Streamlined Refinance of Existing HUD-insured Mortgages
FHA 223(a)(7) Term sheet
We are obsessed with quality and perpetual improvement. As we get to know you, our approach will be optimized and tailored toward your transactional objectives.
Loan Term
Remaining loan term, with an option for an additional 12 years, not to exceed the original term
Interest Rate
Fixed rate, fully amortizing
Non-recourse
Non-recourse
Assumable
Fully assumable
Prepayment
10% year one, then declining 1% per year; and customizable
Cash Out
Not permissible
Commercial Space
No commercial space greater than 25% of net rentable area
and 20% of effective gross income of the property
and 20% of effective gross income of the property
Borrower
A single asset SPE
Escrows
Escrows required for taxes, insurance, MIP, and future capital expenditures (minimum $250 per unit annually).
Third Party Reports
Capital Needs Assessment only if prior report is more than 2 years old
Mortgage Insurance Premium: 0.25% due at closing and annually thereafter
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Grow with Bravo
Grow with Bravo
Grow with Bravo
Grow with Bravo
Grow with Bravo
Grow with Bravo
