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Last updated on Sep 23, 2022
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Refinance

Everything you need to know refinancing HUD 232 loans and HUD 232/223(f) loans with the HUD 232/223(a)(7) refinance program.

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Refinancing a HUD 232 Loan with the HUD 232/223(a)(7) Program

If you currently own a property financed with a HUD 232 or HUD 232/223(f) loan, and you want to refinance it, you may be able to do so with the HUD 232/223(a)(7) loan. As long as you’re a borrower in good standing, and can meet the minimum DSCR requirements, the HUD 232/223(a)(7) refinance is incredibly easy to apply for. Unlike most other HUD multifamily loans, HUD 232/223(a)(7) refinances don’t require appraisals, environmental assessments, or most other third-party reports. Instead, it only requires a PCNA (project capital needs assessment).

The terms of the HUD 232/223(a)(7) refinance loan include:

  • Loan Term: HUD 223(a)(7) loans may increase the loan term by up to 12 years. However, the new loan cannot be longer than the original loan term (40 years maximum for HUD 232 loans and 35 maximum for HUD 232/223(f) loans      

  • Loan Size: Limited by minimum DSCR

    • For-profits: 1.11x minimum DSCR

    • Non-profits: 1.05x minimum DSCR

  • Interest Rates: HUD 223(a)(7) loans have fixed interest rates

  • Recourse: Non-recourse (standard bad-boy carve-outs apply)

  • MIP: 0.55% of the entire loan amount

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HUD 232 Loan is a Janover company. Please visit some of our family of sites at: Multifamily Loans, Multifamily Today, Commercial Real Estate Loans, SBA7a Loans, CMBS Loans, Apartment Loans, HUD Loans, HUD 221d4 Loan, HUD 232 Loan, HUD 223f Loan, HUD 223a7 Loan, SBA Express Loans, SBA 504 Loans, and OpportunityZones Help.

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