Streamline Refinance Loans
Refinance loans are a fantastic way to improve cash flow, finance capital improvements to your property or even to take cash out of an existing real estate project. But, refinance loans are often overlooked by real estate developers and investors, who tend to look towards their next project or, in the alternative, they pay more attention to the operational side of the business.
Then, refinance loans themselves may provide reason enough to refinance your property. That is presently the case, in that we have refinance loans available that should never be overlooked. In fact, the refinance loans we are offering provide an opportunity that all investors should seize immediately.
Because guidelines have been revised for FHA streamlined refinance loans, all 200 level FHA loans are now eligible for an FHA streamline refinance using the FHA 223a7 loan program. FHA Streamline Refinance loans can be used for refinancing multifamily loans, affordable housing loans, assisted living facility loans, critical access hospital loans, acute care hospital loans, manufactured housing community loans and others.
Apartment Financing America is offering expedited processing for all FHA Streamline Refinance loans. If you have an existing FHA 200 level loan, Apartment Financing America will refinance your loan for 35 years at 3.15% fixed. The FHA Streamline Refinance offers expedited processing, quick closings, no out-of-pocket costs and a 3.15% fixed interest rate for 35 years. Contact us today to learn more about FHA Streamline Refinance loans while you can still get the best loan terms in history.
Don’t wait, submit an inquiry to get more information about FHA Streamline Refinance loans today!
FHA Streamline Refinance Loans Overview
HUD provides the FHA Streamline Refinance loan program as an abbreviated and expedited refinance loan program for existing FHA 200 Level loans. All FHA 200 level loans are eligible for the FHA Streamline Refinance loan 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 from the refinance loan, after the existing loan is paid-off, can be used for transaction costs, needed repairs, capital upgrades, and any additional reserves which may be required. The FHA Streamline Refinance loan program is the most attractive refinance loan on the market and is perfect for owners with existing loans which are more than five years old.
Maximum Loan Term
The new loan term can be up to 12 years longer than the remaining term on the original loan or 35 years.
Maximum Loan Amount
The lesser of:
- Up to the original amount of the existing 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, click to view Mortgage Rates
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
Need a refinancing loan? Apartment Financing America offers 35 year FHA Streamline Refinance loans at 3.15% fixed-rate, with expedited closing.