Streamlined Refinance of Existing HUD-insured Mortgages FHA 223(a)(7)
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:
Not to exceed term of existing loan; up to remaining term plus 12 years
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
Borrower:
A single asset SPE
Escrows:
Escrows required for taxes, insurance, MIP and capital needs replacement reserves (minimum $250 per unit/annually)
Third Party Reports:
Capital Needs Assessment only if prior report is more than 2 years old