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    This document provides information about FHA 221(d) loans for new construction or substantial rehabilitation of multifamily rental properties. Key details include: - FHA 221(d) loans offer fixed rates for the full term of the mortgage, up to 40 years. - Eligible borrowers are single asset entities. Loans are non-recourse and fully assumable. - Maximum loan amounts are based on the property's debt service coverage, replacement costs, or FHA per unit limits. - Prepayment terms include a typical 2-year lockout with declining penalties from years 3 to 10. There is no yield maintenance.

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    This document provides information about FHA 221(d) loans for new construction or substantial rehabilitation of multifamily rental properties. Key details include: - FHA 221(d) loans offer fixed rates for the full term of the mortgage, up to 40 years. - Eligible borrowers are single asset entities. Loans are non-recourse and fully assumable. - Maximum loan amounts are based on the property's debt service coverage, replacement costs, or FHA per unit limits. - Prepayment terms include a typical 2-year lockout with declining penalties from years 3 to 10. There is no yield maintenance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    6 views1 page

    FHA 221d Printable

    Uploaded by

    lewislinked
    This document provides information about FHA 221(d) loans for new construction or substantial rehabilitation of multifamily rental properties. Key details include: - FHA 221(d) loans offer fixed rates for the full term of the mortgage, up to 40 years. - Eligible borrowers are single asset entities. Loans are non-recourse and fully assumable. - Maximum loan amounts are based on the property's debt service coverage, replacement costs, or FHA per unit limits. - Prepayment terms include a typical 2-year lockout with declining penalties from years 3 to 10. There is no yield maintenance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    NEW CONSTRUCTION OR REHABILITATION

    Multifamily Rental Housing


    FHA 221(d)

    ELIGIBLE PROPERTY TYPES RATES


    New Construction of Multifamily rental Fixed rate for the length of the mortgage
    properties
    Substantial Rehabilitation of Multifamily
    rental properties based on FHA’s
    TERMS
    Up to 40 years
    Rehabilitation Standards

    ELIGIBLE BORROWERS PROGRAM FEATURES


    Non-recourse, including the construction
    Single asset entity
    period
    Fully assumable
    MAXIMUM LOAN AMOUNT Program can be used as credit
    New Construction enhancement for bond financing
    The lesser of:
    • 1.11 debt service coverage,
    PREPAYMENT CONDITIONS
    • 90% of replacement costs, or
    Typically 2-year lockout with a
    • FHA’s per unit mortgage limits declining penalty for years 3 through 10
    No yield maintenance
    Rehabilitation
    The lesser of:
    • 1.11 debt service coverage, CAPITALIZE ON THE ROCK
    • 90% of the eligible rehabilitation costs, Call on us at
    including transaction costs,
    plus:
    • 90% of the property’s “as is”
    888.263.6800
    100 Mulberry Street, 8 GC4
    value prior to rehabilitation Newark, NJ 07102
    • FHA’s per unit mortgage limits www.pruhuntoonpaige.com

    PRUDE N T I A L H U N TO O N PA I G E

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