Independent research on FHA-insured apartment financing

HUD multifamily loans, with HUD's own numbers

Every program's 2026 terms, the rates recent HUD loans actually closed at, calculators built on current rules, and a page for every FHA-insured apartment loan in HUD's file.

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Independent site run by Janover Capital LLC, a commercial mortgage advisor. Not affiliated with HUD or FHA.

HUD's insured apartment book, September 30, 2026

Active insured apartment loans: 11,602
Balance still owed: $144.6 billion
Median rate, 223(f) loans endorsed in the last 12 months: 5.4%
Median rate, 221(d)(4) loans endorsed in the last 12 months: 5.7%
Annual mortgage insurance, new loans: 0.25%

The programs

All programs

Acquisition and refinance HUD 223(f): buying or refinancing an existing apartment property Section 223(f) is FHA's insured loan for buying or refinancing an existing apartment property of 5 or more units. Since January 2025 it lends up to 87% of value at a 1.15x debt service coverage for market-rate deals and 90% at 1.11x for affordable ones, fixed for up to 35 years, non-recourse, with a 0.25% annual MIP. 5,711 active loans$67.4 billion owed New construction and substantial rehab HUD 221(d)(4): construction and substantial rehab loans for apartments Section 221(d)(4) is FHA's insured loan for building or substantially rehabilitating an apartment property of 5 or more units. One loan covers construction and then up to 40 years of fixed-rate, non-recourse permanent debt, sized at up to 87% of cost at 1.15x for market-rate deals and 90% at 1.11x for affordable, rental-assisted or Middle Income ones. Davis-Bacon wages apply. 2,159 active loans$42.4 billion owed Refinance of an insured loan HUD 223(a)(7): the streamlined refinance of an FHA-insured apartment loan Section 223(a)(7) refinances an apartment loan that is already FHA-insured into a new FHA-insured loan, with a lighter review, a 0.15% HUD application fee and a 30-day target for HUD's decision. It cannot return cash. It pays when your existing note rate or mortgage insurance premium is well above today's, which is why HUD endorsed none in fiscal 2025 and one in fiscal 2026. 2,157 active loans$17.1 billion owed Supplemental loan HUD 241(a): a second loan for improvements or additions to an FHA-insured property Section 241(a) is an FHA-insured second mortgage for repairs, improvements or new units at an apartment property that already has an FHA-insured first loan. It lends up to 90% of the value of the work, the two loans together must cover debt service at 1.11x, and the owner puts in at least 10% of the cost. It leaves the first loan, and its rate, in place. 69 active loans$789.1 million owed Affordable housing through state agencies HUD risk sharing: Section 542(c) state HFA loans and 542(b) partner loans Under Section 542(c), a qualified state or local housing finance agency underwrites and services an affordable apartment loan, FHA fully insures it, and the agency agrees to repay HUD a set share (10% to 90%) of any loss. Under 542(b), HUD shares risk with other qualified partners, including Fannie Mae and Freddie Mac. The MIP is 0.25% times FHA's share of the risk. 1,285 active loans$13.2 billion owed Urban renewal and mixed use HUD Section 220: construction loans for mixed-use housing in revitalization areas Section 220 insures construction or substantial rehab loans for mixed-use apartment projects in designated revitalization areas, including Opportunity Zones. It sizes like 221(d)(4) but lets commercial space produce up to 30% of effective gross income, against 15% under 221(d)(4). It is a niche program: only a few dozen active loans sit in HUD's file. 34 active loans$1.6 billion owed

What changed

HUD multifamily rules moved a lot in 2025 and 2026

The printed MAP Guide is the 2020 edition. These changes sit on top of it, and many lender term sheets online predate them.

Every dated change since 2024, with sources and an RSS feed

Jan 2025Higher leverage: 87% LTV/LTC at 1.15x for market rate, 90% at 1.11x for affordableMortgagee Letter 2025-03
Oct 2025Mortgage insurance cut to 0.25% upfront and 0.25% a year on every multifamily program90 FR 45789
Jan 2026Middle Income option for 221(d)(4): 90% LTC at 1.11x with at least half the units at or below 120% of AMIMortgagee Letter 2026-01
Jul 2026Congress raised statutory per-unit limits roughly fourfold; HUD has not yet implemented themPublic Law 119-101
Oct 2026Build-to-rent communities made eligible for 221(d)(4) and recent ones for 223(f)Mortgagee Letter 2026-12

Run the numbers

All tools

From HUD's file

The lowest note rates still on the books

HUD's file holds 3,264 apartment loans under 3%, most endorsed in 2020 and 2021. A buyer can ask to take one over with HUD's approval; at a 5.54% market median, the gap on a large balance is worth hundreds of thousands of dollars a year.

Find assumable loans See closed-rate history

Lowest note rates, 15+ years left, $5M+ owed. HUD file of September 30, 2026
Property	City	Units	Rate	Balance	Matures
900 Thayer Apts	Silver Spring, MD	124	1.869%	$14.3 million	2060
Beckley Townhomes	Dallas, TX	100	1.96%	$12.9 million	2055
Mansions at Jordan Creek	West Des Moines, IA	140	1.97%	$13.1 million	2055
Whittell Pointe Apartments	Reno, NV	228	1.99%	$29.6 million	2056
Canyon Pass Apartments	San Antonio, TX	264	2%	$31.7 million	2063
Springbrook Apartments	Charlotte, NC	198	2%	$29.1 million	2063

Loans by state

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Short answers

What is a HUD multifamily loan?

A loan on an apartment property of 5 or more units that FHA, part of HUD, insures against default. Private HUD-approved lenders make the loans; FHA's insurance lets them offer long, fixed-rate, fully amortizing, non-recourse terms. The main programs are 223(f) for buying or refinancing existing properties, 221(d)(4) for new construction and substantial rehab, and 223(a)(7) for refinancing a loan FHA already insures.

What does HUD mortgage insurance cost in 2026?

0.25% of the loan at closing and 0.25% a year, for every FHA multifamily program, on applications submitted or amended on or after October 1, 2025 (90 FR 45789). Loans insured before then keep the premium they closed with.

Can a buyer really take over a HUD apartment loan?

Yes. FHA-insured multifamily loans are assumable, but not automatically. HUD has to approve the new owner through its Transfer of Physical Assets review, and the lender and servicer have their own conditions. The buyer keeps the note rate, the remaining term and the balance; anything above the balance is the buyer's equity.

Where do the rates and balances on this site come from?

From HUD's own file of active FHA-insured multifamily mortgages, which HUD updates monthly from the FHA subsidiary ledger. Each property page shows the as-of date. We do not change HUD's figures; we only add the arithmetic.

What is a 223(a)(7) refinance?

It is HUD's streamlined refinance for a property that already has an FHA-insured loan. The new loan is insured under the same section, allows no cash out, can't exceed the old loan's original amount, and can run up to 12 years past the old maturity. Since October 1, 2025, new FHA multifamily loans pay 0.25% a year in mortgage insurance (90 FR 45789).

Is this site run by HUD?

No. It is operated by Janover Capital LLC, a commercial mortgage firm, and is not affiliated with or endorsed by HUD or FHA. HUD's data is public; the analysis and any errors in it are ours.

Why are nursing homes and hospitals missing?

HUD's file mixes apartment loans with health care and hospital loans. This site covers the apartment loans only, so the numbers compare like with like.