and replenish reserves. We'll compare the proposed payment with the current loan, including prepayment costs, closing expenses and any change in amortization.
The existing mortgage must already be FHA-insured, and cash-out is not available. If you have a conventional loan or want to take equity out of the property, we can review HUD 223(f) instead.
Eligible uses & property features
- Existing FHA-insured mortgages
- Streamlined refinancing path
- Potential debt-service improvement
- Eligible repairs and reserve replenishment
What to consider
This is not a cash-out program. Savings are transaction-specific, and any term extension, eligible costs and required reports remain subject to program requirements.
