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| Home > FHA Multifamily Lending |
FHA Multifamily Lending |
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| Sun West provides FHA mortgage insured financing for the construction, substantial rehabilitation, acquisition or refinancing of multifamilyhousing project. All FHA programs long-term, fixed-rate, fully amortizing loans, with low-cost financing, and in larger amounts that are non-recourse. With over 32 years of expertise, Sun West delivers a one-stop lending experience to its borrowers. |
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FEATURES:
Up to 95% LTC for Non-Profit.
Construction and Permanent Financing both in one loan.
Up to 90% LTC(New Construction/Substantial Rehabilitation)
Up to 85% LTV(Refinance and Acquisition) Cash-Out allowed up to 80% LTV.
40 Year Term and Amortization(New Construction/Substantial Rehabilitation)
Non-Recourse(HUD takes a first mortgage lien) 35 Year Term and Amortization(Refinance and Acquisition)
Fast-track processing, Sun West is a HUD-approved Multifamily Accelerated Processing(MAP) Lender
AVAILABLE TO:
For-Profit, Non-Profit and Joint Ventures
New Construction/Substantial Rehabilitation projects must be approved by HUD prior to commencing work.
Properties eligible for refinance must be atleast 3 years old.
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MULTIFAMILY PROGRAMS:
Section 223(f) - Provides loans for the refinancing or acquisition of existing multifamily properties including HUD Section 202 projects.
Section 221(d)(4) - (Section 221(d)(3) for Non-Profits) Offers financing for the new construction, or substantial rehabilitation, of multifamily apartment projects.
Section 223(a)(7) - Provides refinancing for current FHA-insured loans on existing FHA-insured apartments, nursing homes, assisted living facilities, and personal care facilities.
Section 241(a) - Offers supplemental loans for the renovation or expansion of existing FHA-insured apartments, nursing homes, assisted living facilities and personal care facilities.
BASIC COSTS:
HUD Application Fee of $3.00 per $1,000
HUD Annual Mortgage Insurance Premium of 0.45% to 0.5%(1% in first year.)
HUD Inspection Fee subject to mortgage lending program.
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