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Apartment Refinancing Loans
FHA Apartment Construction Loans 3.240% – 3.640% Fixed 40 Years Get Confidential Loan Quote ›
Fannie Mae 5 Year Adjustable Rate Multifamily Loans 2.773% Get Confidential Loan Quote ›
Apartment Refinance Loans 3.150% Fixed 35 Years Exclusive Apartment Loans Refinance Offer ›

Apartment Refinancing Loans

Mortgage Loans For Refinancing Multifamily Properties

Refinancing loans are a fantastic way to improve cash flow, finance capital improvements or even to take cash out of an existing project. But, refinancing loans are often overlooked by real estate developers and investors, who tend to look towards their next project. However, Apartment Financing America presently has refinancing loans available that should never be overlooked.

Because FHA has revised the FHA 223a7 streamlined refinance loan program guidelines, all 200 level FHA loans now qualify for refinancing under FHA 223a7. Streamlined refinancing loans can be used to refinance multifamily loans, affordable housing loans, assisted living facility loans, critical access and acute care hospital loans, manufactured housing loans and others.

FHA 223a7 Streamlined Refinance Special Offer

Apartment Financing America is offering expedited processing for all FHA 223a7 streamlined refinancing loans. If you have an existing FHA 200 level loan, Apartment Financing America will refinance your loan at 3.15% fixed for 35 years. We offer expedited processing, quick closings, no out-of-pocket costs and a 3.15% fixed interest rate for 35 years. Contact Apartment Financing America today to learn more about refinancing loans with the best loan terms in history.

FHA 223a7 Refinancing Loans Overview

The Department of Housing and Urban Development provides the FHA 223a7 Streamlined Refinance program as an abbreviated and streamlined refinance program for existing FHA 200 Level loans. All FHA 200 level loans are eligible for the 223a7 Streamlined Refinance program, provided they are in good standing. This program is available for all FHA loan types. The process is fast, involves minimal underwriting and requires a minimum amount of information. Proceeds of the refinancing, after the existing loan is paid-off, can be used for transaction costs, needed repairs and upgrades, and any additional reserves which may be required. After satisfying these items, the borrower may take any remaining amounts out of the refinancing transaction in cash. The FHA 223a7 Streamlined Refinance program is the most attractive refinancing program in the market and is perfect for owners with existing loans more than five years old.

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Apartment Refinancing Loan Terms Sheet

Maximum Loan Term

The new loan term can be up to 12 years longer than the remaining term on the original loan.

Maximum Loan Amount

The lesser of:

  • Up to the original amount of the old loan
  • Amount supported by 90% of the NOI
  • Total cost including existing debt, repairs, transaction costs, and prepayment penalties

Prepayment Terms

The prepayment is reset because it is a new loan

Mortgage Rate

Changes daily, please call for an estimate

FHA Application Fee and MIP

.3% at the time of application and MIP of .45% per year

Loan Origination Fee

1.00% payable at closing

Third Party Costs

PCNA (Project’s Capital Needs Assessment) required

Replacement Reserves

Readjusted if necessary

FHA Inspection Fees

None if no repairs are required. $30 per unit if repairs under $3,000 per unit, 1% of repair cost if over $3,000 per unit. Collected at closing.

Exhibits Needed

  • Three years audited financials
  • Current rent roll
  • Mortgagee’s Letter showing current balances
  • Original Deed of Trust or Note
  • New title report
  • PCNA