The Department of Housing and Urban Development (HUD), has announced expansion of the FHA no cost refinance program 223A7. With the expansion of the FHA no cost refinance program, all existing FHA 200 series apartment loans are now eligible for refinancing using the FHA 223A7 Streamlined Refinance program. Existing loans in the FHA 200 series programs are included:
- FHA 221d3 Multifamily Construction Loans
- FHA 221d4 Multifamily Construction Loans
- FHA 223f Multifamily Acquisition Loans
- FHA 232 Assisted Living/Nursing Homes
- FHA 241a Supplemental Loans
- FHA 242 Acute Care Hospital Loans
As an FHA multifamily lender, Apartment Financing America is authorized to refinance existing 200 level mortgages to facilitate the expansion of the FHA no cost refinance program.
With this mandate, Apartment Financing America is actively seeking owners of FHA multifamily loans in order to provide them with a risk free opportunity to refinance their mortgage loans at interest rates which are at or near their all time historic lows. Real estate investors should absolutely take advantage of this risk free opportunity to save thousands per month in interest cost.
Regardless of your existing mortgage balance or current interest rate, all property owners who contact Apartment Financing America to refinance their existing mortgage are eligible to lock in a fixed interest rate as low as 3.15% for 35 years.
Real estate investors who own properties financed with an existing FHA mortgage should act immediately to commence the refinancing process. As an example, the FHA no cost refinance will cut payments on an existing $6 million mortgage at 8.00% by $23,750 per month.
- There is no out-of-pocket cost to refinance your existing mortgage loan
- HUD will refinance an existing loan back to its original loan amount
- Processing time for these loans is less than 90 days
- A new appraisal is not required
- The underwriting process has been streamlined