# Endorsement Index: HUD multifamily loans, with HUD's own numbers

> HUD and FHA apartment loans for 5+ units: 223(f), 221(d)(4) and 223(a)(7) terms for 2026, real closed rates, calculators, and a page for every insured loan.

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.

## The data

- 11,602 FHA-insured apartment loans in HUD's active insured multifamily file, 1,543,631 units, $144.6 billion amortized balance, as of September 30, 2026.
- Median note rate across the active file: 3.65%; 7,042 loans below 4%.
- Median note rate on loans endorsed in the 12 months to September 30, 2026: 5.54% (572 loans). A realized benchmark from HUD's file, not a quote.
- Source: https://www.hud.gov/hud-partners/multifamily-fhasl-active

## Start here

- [HUD 223(f): buying or refinancing an existing apartment property](https://hudmultifamily.loan/programs/223f/): How the FHA 223(f) apartment loan works in 2026: 87% LTV at 1.15x for market rate, 0.25% MIP, 35-year term, prepayment rules, fees and timeline.
- [HUD 221(d)(4): construction and substantial rehab loans for apartments](https://hudmultifamily.loan/programs/221d4/): How the FHA 221(d)(4) construction loan works in 2026: 87% LTC at 1.15x, Middle Income tier, 40-year term, 0.25% MIP, Davis-Bacon, limits and process.
- [HUD 223(a)(7): the streamlined refinance of an FHA-insured apartment loan](https://hudmultifamily.loan/programs/223a7/): How the 223(a)(7) refinance works: 0.15% HUD fee, 1.11x DSCR, no cash-out, term extensions up to 12 years, the 0.25% MIP, and when it is worth doing in 2026.
- [HUD 241(a): a second loan for improvements or additions to an FHA-insured property](https://hudmultifamily.loan/programs/241a/): How the FHA 241(a) supplemental loan works: 90% of the improvement's value, 1.11x combined DSCR, 10% equity, 0.25% MIP, terms, Davis-Bacon and eligibility.
- [HUD risk sharing: Section 542(c) state HFA loans and 542(b) partner loans](https://hudmultifamily.loan/programs/risk-sharing/): How HUD's 542(c) HFA risk-sharing and 542(b) programs work: who lends, Level I and II risk splits, MIP of 0.25% times FHA's share, eligibility and limits.
- [HUD Section 220: construction loans for mixed-use housing in revitalization areas](https://hudmultifamily.loan/programs/220/): How FHA Section 220 works: 221(d)(4) sizing with commercial income up to 30%, Opportunity Zone eligibility, 0.25% MIP, limits and why it is rarely used.
- [HUD Section 231: construction loans for senior and accessible apartments](https://hudmultifamily.loan/programs/231/): How FHA Section 231 works: 62+ and disabled occupancy, 8-unit minimum, 221(d)(4) sizing, 0.25% MIP, limits, how it differs from 232, and how rare it is.
- [HUD Section 213 and co-op refinancing: FHA loans for housing cooperatives](https://hudmultifamily.loan/programs/213/): How FHA finances housing co-ops: Section 213 for construction and 213(i) rehab under TAP, plus 207/223(f) co-op refinancing at 65% of value. 0.25% MIP.
- [HUD Section 207: what it means today, and FHA loans for manufactured home communities](https://hudmultifamily.loan/programs/207/): Why HUD labels 223(f) loans 207/223(f), what is left of Section 207, and how manufactured home communities qualify under the 2024 MHC program.
- [HUD 223(d): operating loss loans for FHA-insured apartments](https://hudmultifamily.loan/programs/223d/): What a Section 223(d) operating loss loan is under the statute, why HUD suspended new apartment commitments in 2012, and what is not confirmed today.
- [Assumable-loan finder](https://hudmultifamily.loan/assumable/)
- [223(a)(7) refinance estimator](https://hudmultifamily.loan/refinance-estimator/)
- [Loans by state](https://hudmultifamily.loan/states/)
- [About the data and downloads](https://hudmultifamily.loan/data/)

## Questions

### 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.

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Canonical page: https://hudmultifamily.loan/
Published by Janover Capital LLC, a commercial mortgage advisor (not a lender). Not affiliated with HUD, FHA or any government agency. Nothing here is an offer of credit or a rate quote.
Data and API for agents: https://hudmultifamily.loan/agents/ · https://hudmultifamily.loan/llms.txt