FHA Apartment Loans
FHA Apartment Loans
FHA stands for the Federal Housing Administration. It is a federally guaranteed mortgage program under the Government’s Department of Housing and Urban Development, also known as HUD. FHA loans can be used for the purchase, refinance, construction or substantial rehabilitation of either multifamily or healthcare properties.
There are 3 major FHA programs available for the Borrower to choose from.These 3 programs are the Multi-Family Program, Healthcare Program and Special Needs Program.Property types eligible for FHA financing are–Affordable Housing, Apartments, Hospitals and Senior Housing or Skilled Nursing Facilities.
FHA’s Multi-family program has a wide array of products available depending on the property and loan type. Products offered range from rental housing, cooperative housing, manufactured housing, multi-family and senior housing just to name a few.
FHA’s Healthcare program has two different products available. The first product is specifically designed for Hospital Facilities while the other product is used only for Residential Care Facilities.
Last but not least is FHA’s Special Needs Program. This program offers 5 different loan products ranging from Supportive Housing to Emergency Capital Repair.
The minimum loan amount for FHA is $1M and there is no maximum loan amount. FHA offers a higher LTV, term, and amortization than most institutions. Max LTV for FHA runs around 83%. Term Length is usually between 30-40 years while the amortization is also falling between 30-40 years.
For more information please visit our FHA Loans page.
About the AuthorLeanne Eicoff
Leanne is a JD/MBA and works as a Managing Director for Commercial Loan Direct, specializing in large balance transactions, portfolio loans, and complex financing structures. When not negotiating the best deals for her clients, you can find Leanne in the yoga studio or snowboarding up in the Rockies.