- Apartment Acquisition Loans
- Apartment Construction Loans
- Apartment Refinancing Loans
- Apartment Rehab Loans
- Apartment Construction Loans FHA 221d4
- FHA 223f Apartment Loans
- FHA 223a7 Streamlined Refinance
- Fannie Mae DUS Multifamily Loans
- Fannie Mae Fixed Rate Apartment Loans
- Fannie Mae Structured Adjustable Rate Apartment Loans
- Fannie Mae Adjustable Rate Apartment Loans
- Fannie Mae Small Multifamily Loans
- Freddie Mac Fixed Rate Apartment Loans
- Freddie Mac Adjustable Rate Apartment Loans
- Freddie Mac Float To Fixed Multifamily Loans
FHA 223a7 Streamlined Refinance
Apartment Financing America is offering expedited processing for all FHA 223a7 Streamlined Refinance Loans. If you have an existing FHA 200 level loan, we will refinance your loan for 35 years at 3.15% fixed. You’ll get:
- expedited processing,
- quick closing
- , no out-of-pocket costs, and
- 3.15% fixed interest rate for 35 years.
Request a Confidential Refinance Rate Quote today to learn more about getting the best loan terms in history.
HUD has revised the guidelines for the FHA 223a7 Streamlined Refinance program. They have made more loans eligible for FHA 223a7 Streamlined Refinancing. All FHA 200 level loans now qualify for refinancing under FHA 223a7 Streamlined Refinance Loan Program. This includes FHA multifamily loans, FHA affordable housing loans, FHA assisted living facilities loans, FHA acute care hospital loans and others.
HUD 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 available on the market today. Property owners with existing loans more than five years old will see tremendous benefits.
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
The prepayment is reset because it is a new loan
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
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.
- Three years audited financials
- Current rent roll
- Mortgagee’s Letter showing current balances
- Original Deed of Trust or Note
- New title report