HUD - FHA Section 223 (f) Loans

Section 223 (f) insures loans to facilitate the purchase or refinancing of existing multifamily rental housing properties three years or older.

The 223(f) allows for long-term loans (up to 35 years) which may be insured by Government National Mortgage Association (GNMA) Mortgage-Backed-Securities. The 223(f) program’s eligibility for purchase in the secondary mortgage market improves availability of loan funds and encourages lower interest rates.

The 223 (f) also features an excellent provision for repairs and/or deferred maintenance costs which may be financed from the proceeds of a new mortgage. In addition, furniture, fixtures and equipment (FF&E), as well as building additions may be financed through Section 223(f) Loan proceeds.

HUD - FHA Section 223 (f) Loan Program

Location: Nationwide ()
Property Type(s): Existing multifamily housing project at least 3 years old
Loan Products: Generally 35 Years
Loan Amount: No Minimum / No Maximum
Amortization: Fixed Rate, Self-Amortizing
Recourse: None except standard carve-outs
Assumable: Yes, subject to HUD approval
Secondary Financing: Yes, subject to HUD approval

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