# Endorsement Index: full text > HUD and FHA multifamily loans for 5+ unit apartments: 2026 program terms, closed-rate data, calculators and a page for every FHA-insured apartment loan. Summary: https://hudmultifamily.loan/llms.txt. API and MCP: https://hudmultifamily.loan/agents/. Contact: hello@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. Loan data: 11,602 FHA-insured apartment loans in HUD's active insured multifamily file, as of September 30, 2026. ## Contents 1. Programs (full text) 2. Learn (full text) 3. Index of the other pages: data, tools, notes, states and cities 4. Property pages: one per loan, listed in https://hudmultifamily.loan/sitemaps/properties.xml; query them with https://hudmultifamily.loan/api/v1/loans or the MCP server at https://hudmultifamily.loan/mcp # Programs # 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. - URL: https://hudmultifamily.loan/programs/223f/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Use | Purchase or refinance, existing property | | Max LTV, market rate | 87% | | Max LTV, affordable | 90% | | Min DSCR | 1.15x market, 1.11x affordable | | Term | Up to 35 years, fully amortizing | | Rate | Fixed, negotiated with the lender | | MIP | 0.25% upfront, 0.25% a year | | Recourse | Non-recourse (bad-acts carve-outs) | | Prepayment | No prepay in first 5 years, by statute | | Davis-Bacon | Does not apply | | Assumable | Yes, with HUD approval (TPA) | ## Who 223(f) is for 223(f) fits a stabilized apartment property that already exists: you are buying it, or you own it and want long, fixed, non-recourse debt in place of a bank loan, a bridge loan or a maturing agency loan. It is the most used FHA apartment program by a wide margin; the panel beside this page counts the active loans in HUD's own file. It does not fit a property that needs a gut rehab (that is [221(d)(4) substantial rehabilitation](/programs/221d4/)), a building still in lease-up without coverage, or an owner who expects to sell or refinance inside five years. ## The 2026 terms HUD sizes a 223(f) loan at the **lowest** of several tests. Whichever number comes out smallest is the loan. | Test | Market rate | Affordable | 90%+ rental assistance | |---|---|---|---| | Loan to value | 87% | 90% | 90% | | Debt service coverage | 1.15x | 1.11x | 1.11x | | Minimum vacancy in underwriting | 7% | 5% | 3% | | Cash-out cap | greater of 80% of value or actual refinance cost | same | same | | Statutory per-unit limit | CY2026 table x high cost percentage | same | same | Debt service in the coverage test includes the 0.25% annual mortgage insurance premium, so the October 2025 MIP cut raised proceeds on coverage-limited deals. Loans of **$130 million or more** (the 2026 large-loan threshold) are sized more conservatively: 75% and 1.30x for market rate. The statutory per-unit limits and how the high cost percentage multiplies them are on the [statutory limits page](/learn/statutory-limits/). Other fixed terms: - **Term:** up to 35 years or 75% of the property's remaining economic life, whichever is less; at least 10 years. Fully amortizing, level payments, no interest-only period. - **Rate:** fixed, negotiated between you and the lender, locked before endorsement. HUD does not set it. Our [rates page](/rates/) shows what recent 223(f) loans actually closed at, from HUD's file. - **Borrower:** a single-asset entity. Individuals, TICs and DSTs can hold interests above it but cannot be the borrower. - **Commercial space:** existing only, up to 25% of net rentable area and 20% of effective gross income. - **Repairs:** life-safety repairs before closing; other repairs can be escrowed at 120% and finished after. ## What it costs | Cost | Amount | |---|---| | HUD application fee | 0.30% of the loan | | MIP | 0.25% at closing, then 0.25% a year | | Lender financing and placement fees | up to 3.5% (5.5% with bonds) | | HUD inspection fee | $1,500, $30 a unit, or 1% of repairs if higher, depending on repair scope | | Third-party reports | appraisal, capital needs assessment, Phase I environmental (mortgageable) | Third-party report costs sit outside the 3.5% cap and can be financed. The [fees guide](/learn/hud-loan-fees/) works through a full example. ## Prepayment: the five-year rule The National Housing Act bars prepaying a 223(f) loan for five years after endorsement unless HUD approves, and HUD ties that approval to the property staying rental housing for the rest of the five years. A [223(a)(7)](/programs/223a7/) refinance of the same loan is allowed. After year five, the penalty is whatever the Ginnie Mae security or bond carries, typically a schedule that steps down each year. Run yours in the [prepayment calculator](/tools/prepayment-calculator/). ## Eligibility in short - 5 or more units on one site, rented for 30 days or longer; no hotel services. - Certificate of occupancy at least three years old and 85% occupied, or newer and already at the program's coverage. - Recently built **build-to-rent** communities qualify since Mortgagee Letter 2026-12 when the certificate of occupancy is under three years old. - Not eligible: properties that need substantial rehabilitation, group homes, meal-service projects. Manufactured home communities qualify only through HUD's separate 2024 program. - Acquisitions by buyers with no multifamily track record are generally not approved. - Every principal files a previous participation certification (Form HUD-2530). ## How the process runs 1. **Lender and sizing.** A HUD MAP-approved lender sizes the deal and orders the appraisal, capital needs assessment and Phase I. 2. **Firm application.** The lender submits the full package to HUD with the application fee. 223(f) skips the pre-application stage that construction loans need. 3. **Firm commitment.** HUD's underwriter approves the loan and issues a commitment. It can be extended to 180 days in total, then by up to 60 more days with HUD headquarters approval. 4. **Rate lock and closing.** The lender sells a Ginnie Mae security, locks the rate and closes; HUD endorses the note. HUD does not publish an official end-to-end processing time. The [timeline guide](/learn/hud-loan-timeline/) explains where the months go and what speeds a file up. ## 223(f) against the alternatives Against Fannie Mae and Freddie Mac apartment loans, 223(f) usually wins on leverage, term and amortization (35 years fully amortizing against 10-year balloons) and loses on speed and on the five-year prepayment rule. Against bank debt it wins on rate certainty and recourse. The [side-by-side comparison](/learn/hud-vs-fannie-freddie/) puts the numbers next to each other. ## Questions ### What is the maximum loan-to-value on a HUD 223(f) loan? 87% of appraised value for a market-rate property and 90% for an affordable one (LIHTC-restricted with a rent advantage, or 90% or more of units under rental assistance). HUD raised both by Mortgagee Letter 2025-03 in January 2025. The printed MAP Guide still shows the older 85% and 87% figures. ### Can I take cash out with a 223(f) refinance? Yes, within limits. Cash-out is capped at the greater of 80% of value or the actual cost to refinance, and the loan must still pass every other sizing test. That 80% test was not changed in 2025. ### How soon can a 223(f) loan be paid off? Not in the first five years after endorsement unless HUD agrees, which the statute ties to keeping the property as rental housing for the rest of that period. A 223(a)(7) refinance of the same loan is not barred. After year five, any prepayment penalty comes from the loan's Ginnie Mae security or bond terms, commonly a declining percentage. ### Does a property need to be stabilized? Generally the certificate of occupancy must be at least three years old and occupancy at least 85%. Newer properties can qualify once they reach the program's debt service coverage, with extra conditions such as holding back half of any cash-out for six months. ### Is a 223(f) loan recourse? No. The borrowing entity is liable, but the principals are not personally liable for repayment. They are liable for specific bad acts set out in the HUD regulatory agreement, such as fraud or misusing project funds. ## Sources - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 3.7 (Section 223(f))](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [12 U.S.C. 1715n(f), Section 223(f) of the National Housing Act](https://www.law.cornell.edu/uscode/text/12/1715n) - [HUD Mortgagee Letter 2026-05, high cost percentages and CY2026 thresholds](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [HUD Mortgagee Letter 2026-12, build-to-rent underwriting eligibility](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [Annual indexing of statutory mortgage limits, CY2026 (91 FR 24597, FR Doc. 2026-08795)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ - https://hudmultifamily.loan/assumable/ - https://hudmultifamily.loan/learn/secondary-financing/ - https://hudmultifamily.loan/learn/commercial-space-in-hud-loans/ - https://hudmultifamily.loan/learn/hud-property-insurance-requirements/ --- Canonical page: https://hudmultifamily.loan/programs/223f/ 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 # 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. - URL: https://hudmultifamily.loan/programs/221d4/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Use | New construction or substantial rehabilitation | | Max LTC, market rate | 87% | | Max LTC, affordable or Middle Income | 90% | | Min DSCR | 1.15x market, 1.11x affordable | | Term | Construction period plus up to 40 years | | Rate | Fixed through construction and permanent, negotiated | | MIP | 0.25% a year; upfront covers each construction year | | Recourse | Non-recourse (bad-acts carve-outs) | | Davis-Bacon | Applies | | Sub-rehab base, 2026 | $20,406 per unit x high cost percentage | | Large-loan threshold | $130 million | ## Who 221(d)(4) is for 221(d)(4) fits a developer who wants to build new apartments, or gut-rehab an existing building, and hold them long term. The appeal is one closing: the construction loan becomes a fixed-rate, fully amortizing, non-recourse permanent loan of up to 40 years, so there is no refinance risk at completion and no balloon. The price is time and paperwork: a two-stage HUD review, prevailing wages, and a cost certification at the end. It is the second most used FHA apartment program after [223(f)](/programs/223f/); the panel beside this page counts the active 221(d)(4) loans in HUD's file. For a mixed-use project with more than 20% commercial income in a revitalization area, [Section 220](/programs/220/) is the better fit. For an addition to a property that already has an FHA-insured loan, look at [241(a)](/programs/241a/). ## The 2026 sizing tests HUD sizes the loan at the **lowest** of the requested amount, the loan-to-cost test, the debt service test and the statutory per-unit limit. Cost here means HUD's estimate of replacement cost, which for substantial rehab includes the "as is" value of the existing building. | Deal type | Max loan to cost | Min DSCR | Min vacancy | |---|---|---|---| | Market rate (or LIHTC without a 10% rent advantage) | 87% | 1.15x | 7% | | Affordable (LIHTC with at least a 10% rent advantage) | 90% | 1.11x | 5% | | 90% or more of units with rental assistance | 90% | 1.11x | 3% | | Middle Income (at least 50% of units at or below 120% AMI) | 90% | 1.11x | 7% | | Large loan, $130M or more, market rate | 75% | 1.30x | | | Large loan, $130M or more, affordable | 80% | 1.25x | | The first four rows come from Mortgagee Letter 2025-03 (January 2025) and Mortgagee Letter 2026-1 (January 2026). The printed MAP Guide still shows the old 85% and 1.176x market-rate figures; they no longer apply. The large-loan rows come from Mortgagee Letter 2023-14, which also requires a 12-month operating deficit and debt service reserve and principals with net worth of at least 20% and liquidity of at least 7.5% of the loan. HUD has not published a change to that table since. The $130 million threshold is the 2026 figure from Mortgagee Letter 2026-05. Debt service in the coverage test includes the 0.25% annual MIP, so the October 2025 premium cut (from 65 basis points for market-rate 221(d)(4)) raised proceeds on coverage-constrained deals. Run your numbers in the [221(d)(4) sizer](/tools/221d4-loan-sizer/). ### The Middle Income option Mortgagee Letter 2026-1 gives market-rate developers the affordable-tier ratios (90% and 1.11x) when, as HUD's guidance puts it, at least 50% of units are targeted to households at or below 120% of area median income. Regional Center Directors can accept a state or local program that falls somewhat short of 50% (the letter says 40% or more may be considered; 20% to 30% generally will not). The restriction has to come from an existing state or local middle-income program, or a military Rental Partnership Program, and be recorded so it survives a sale or a transfer of physical assets. The minimum restriction period is 10 years, waivable down to 5. HUD reviews the state or local program itself: a one-off deal between a single developer and a housing authority does not qualify. The option is not available under Sections 220 or 231 or the risk-sharing programs. ## Statutory per-unit limits The per-unit limit is the base amount for the bedroom count and building type times the area's high cost percentage. For 2026 every listed base city is at 270%, high cost areas can reach 315% project by project, and Alaska, Hawaii, Guam and the U.S. Virgin Islands are at 405%. | Bedrooms | CY2026 indexed base, non-elevator | CY2026 indexed base, elevator | ROAD Act base, non-elevator | ROAD Act base, elevator | |---|---|---|---|---| | 0 | $68,401 | $73,889 | $166,509 | $179,854 | | 1 | $77,649 | $84,706 | $188,997 | $206,180 | | 2 | $93,859 | $103,004 | $228,448 | $250,708 | | 3 | $117,808 | $133,252 | $286,744 | $324,324 | | 4+ | $133,121 | $146,274 | $324,922 | $356,017 | Example from the table in force: a two-bedroom elevator unit in a standard area is $103,004 x 2.70 = $278,111 per unit. The ROAD to Housing Act (Public Law 119-101, July 11, 2026) wrote the new, roughly fourfold base amounts into the statute and switched annual indexing to a Census construction price index. **HUD has not yet published a notice implementing them**, so lenders still size on the CY2026 indexed table. Check a specific property in the [statutory limit calculator](/tools/statutory-limit-calculator/) and read [how the limits work](/learn/statutory-limits/). ## Term, rate and premium - **Term:** the construction period plus up to 40 years of amortization, capped at 75% of the building's economic life. Level payments, no interest-only permanent period. - **Rate:** fixed, negotiated with the lender and locked before initial endorsement. Our [rates page](/rates/) shows what recent 221(d)(4) loans actually closed at, from HUD's file. - **MIP:** 0.25% a year. At closing you pay the annual premium for each year of construction, rounded up to a whole year, so a 26-month build pays 0.75% upfront. Payments are reconciled at final endorsement. See the [MIP guide](/learn/hud-mip/). - **Prepayment:** HUD permits restrictions but does not impose them. Lockouts and penalties come from the Ginnie Mae or bond execution. ## Substantial rehabilitation: where the line is A rehab is "substantial" when the aggregate construction cost, including contractor and architect fees and the contingency actually spent, exceeds the base per-unit limit times the high cost percentage times the number of units. The 2026 base is **$20,406** per unit. At the standard 270% multiplier that works out to about **$55,096 per unit**; the 315% high cost area figure cannot be used for this test. Conversions of non-residential buildings to apartments also count as substantial rehab. Projects where above-ground construction started but was never finished or occupied are not eligible. Below the line, the property belongs in [223(f)](/programs/223f/), which caps repairs at the same threshold. ## Davis-Bacon and other construction rules - **Prevailing wages:** the general contractor and every subcontractor pay Davis-Bacon wages and file weekly certified payrolls under the Copeland Act, whether HUD insures advances or only the finished loan. Off-site work and site work finished before the first HUD application is submitted are exempt. More on the [Davis-Bacon page](/learn/davis-bacon/). - **Working capital escrow:** 4% of the loan for new construction (half of it a construction contingency) and 2% for substantial rehab. - **Assurance of completion:** a payment and performance bond, cash or a letter of credit. - **Cost certification:** an independent CPA certifies actual costs at completion, and HUD can reduce the final endorsed amount if costs came in lower. - **Absorption:** lease-up assumptions are capped at 18 months from first delivery (24 months for build-to-rent), with an exception possible for large high-rises. - **BSPRA or SPRA:** a profit-motivated borrower can count a builder and sponsor profit and risk allowance (10% of most hard and soft costs, with an identity of interest with the contractor) toward its equity, or a sponsor allowance on soft costs without one. - **Commercial space:** up to 25% of net rentable area and 15% of effective gross income. - **Energy code:** IECC for buildings up to three stories, ASHRAE 90.1 above that. ## Build-to-rent Since Mortgagee Letter 2026-12, detached houses, duplexes and triplexes built as one rental community qualify for 221(d)(4) new construction. The site must be contiguous with 5 or more units, professionally managed, with no interspersed private lots and no parcel sales during the loan. HUD wants an initial operating deficit escrow of at least the greater of 3% of the loan or four months of debt service, and vacancy of at least 7% for market rate. The [build-to-rent guide](/learn/build-to-rent/) covers the rest. ## How the process runs 1. **Concept meeting.** Strongly encouraged for market-rate deals (optional for affordable). HUD answers in writing within five business days, and the answer is not a commitment. 2. **Pre-application.** HUD reviews market, site, sponsor and feasibility before anyone spends on full plans. Half the 0.30% application fee is due here for market-rate deals. A lender can ask to skip this stage on strong, experienced deals. 3. **Invitation letter.** If HUD invites a firm application, the lender confirms within 30 days and submits within 120 days (one extension of up to 90 days possible). 4. **Firm application and commitment.** Full plans, cost review, appraisal and market study. The commitment is valid for up to 180 days plus a discretionary 60. 5. **Initial endorsement.** Rate lock, closing and the first insured draw. Construction runs under HUD inspection, with an inspection fee of 0.5% of the loan (of the improvement cost, for substantial rehab). 6. **Final endorsement.** After completion and cost certification, the loan converts to permanent amortization. HUD does not publish an end-to-end processing time for 221(d)(4). The [timeline guide](/learn/hud-loan-timeline/) explains where the time goes, and the [223(f) vs 221(d)(4) comparison](/learn/223f-vs-221d4/) helps if the property is close to the rehab line. ## Questions ### What is the maximum loan-to-cost on a HUD 221(d)(4) loan? 87% of HUD-recognized replacement cost for a market-rate project and 90% for an affordable project, a project with 90% or more of units under rental assistance, or a project that qualifies for the Middle Income option. The loan is also capped by debt service coverage (1.15x market, 1.11x for the others) and the statutory per-unit limits, and the lowest test controls. ### Does a 221(d)(4) loan cover construction and the permanent loan? Yes, under insurance of advances HUD insures each construction draw and the same loan converts to permanent financing with no second closing. The rate is fixed for the whole life of the loan. HUD can also insure only the permanent loan after completion (insurance upon completion), and Davis-Bacon wages apply either way. ### What counts as substantial rehabilitation for 221(d)(4)? Rehab whose aggregate construction cost exceeds the base per-unit limit times the city's high cost percentage times the number of units. The 2026 base is $20,406 per unit, so at the standard 270% multiplier the line sits near $55,096 per unit. Below that line the property belongs in 223(f) with a repair escrow. ### Do I need a concept meeting? HUD strongly encourages one for market-rate new construction and substantial rehab and it is optional for affordable deals. A lender can skip it, but then the application fee is treated as earned when HUD accepts the application and is not refunded if the loan is rejected. ### Can I prepay a 221(d)(4) loan? HUD permits prepayment restrictions but does not impose them on 221(d)(4). Any lockout or penalty comes from the Ginnie Mae security or bond terms negotiated at rate lock, so it varies by deal. ### Is build-to-rent eligible for 221(d)(4)? Yes, for new construction since Mortgagee Letter 2026-12. The homes must sit on one contiguous site of 5 or more units, be professionally managed, and stay as one rental property with no parcel sales, and HUD allows up to 24 months of absorption. ## Sources - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD Mortgagee Letter 2026-1, Middle Income Housing option for 221(d)(4) (Jan. 22, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [HUD Mortgagee Letter 2026-12, build-to-rent underwriting eligibility](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapters 3.1 to 3.3, 4.2 and 5.1](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2026-05, high cost percentages, sub-rehab and large-loan thresholds for 2026](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [HUD Mortgagee Letter 2023-14, large loan risk mitigation](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-14hsgml.pdf) - [Annual indexing of statutory mortgage limits, CY2026 (91 FR 24597, FR Doc. 2026-08795)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [Public Law 119-101, 21st Century ROAD to Housing Act, section 211 (July 11, 2026)](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/220/ - https://hudmultifamily.loan/programs/241a/ - https://hudmultifamily.loan/tools/221d4-loan-sizer/ - https://hudmultifamily.loan/tools/statutory-limit-calculator/ - https://hudmultifamily.loan/learn/223f-vs-221d4/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/build-to-rent/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ - https://hudmultifamily.loan/learn/cost-certification/ - https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/ - https://hudmultifamily.loan/learn/commercial-space-in-hud-loans/ - https://hudmultifamily.loan/learn/ground-leases/ --- Canonical page: https://hudmultifamily.loan/programs/221d4/ 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 # 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. - URL: https://hudmultifamily.loan/programs/223a7/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Eligible loans | Currently FHA-insured only (not Risk Share, not HUD-held) | | Max loan | Lesser of original amount, payoff plus costs, or DSCR | | Min DSCR | 1.11x (1.05x for 90%+ Section 8 or 213 co-ops) | | Cash-out | Not allowed | | Term | Remaining term, or extended up to 12 years | | HUD application fee | 0.15% | | Lender fee cap | 3.5% of first $2M, 2.0% above | | Inspection fee | None | | MIP | 0.25% upfront, 0.25% a year | | HUD decision target | 30 days from complete application | | Davis-Bacon | Does not apply (deals that need it are ineligible) | ## Who 223(a)(7) is for 223(a)(7) is only for a property that already carries an FHA-insured loan. The new loan pays off the old one, takes a new FHA project number and stays insured under the same section of the National Housing Act: a refinanced 223(f) loan is still a 223(f) loan, a refinanced 221(d)(4) is still a 221(d)(4). Because HUD already underwrote the property once, the review is lighter than any other program. The goal is lower debt service: a lower rate, a longer amortization, or both. It is not a cash-out tool. The panel beside this page counts the active loans in HUD's file that came through 223(a)(7). ## Why almost nobody is using it right now | Fiscal year | 223(a)(7) initial endorsements | |---|---| | FY2025 | 0 | | FY2026 | 1 ($16,972,000) | HUD's production summary shows the program has nearly stopped. The reason is arithmetic. In HUD's active file, loans endorsed from 2012 through 2022 carry median note rates between about 2.5% and 3.9%, and loans endorsed since 2023 sit in the mid-5% range, close to what new loans close at now. Refinancing almost any of them raises the payment. A 223(a)(7) still makes sense in two situations: 1. **The note rate is high for its loan.** Some loans priced well above their vintage's median, and a few older loans still carry rates above today's. Our [rates page](/rates/) shows realized note rates by year and program, from HUD's file. 2. **The premium is high.** A loan's premium is fixed at endorsement. A market-rate 223(f) under the 2012 to 2025 schedules pays 60 basis points a year and a market-rate 221(d)(4) pays 65; a new 223(a)(7) pays 25. On a $20 million loan, 35 basis points is $70,000 a year before any rate change. Many loans already pay a reduced 25 or 35 basis point premium (HUD said 96% of 221(d)(4) and 223(f) closings from March 2024 to March 2025 used one), so check yours first. The [MIP savings calculator](/tools/mip-savings-calculator/) runs this against your loan's vintage. Usually it takes a rate gap and a premium gap together to clear the costs below. The [refinance estimator](/refinance-estimator/) looks up an insured loan from HUD's file and tests it. ## How the loan is sized The new loan is the lowest of three numbers: | Test | Rule | |---|---| | Original amount | The original principal of the loan being refinanced (or of both loans, if a first and a 241(a) on the same property are combined) | | Cost to refinance | Unpaid balance, plus closing costs, upfront MIP, the old note's prepayment penalty, approved repairs, reserve deposits and certain capital-improvement debt | | Debt service | Payments supportable by 90% of net operating income (1.11x), or 95% (1.05x) where more than 90% of units have project-based Section 8 with more than 15 years remaining, and for Section 213 co-ops | Debts for operating deficits, deferred fees and past-due payables do not count toward the cost to refinance; a [223(d) operating loss loan](/programs/223d/) is the exception. Because the original amount caps the loan, a 223(a)(7) can never be larger than the loan HUD first insured. ## Term The new loan can be re-amortized over the remaining term or extended by up to 12 years beyond the maturity of the originally insured loan, counting any earlier extensions. It cannot exceed 75% of the property's remaining useful life or the maximum term of the original section of the Act. A capital needs assessment has to support the longer life. ## Fees | Cost | Amount | |---|---| | HUD application fee | 0.15% of the loan | | HUD inspection fee | None | | MIP | 0.25% at closing (first year, capitalized), then 0.25% a year | | Lender financing and placement fees | Up to 3.5% of the first $2 million and 2.0% above (5.5% and 4.0% with bonds); lender legal fees are outside this calculation | | Old loan's prepayment penalty | Mortgageable; the lender may pay it from its own profit if disclosed to and approved by HUD | Lenders cannot pay the application fee or due diligence costs for the borrower; HUD treats that as a kickback. The [fees guide](/learn/hud-loan-fees/) has a worked example, and the [prepayment calculator](/tools/prepayment-calculator/) estimates the old note's penalty. ## What makes a property ineligible - The existing loan is a Risk Share loan (barred by statute), a co-insured loan, a Section 202 loan or another HUD-held loan (Mark-to-Market restructurings excepted). - The work needs Davis-Bacon wages or an environmental review above the lowest level (categorically excluded, not subject to the related laws). - The plan adds units, height or footprint, or involves ground-disturbing repairs. - Separate properties: 223(a)(7) cannot consolidate loans on different legal parcels, even adjacent ones. Critical repairs are finished before closing. Non-critical repairs can be escrowed at 110% and completed within 12 months. ## How the process runs 1. **Prepayment request.** The current servicer files HUD's prepayment request (form HUD-9807). If a different lender is refinancing, a borrower letter asking the servicer to file it goes with the application. 2. **Capital needs assessment.** Required for every 223(a)(7). 3. **Firm application.** Signed by an approved officer of the lender. HUD's standard is a decision within 30 calendar days of a complete application; site visits and a MAP underwriter are generally not needed. 4. **Rate lock and closing.** The old loan is paid off and the new one endorsed under a new project number. If the numbers do not work as a 223(a)(7), the alternatives are a [223(f)](/programs/223f/) (cash-out allowed, full underwriting, 0.30% fee) or leaving the loan in place and selling it with the property; see [HUD loan assumption](/learn/hud-loan-assumption/). ## Questions ### Can I take cash out with a 223(a)(7) refinance? No. HUD does not allow equity take-outs under 223(a)(7). Proceeds can only pay off the existing FHA-recognized debt, the costs of refinancing (including prepayment penalties on the old note), approved repairs and reserve deposits. For cash out, the property would refinance under 223(f) instead. ### Does a 223(a)(7) refinance lower my mortgage insurance premium? Yes. A loan's premium is fixed at endorsement and cannot change afterward, but a 223(a)(7) is a new insured loan, and applications on or after October 1, 2025 pay 0.25% a year. A 223(f) loan endorsed at the old 60 basis point market rate, or a 221(d)(4) loan at 65, would drop to 25. ### Can I use 223(a)(7) during the 223(f) five-year prepayment lockout? The statute that bars prepaying a 223(f) loan for five years does not bar refinancing it through 223(a)(7). The old loan's Ginnie Mae or bond prepayment penalty still applies, though it can be included in the new loan amount. ### How long does a 223(a)(7) take? HUD's standard is a firm commitment decision within 30 calendar days of a complete application. Site visits and a MAP underwriter are generally not required. The lender's work (capital needs assessment, title, rate lock) adds time around that, and HUD does not publish an end-to-end figure. ### Is my risk-sharing loan eligible? No. Risk Share loans are excluded from 223(a)(7) by statute, and the MAP Guide also excludes co-insured loans, Section 202 loans and other HUD-held loans except those restructured under Mark-to-Market. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, section 3.8 and chapter 18 (Section 223(a)(7))](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [81 FR 18473, Changes in certain multifamily mortgage insurance premiums (Mar. 31, 2016)](https://www.govinfo.gov/content/pkg/FR-2016-03-31/pdf/2016-07405.pdf) - [12 U.S.C. 1715n, Section 223 of the National Housing Act](https://www.law.cornell.edu/uscode/text/12/1715n) - [HUD Office of Multifamily Housing, FY2026 production summary](https://www.hud.gov/sites/default/files/Housing/documents/FY2026ProductionSummarySlides.pptx) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/refinance-estimator/ - https://hudmultifamily.loan/tools/mip-savings-calculator/ - https://hudmultifamily.loan/tools/prepayment-calculator/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/hud-prepayment/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/rates/ --- Canonical page: https://hudmultifamily.loan/programs/223a7/ 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 # 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. - URL: https://hudmultifamily.loan/programs/241a/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Use | Repairs, rehab, additions to an FHA-insured property | | Lien | Second mortgage behind the FHA-insured first | | Max loan | 90% of the value of the improvements | | Combined DSCR | 1.11x on both loans | | Owner equity | At least 10% of total development cost | | Statutory limit | First and second together, first loan's section | | Term | Usually coterminous; up to 40 years if under 25 left | | MIP | 0.25% a year (95 bps before Oct. 2025) | | Davis-Bacon | Applies, unless the first is 223(f) or 223(a)(7) | | Ineligible firsts | HUD-held loans and Risk Share loans | ## Who 241(a) is for An owner with an FHA-insured first loan they do not want to disturb, usually because its rate is lower than anything available now, who needs money to improve or expand the property. Common uses are a large capital program, a substantial rehab of part of the property, or new units on the same or a neighboring parcel. It is a small program. HUD's FY2026 production summary counts 22 initial endorsements for $291.6 million, and the panel beside this page shows the active 241(a) loans in HUD's file. That is small next to 223(f) or 221(d)(4), but in a market where most insured loans carry rates below today's, it is often the only way to add money without giving up the first loan. ## How the loan is sized The supplemental loan is the lowest of: | Test | Rule | |---|---| | Value of the work | 90% of HUD's estimate of the value of the improvements, additions or equipment, by statute; cost of the work and transaction costs (including land at no more than fair value) is recognized as the value | | Combined coverage | First and second loan payments together supported by 90% of projected net operating income (1.11x), counting the existing and new NOI | | Statutory limit | The first loan's balance plus the 241(a) cannot exceed the per-unit limit of the section that insures the first | | Owner equity | The owner contributes at least 10% of total development cost | BSPRA and SPRA allowances are not recognized, whatever section insures the first loan, but the cost can include a builder's profit. Deferred developer fees carried over from a LIHTC deal are not eligible costs. The statutory per-unit limits are on the [statutory limits page](/learn/statutory-limits/). ## Term and premium - **Term:** coterminous with the first loan if the first has more than 25 years left. If less than 25 years remain, HUD will consider up to 40 years, capped at 75% of remaining economic life. The regional office can approve a longer second if it lowers overall risk. - **MIP:** 0.25% upfront and 0.25% a year for applications on or after October 1, 2025. Before that, the market-rate 241(a) premium was 95 basis points, the highest of any FHA apartment program, which is one reason the 2025 cut matters here. - **Default:** a default on the first loan is a default on the 241(a). A default on the 241(a) does not trigger a default on the first. ## Construction rules - **Davis-Bacon** applies unless the first loan is a 223(f) or a 223(a)(7). See the [Davis-Bacon page](/learn/davis-bacon/). - **Insurance of advances or upon completion:** either is allowed; insured advances must be at least $200,000. - **Capital needs assessment** covers the whole property, and the two loans share one replacement reserve schedule and account. - **Plans, specs and cost review** for any substantial rehab or addition follow 221(d)(4) standards. Working capital and operating deficit reserves follow 221(d)(4) too, with waivers possible. - **Environmental review** in HUD's HEROS system is required. - **Commercial space:** up to 25% of net rentable area and 15% of effective gross income. ## What is not eligible - Properties whose first loan is HUD-held rather than FHA-insured. - Properties financed under a Risk Share program; see [risk sharing](/programs/risk-sharing/). - Additions with more units than the existing building. ## Later on A first loan and a 241(a) on the same property and borrower can later be combined into one loan through a [223(a)(7) refinance](/programs/223a7/), up to the sum of their original amounts. To see the rate, balance and years left on an insured loan, search HUD's file with the [low-rate loan finder](/assumable/). ## Questions ### Why use a 241(a) instead of refinancing? To keep a low-rate first loan. A 241(a) adds new money on top of the existing FHA loan, so the first keeps its rate, term and prepayment terms. A 223(a)(7) cannot fund new units or cash, and a 223(f) refinance would replace the whole loan at today's rate. ### Can a 241(a) loan fund new units? Yes. It can pay for an addition or expanded footprint as long as the new addition has no more units than the existing building, on the same parcel or a contiguous or nearby one added to the first mortgage's security. ### Does Davis-Bacon apply to a 241(a)? Usually. It does not apply when the first mortgage is a 223(f) or 223(a)(7) loan, or for certain Secretary-held cases where the property never had an FHA loan subject to Davis-Bacon. ### Does my existing equity count toward the 10%? Not the paper equity. The difference between the property's as-is value and its debt cannot be used. Cash, land from an adjacent parcel added to the security, and replacement reserve money above the required initial deposit can. ### Can a different lender make the 241(a)? Yes. The first lienholder or a new lender can originate it. The two lenders agree in advance which one holds the combined capital needs assessment and the single replacement reserve account. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, section 3.6 (Section 241(a)) and 3.2.6 (labor standards)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD Office of Multifamily Housing, FY2026 production summary](https://www.hud.gov/sites/default/files/Housing/documents/FY2026ProductionSummarySlides.pptx) - [Annual indexing of statutory mortgage limits, CY2026 (91 FR 24597, FR Doc. 2026-08795)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/assumable/ - https://hudmultifamily.loan/learn/secondary-financing/ --- Canonical page: https://hudmultifamily.loan/programs/241a/ 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 # 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. - URL: https://hudmultifamily.loan/programs/risk-sharing/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Statute | Section 542, Housing and Community Development Act of 1992 | | 542(c) lender | Qualified state or local HFA | | 542(b) partners | Qualified entities incl. Fannie Mae, Freddie Mac | | HFA share of loss | Level I 50-90%; Level II 10% or 25% | | Insurance | Full FHA insurance to the loan holder | | MIP | 0.25% x FHA's share (e.g. 12.5 bps at 50%) | | Projects | Affordable, 5+ units; NC, rehab, or preservation refi | | Rule | 24 CFR Part 266 (542(c)) | | 223(a)(7) or 241(a) | Not available on Risk Share loans | | FY2026 volume | 70 HFA loans, $1.73B; 3 QPE loans, $54.3M | ## What risk sharing is Section 542 of the Housing and Community Development Act of 1992 told HUD to try new forms of credit enhancement for affordable apartments by sharing risk with other institutions. Two programs came out of it: | | Section 542(c) | Section 542(b) | |---|---|---| | Partner | Qualified state and local housing finance agencies (HFAs) | Qualified participating entities (QPEs), which HUD's premium notice says include Fannie Mae and Freddie Mac | | Who underwrites and services | The HFA | The partner | | FHA share of risk in the 2025 premium table | 50%, 75% or 90% | 50% | | MIP, upfront and annual | 12.5, 18.75 or 22.5 bps | 12.5 bps | | Regulation | 24 CFR Part 266 | Not covered by Part 266 | | FY2026 initial endorsements | 70 loans, $1,730,333,600 | 3 loans, $54,300,000 | In both, FHA insures the whole loan to whoever holds it. Separately, the partner contracts to reimburse HUD for its share of any loss. That is why these loans sit in HUD's file of FHA-insured mortgages even though no MAP lender made them, and why HUD's production reports count them in its totals. The panel beside this page counts the active 542(c) loans in HUD's file. ## How 542(c) splits the risk | Approval level | HFA share of loss | Underwriting standards | |---|---|---| | Level I | 50% to 90%, in 10% steps | The HFA's own, disclosed to HUD; loans approved without further HUD review | | Level II, loan at 75% or more of cost or value | 25% | Approved by HUD, reviewed every five years | | Level II, loan under 75% of cost or value | 10%, or 25% at the HFA's option | Approved by HUD | To qualify, an agency needs an issuer credit rating or general obligation bond rating of A or better, or must otherwise show it is a sound and experienced housing finance agency, and must be a HUD-approved multifamily mortgagee. ## What projects qualify - **Affordable housing**, defined in the rule by reference to the low-income housing tax credit test in section 42(g) of the Internal Revenue Code. - **Five or more units on one site.** The units may be detached, semi-detached, row houses, apartment buildings or mobile home parks (excluding the homes). - **New construction or substantial rehabilitation**, or - **Acquisition or refinance of an existing project** if it preserves affordable housing for at least 20 years, occupancy has averaged at least 93% over 12 months, the loan being refinanced has not been in default in the last 12 months, and a capital needs assessment is done with repairs and reserves funded. Loans generally must fully amortize. The rule allows exceptions for construction loans and for Level I agencies with HUD-approved standards, where a loan with a term of at least 17 years can amortize over up to 40. ## What the premium cut meant The 2025 premium notice kept risk-sharing premiums at 25 basis points times FHA's share. Fully insured programs dropped to the same 25 basis points, from between 50 and 95 for market-rate deals. Risk sharing's premium edge over a fully insured [223(f)](/programs/223f/) or [221(d)(4)](/programs/221d4/) is therefore now only the difference between 25 and FHA's fraction of 25. ## Limits worth knowing - No [223(a)(7)](/programs/223a7/) streamlined refinance: Risk Share loans are excluded by statute. - No [241(a)](/programs/241a/) supplemental loan on a Risk Share first. - No Middle Income option: Mortgagee Letter 2026-1 excludes Section 542 loans. - Terms, rates, reserves and affordability covenants vary by agency, because each HFA sets them (Level I) or has its own HUD-approved standards (Level II). Ask the agency for its current term sheet. If you are weighing a state agency's risk-share execution against a MAP lender's fully insured loan on a tax credit deal, compare the agency's term sheet with the fully insured terms on the [223(f)](/programs/223f/) and [221(d)(4)](/programs/221d4/) pages, and see who is active in your state on the [lenders page](/lenders/). ## Questions ### Who makes a 542(c) risk-sharing loan? A state or local housing finance agency that HUD has approved for the program, not a MAP lender. The agency underwrites, closes and services the loan and handles asset management. A borrower applies to the agency directly. ### Why do risk-sharing loans appear in HUD's list of FHA-insured loans? Because FHA insures them in full. The HFA's risk share is a separate agreement with HUD in which the agency reimburses HUD for its share of any loss, so to the bondholder or investor the loan is an FHA-insured loan like any other. ### What is the MIP on a risk-sharing loan? 25 basis points multiplied by the share of risk FHA keeps, both upfront and annually. At a 50% split that is 12.5 basis points, at 75% it is 18.75, and at 90% it is 22.5. ### Can a risk-sharing loan be refinanced with 223(a)(7)? No. The MAP Guide says Risk Share loans are not eligible for 223(a)(7) by statute, and they cannot carry a 241(a) supplemental loan either. A refinance would go through the HFA or another program. ### What is the difference between Level I and Level II? A Level I agency takes 50% to 90% of the risk in 10% steps and uses its own underwriting standards without further HUD review. A Level II agency uses HUD-approved standards and takes 25% of the risk, or 10% or 25% at its option when the loan is under 75% of cost or value. ## Sources - [24 CFR Part 266, Housing Finance Agency Risk-Sharing Program for Insured Affordable Multifamily Project Loans](https://www.ecfr.gov/current/title-24/subtitle-B/chapter-II/subchapter-B/part-266) - [12 U.S.C. 1715z-22, Section 542 of the Housing and Community Development Act of 1992](https://www.law.cornell.edu/uscode/text/12/1715z-22) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.6.1 and 3.8.1](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2026-1, Middle Income Housing option (excludes Section 542)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [HUD Office of Multifamily Housing, FY2026 production summary](https://www.hud.gov/sites/default/files/Housing/documents/FY2026ProductionSummarySlides.pptx) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ - https://hudmultifamily.loan/lenders/ --- Canonical page: https://hudmultifamily.loan/programs/risk-sharing/ 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 # 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. - URL: https://hudmultifamily.loan/programs/220/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Use | New construction or substantial rehab, mixed use | | Location | Approved revitalization area or Opportunity Zone | | Commercial limit | 25% of net rentable area, 30% of EGI | | Max LTC / DSCR | Same as 221(d)(4): 87% / 1.15x market | | Term | Construction plus up to 40 years | | MIP | 0.25% a year (70 bps before Oct. 2025) | | HUD application fee | 0.30%; 0.20% in an Opportunity Zone | | Davis-Bacon | Applies | | Age-restricted | Not permitted | | Middle Income option | Not available | ## What Section 220 does Section 220 is the FHA program for new construction or substantial rehabilitation of **mixed-use** housing in areas where a local government is carrying out a revitalization effort. It is processed under the MAP Guide like 221(d)(4) and borrows 221(d)(4)'s sizing tests, Davis-Bacon requirement, BSPRA and SPRA allowances and construction rules. What sets it apart is commercial income. | | Section 220 | Section 221(d)(4) | |---|---|---| | Commercial share of net rentable area | up to 25% | up to 25% | | Commercial share of effective gross income | **up to 30%** | up to 15% | | Location requirement | Eligible area (below) | None | | Age-restricted projects | Not permitted | Permitted if HUD elderly rules are met | | Middle Income 90% / 1.11x tier | Not available | Available | | Statutory per-unit limits | Section 207/220 table | Section 221(d)(4) table | Commercial space has to serve residents of the project and the surrounding area. The MAP Guide points projects with more than 20% commercial income in a 220-eligible area to Section 220. ## Where it can be used The property must sit in an area approved by the HUD Multifamily regional office, or in one of these: - an **Opportunity Zone**; - an approved urban renewal area under Title I of the Housing Act of 1949; - an area of concentrated code enforcement under Section 117 of that Act; - a disaster urban renewal project, or a pre-1954 slum clearance project under federal contract. Locally designated areas need a strategy that combines physical improvements, public services, housing and private investment and can produce lasting improvement in a reasonable time. It can be informal. Opportunity Zone deals also get a reduced HUD application fee of 0.20% (0.30% is standard) under section 3.1.36 of the MAP Guide. ## Terms - **Loan to cost and coverage:** the same as 221(d)(4). Since Mortgagee Letter 2025-03 that is 87% at 1.15x for market rate and 90% at 1.11x for affordable or 90%-assisted projects. - **Term:** construction plus up to 40 years, fixed rate, fully amortizing, non-recourse. - **MIP:** 0.25% a year, with the upfront premium covering each year of construction. - **Statutory limits:** Section 220 shares the Section 207 per-unit table. For 2026 the indexed base for a two-bedroom elevator unit is $108,925 before the 270% standard high cost multiplier. The ROAD to Housing Act raised that base to $265,122, but HUD has not yet implemented the new amounts. Check a property in the [statutory limit calculator](/tools/statutory-limit-calculator/). ## How often it is used Rarely. The panel beside this page counts the active Section 220 loans in HUD's file: a few dozen nationwide, with large median property sizes, and no new endorsements in the twelve months to September 2026. Most mixed-use apartment projects keep commercial income under 15% and use [221(d)(4)](/programs/221d4/). Section 220 earns its place when the retail or office component is large enough to break 221(d)(4)'s income cap and the site qualifies. ## Questions ### When should I use Section 220 instead of 221(d)(4)? When the project is in an eligible revitalization area and commercial space will produce more than 15% of effective gross income. The MAP Guide says projects with more than 20% commercial income in a 220-eligible area should use Section 220. Otherwise 221(d)(4) is simpler and far more common. ### Is every Opportunity Zone eligible for Section 220? Opportunity Zones are one of the listed eligible area types in the MAP Guide, alongside urban renewal areas, concentrated code enforcement areas and locally designated revitalization areas approved by the HUD regional office. ### Can a Section 220 project be senior housing? No. Apartments designed for or restricted to elderly occupancy, or relying on the Fair Housing Act's housing-for-older-persons exemption, are not permitted under Section 220. Senior projects go to Section 231 or, if they comply with HUD's elderly-housing rules, 221(d)(4). ### What is the Section 220 MIP? 0.25% upfront and 0.25% a year for applications on or after October 1, 2025, the same as every other FHA apartment program. The market-rate premium had been 70 basis points. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, section 3.4 (Section 220) and 3.1.36 (Opportunity Zones)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD Mortgagee Letter 2026-1, Middle Income Housing option for 221(d)(4)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [Annual indexing of statutory mortgage limits, CY2026 (91 FR 24597, FR Doc. 2026-08795)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [Public Law 119-101, 21st Century ROAD to Housing Act, section 211](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/tools/statutory-limit-calculator/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/opportunity-zones-and-hud/ - https://hudmultifamily.loan/learn/commercial-space-in-hud-loans/ --- Canonical page: https://hudmultifamily.loan/programs/220/ 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 # HUD Section 231: construction loans for senior and accessible apartments > Section 231 insures construction or substantial rehab loans for rental apartments built for people 62 and older, with up to 25% of units for people with disabilities. It sizes like 221(d)(4), needs at least 8 units, and covers independent-living apartments only: assisted living and nursing care belong to Section 232. Few developers use it; HUD's file holds only a few dozen active 231 loans. - URL: https://hudmultifamily.loan/programs/231/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Use | New construction or substantial rehab, senior rental | | Occupancy | Age 62+; up to 25% of units for disabled persons | | Minimum size | 8 units | | Max LTC / DSCR | Same as 221(d)(4): 87% / 1.15x market | | Sub-rehab sizing | On as-rehabilitated value, not cost | | Term | Construction plus up to 40 years | | MIP | 0.25% a year (70 bps before Oct. 2025) | | Commercial limit | 25% of area, 15% of EGI | | Davis-Bacon | Applies | | Care services | Not covered; that is Section 232 | ## What Section 231 does Section 231 insures loans to build or substantially rehabilitate rental housing for **elderly persons (62 or older) and persons with disabilities**. It is processed under the MAP Guide with the same construction rules as 221(d)(4): Davis-Bacon wages, a working capital escrow, cost certification, assurance of completion and the two-stage HUD review. Three things differ: - **Occupancy.** Everyone in a unit must be 62 or older, except units designed for persons with disabilities, which can be up to 25% of the total. Unit layout and design must suit older and disabled residents. - **Size.** At least 8 units, against 5 for every other program. - **Rehab sizing.** Substantial rehab loans are sized on a percentage of the "as rehabilitated" value rather than cost, and BSPRA and SPRA allowances are not available for them. New construction can use BSPRA or SPRA if there is no developer fee. ## Terms - **Loan to cost and coverage:** as 221(d)(4): 87% at 1.15x for market rate, 90% at 1.11x for affordable or 90%-assisted projects. The Middle Income tier is not available. - **Term:** construction plus up to 40 years, fixed rate, fully amortizing, non-recourse. - **MIP:** 0.25% upfront and a year; it was 70 basis points before October 2025. - **Commercial space:** up to 25% of net rentable area and 15% of effective gross income. ## Statutory limits Section 231 has its own per-unit table. For elevator buildings it matches 221(d)(4); for non-elevator buildings it is lower. | Bedrooms | 231 non-elevator, CY2026 | 231 elevator, CY2026 | 221(d)(4) non-elevator, CY2026 | |---|---|---|---| | 0 | $65,032 | $73,889 | $68,401 | | 1 | $72,702 | $84,706 | $77,649 | | 2 | $86,818 | $103,004 | $93,859 | | 3 | $104,483 | $133,252 | $117,808 | | 4+ | $122,838 | $146,274 | $133,121 | These bases are multiplied by the area's high cost percentage (270% standard in 2026). The ROAD to Housing Act set new 231 base amounts equal to the new 221(d)(4) amounts, but HUD has not yet implemented them. See the [statutory limits page](/learn/statutory-limits/). ## 231 against 232 and 221(d)(4) **Section 232** is a different program run by HUD's Office of Healthcare Programs for nursing homes, assisted living and board and care. If the property provides care to residents, it is a 232 question, not a 231. Mortgagee Letters 2025-03 and 2026-1 expressly exclude 232, and its terms are not covered on this site. **221(d)(4)** can finance age-restricted apartments too, if they comply with HUD's elderly-housing rules. Because the sizing tests are the same and 231's non-elevator limits are lower, 221(d)(4) will usually produce at least as large a loan; ask your lender which section the HUD regional office expects for your deal. ## How often it is used Rarely. The panel beside this page counts the active 231 loans in HUD's file: a few dozen nationwide, with only a couple endorsed in the past year. If you are planning senior apartments, compare both sections with your lender before the concept meeting. ## Questions ### What is the difference between HUD Section 231 and Section 232? Section 231 finances apartments for older adults who live independently, under the MAP Guide and HUD's Office of Multifamily Housing. Section 232 finances nursing homes, assisted living and board and care facilities through HUD's Office of Healthcare Programs, under its own handbook and rules. This site covers 231 only. ### Do all residents of a Section 231 property have to be 62 or older? Everyone living in a unit must be 62 or older, except in units designed for persons with disabilities and their families, which can be up to 25% of the units. ### Can I build senior apartments with 221(d)(4) instead? Yes. The MAP Guide says age-restricted apartments may be considered under other sections such as 221(d)(4) if they meet HUD's elderly-housing requirements. Section 231 is the section designed for them, and its statutory per-unit limits match 221(d)(4)'s for elevator units but are lower for non-elevator buildings. ### Is the Middle Income option available for Section 231? No. Mortgagee Letter 2026-1 excludes Section 231, so market-rate 231 deals size at 87% of cost and 1.15x. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.2 and 3.5 (Section 231)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD Mortgagee Letter 2026-1, Middle Income Housing option for 221(d)(4)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [Annual indexing of statutory mortgage limits, CY2026 (91 FR 24597, FR Doc. 2026-08795)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [Public Law 119-101, 21st Century ROAD to Housing Act, section 211](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/220/ - https://hudmultifamily.loan/tools/statutory-limit-calculator/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/hud-mip/ --- Canonical page: https://hudmultifamily.loan/programs/231/ 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 # HUD Section 213 and co-op refinancing: FHA loans for housing cooperatives > Section 213 insures the blanket mortgage on a housing cooperative's building, for new construction (213) or substantial rehabilitation (213(i)). It is processed under HUD's traditional track, not MAP. An existing co-op refinances under Section 207 pursuant to 223(f), which the MAP Guide sizes at 65% of the property's rental value with no cash out. The 0.25% MIP applies to both. - URL: https://hudmultifamily.loan/programs/213/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Borrower | The cooperative corporation or trust | | New construction | Section 213 | | Substantial rehab | Section 213(i) | | Processing | TAP (traditional), not MAP | | HUD application fee | $3 per $1,000 (0.30%) | | Refinance of existing co-op | Section 207 pursuant to 223(f) | | Co-op refi sizing | 65% of rental value; 1.0x coverage | | Cash-out | Not allowed on co-op refinancing | | 223(a)(7) sizing | 95% of NOI (1.05x) | | MIP | 0.25% a year (70 bps before Oct. 2025) | ## Two ways FHA finances co-ops Housing cooperatives borrow as a corporation: one blanket mortgage on the building, repaid through members' carrying charges. FHA covers that loan in two ways. | | Section 213 / 213(i) | Section 207 pursuant to 223(f), co-op chapter | |---|---|---| | Purpose | New construction (213) or substantial rehab (213(i)) | Refinance an existing co-op's mortgage | | HUD process | TAP (traditional) | MAP | | Who borrows | The cooperative | Nonprofit co-op corporation or trust (limited-profit entities such as New York's Mitchell-Lama may be acceptable after HUD counsel review) | | Loan to value | Set under 24 CFR Part 213 and TAP | 65% of value as a market-rate rental | | Coverage | Per TAP underwriting | 1.0x on the co-op's actual NOI | | Cash out | n/a | Not allowed | | Statutory limits | Section 213 table | Section 207 table | The co-op refinance figures come from chapter 17 of the 2020 MAP Guide. Mortgagee Letter 2025-03, which raised the standard 223(f) rental ratios, does not address co-op refinancing. ## Refinancing an existing co-op: the main tests - **Fully subscribed** before endorsement, with no units still held by the original developer. - **At least 75% of units owned and occupied by members**; investors can own no more than 25%. - **Vacancy no higher than 5%**, and a healthy turnover; below 5% a year the underwriter has to explain why. - **Share financing available** in the market from banks or other lenders, with recent sales in the building cited. - **Carrying charges** adequate to maintain the building, with bylaws requiring annual increases where needed. As a rule the new debt service should not raise carrying charges more than 5%. - **A General Operating Reserve**, funded monthly as a percentage of carrying charges, on top of the replacement reserve. - **No transient use**: occupancy agreements of 30 days or more, no hotel services, no timeshares or rental pools. - **Not substantial rehab**: if the repairs cross the substantial rehabilitation threshold, the project should use Section 213(i) instead. - **Term** up to 35 years or 75% of remaining economic life. A co-op already on an FHA loan can also use a [223(a)(7) refinance](/programs/223a7/), which sizes Section 213 co-ops at 95% of NOI (1.05x), more generously than the 90% used for rentals. ## Statutory limits The Section 213 per-unit bases for 2026, before the high cost percentage (270% standard): | Bedrooms | Non-elevator | Elevator | |---|---|---| | 0 | $74,487 | $79,314 | | 1 | $85,886 | $89,860 | | 2 | $103,582 | $109,270 | | 3 | $132,587 | $141,362 | | 4+ | $147,711 | $155,175 | The ROAD to Housing Act (July 2026) set new Section 213 base amounts, for example $265,962 for a two-bedroom elevator unit, but HUD has not yet implemented them. See [statutory limits](/learn/statutory-limits/). ## How often it is used The panel beside this page counts active Section 213 loans in HUD's file: a few dozen nationwide, with a handful endorsed in the last year. Co-op financing is concentrated where cooperative ownership is common. If your building is a rental, not a co-op, the standard [223(f)](/programs/223f/) applies. ## Questions ### Can a co-op get an FHA loan to refinance its building? Yes, under Section 207 pursuant to Section 223(f), following chapter 17 of the MAP Guide. The borrower must be a nonprofit cooperative corporation or trust, the building must be fully subscribed, at least 75% of units must be owner-occupied by members, and the loan cannot return cash to the co-op. ### How much can a co-op borrow on a 223(f) refinance? The MAP Guide caps it at 65% of the property's market value as a market-rate rental, at 1.0x debt coverage on the co-op's own net operating income, and at the Section 207 per-unit limits, along with the cost to refinance. The lowest of those controls. ### Is Section 213 processed under MAP? No. Section 213 construction and 213(i) rehab loans follow HUD's Traditional Application Processing (TAP). The HUD application fee is $3 per $1,000, the same as MAP. ### Can a building convert to a co-op with an FHA refinance? Not under the co-op refinance chapter. Proposed conversions and projects in the middle of converting are ineligible. A co-op that wants the standard rental 223(f) terms would have to dissolve first. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 17 (refinancing cooperative housing) and sections 3.1.8 and 3.2](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [12 U.S.C. 1715e, Section 213 of the National Housing Act](https://www.law.cornell.edu/uscode/text/12/1715e) - [24 CFR Part 213, Cooperative housing mortgage insurance](https://www.ecfr.gov/current/title-24/subtitle-B/chapter-II/subchapter-B/part-213) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [Annual indexing of statutory mortgage limits, CY2026 (91 FR 24597, FR Doc. 2026-08795)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [Public Law 119-101, 21st Century ROAD to Housing Act, section 211](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/tools/statutory-limit-calculator/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/hud-mip/ --- Canonical page: https://hudmultifamily.loan/programs/213/ 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 # HUD Section 207: what it means today, and FHA loans for manufactured home communities > Section 207 is the original 1934 FHA rental housing section. Today it matters in two ways: most 223(f) purchase and refinance loans are insured under Section 207 pursuant to 223(f), and it covers manufactured home parks. Stand-alone 207 lending is close to extinct: HUD's file holds two active 207 manufactured home park loans. Mission-driven buyers of parks now use HUD's 2024 MHC program under 223(f). - URL: https://hudmultifamily.loan/programs/207/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | What it is | The base FHA rental housing section (NHA 1934) | | Main use today | Insures 223(f) loans (207/223(f)) | | Manufactured home parks | Eligible; per-space limit $31,553 (2026) | | MIP | 0.25% a year, NC/SR and parks | | MHC program (2024) | 223(f) for parks; 90% LTV, 1.11x, no cash-out | | MHC borrowers | Governments, nonprofits, CDFIs, tribes, resident-owned co-ops | | 207 new construction | No current MAP processing guidance | ## Section 207 in one paragraph Section 207 of the National Housing Act is FHA's first rental housing insurance authority, dating to 1934. Later sections took over its jobs: 221(d)(4) for construction, 223(f) for existing properties. What remains is mostly a label and a statutory limit table. When HUD insures a 223(f) loan, it does so "pursuant to" Section 207, which is why the premium notice lists "207/223(f) refi or purchase for apts" and why 223(f) and Section 220 loans use the Section 207 per-unit limits. ## Where Section 207 still shows up | Use | Status in 2026 | |---|---| | Purchase or refinance of existing apartments (207/223(f)) | The most used FHA apartment program; see [223(f)](/programs/223f/) | | Refinancing an existing housing co-op (207/223(f), MAP chapter 17) | Active, small; see [Section 213 and co-ops](/programs/213/) | | Manufactured home parks under 207 | Two active loans in HUD's September 2026 file, both endorsed in 2011 to 2013 | | 207 new construction or substantial rehab | Listed in the premium notice; no current MAP processing guidance and no FY2026 endorsements | The panel beside this page shows the 207 manufactured home park loans in HUD's active file. It is the thinnest program on this site, and we say so plainly: almost nobody originates a stand-alone 207 loan today. ## Manufactured home communities: the 2024 MHC program Standard 223(f) excludes manufactured home parks. Mortgagee Letter 2024-11 (June 4, 2024) created the **Manufactured Home Community (MHC) program**, which opens 223(f) to parks owned or bought by: - states and units of local government; - resident-owned communities and cooperatives; - nonprofits, including consortia of nonprofits; - CDFIs; - Indian tribes; - other entities approved by the Secretary. It covers purchases and refinances of existing communities, and permanent financing of newly built or substantially rehabilitated communities that are complete and stabilized under the 223(f) three-year rules. | MHC term | Rule | |---|---| | Max loan to value | 90% (subordinate financing reviewed case by case) | | Min debt service coverage | 1.11x | | Cash out | Not permitted | | Use | No RVs or seasonal use; no option to purchase pads | | Inspections | Common areas and infrastructure, not the homes | | Co-op borrowers | General Operating Reserve required (3% of monthly carrying charges, stepping down as the reserve builds) | | Process | Required concept meeting with a designated HUD underwriter; site visit; regional loan committee with a HUD headquarters member | | Premium | 0.25% upfront and a year, the 223(f) rate | HUD headquarters decides which regions process MHC applications, so the lender should confirm the region before the concept meeting. Everything not changed by the Mortgagee Letter follows standard [223(f)](/programs/223f/) rules. ## Statutory limits for parks The 2026 indexed limit for Section 207 manufactured home parks is **$31,553 per space**, before the high cost percentage. The ROAD to Housing Act (July 2026) struck the separate per-space limit from Section 207(c)(3)(A). HUD has not published how it will implement that change, so treat the per-space figure as the one lenders use until it does. HUD's state housing finance agency risk-sharing rules also list mobile home parks (excluding the homes) as eligible projects; see [risk sharing](/programs/risk-sharing/). ## Questions ### What does "207/223(f)" mean on a HUD loan? That the loan was made under Section 223(f), the purchase and refinance authority, and insured under Section 207, the base rental housing section. HUD's premium tables and statutory limit notices list them together, and the limits for those loans come from the Section 207 table. ### Can I get a HUD loan for a mobile home park? Not through standard 223(f), which excludes manufactured home parks. Since Mortgagee Letter 2024-11, the Manufactured Home Community program allows 223(f) purchases and refinances by states, local governments, resident-owned communities, cooperatives, nonprofits, CDFIs, tribes and other entities HUD approves. A private for-profit owner is not on that list. ### What are the MHC program terms? Standard 223(f) underwriting with the Mortgagee Letter's changes: up to 90% loan to value, at least 1.11x debt service coverage, no cash out, a required concept meeting, no RV or seasonal use, and no option for residents to buy their pads. HUD's inspections cover common areas and infrastructure, not the homes. ### Does anyone still use Section 207 for new construction? Very rarely. HUD's 2025 premium notice still lists 207 new construction at 25 basis points, but the MAP Guide does not describe separate 207 construction processing, and HUD's fiscal 2026 endorsement data shows no loans categorized as 207 new construction. Apartment construction runs through 221(d)(4). ## Sources - [12 U.S.C. 1713, Section 207 of the National Housing Act](https://www.law.cornell.edu/uscode/text/12/1713) - [HUD Mortgagee Letter 2024-11, Utilizing Section 223(f) for Manufactured Home Community Program (June 4, 2024)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2024-11hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [Annual indexing of statutory mortgage limits, CY2026 (91 FR 24597, FR Doc. 2026-08795)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [Public Law 119-101, 21st Century ROAD to Housing Act, section 211](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.7 and 17](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [24 CFR 266.200, eligible projects under HFA risk sharing](https://www.ecfr.gov/current/title-24/subtitle-B/chapter-II/subchapter-B/part-266) - [HUD, Multifamily FHA insured mortgages, active file](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/213/ - https://hudmultifamily.loan/programs/risk-sharing/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/hud-mip/ --- Canonical page: https://hudmultifamily.loan/programs/207/ 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 # HUD 223(d): operating loss loans for FHA-insured apartments > Section 223(d) lets FHA insure a second loan that covers operating losses at an apartment property that already has an FHA-insured mortgage. HUD suspended new 223(d) commitments for apartments starting in fiscal 2013 and repeated the suspension each year through fiscal 2016. We found no HUD notice lifting it, so treat 223(d) for apartments as unavailable unless HUD confirms otherwise. - URL: https://hudmultifamily.loan/programs/223d/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: programs ## Key facts | Item | Value | |---|---| | Purpose | Cover operating losses of an FHA-insured project | | Lien | Second loan behind the insured first | | Lease-up losses | First 24 months after completion, up to the loss | | Later losses | 80% of owner cash put in, unsubsidized projects | | Term | No longer than the first mortgage's remaining term | | Premium | Same rate as the original mortgage, by statute | | Apartment status | Commitments suspended from FY2013 (HUD notice) | | Lifted since? | No notice found; not confirmed | ## What the statute provides Section 223(d) of the National Housing Act authorizes FHA to insure loans that cover the **operating losses** of a project that already has an FHA-insured mortgage (other than a 1-4 family property). An operating loss is the amount by which taxes, mortgage interest, mortgage insurance premiums, hazard insurance and the cost of maintenance and operation exceed the project's income. | | Lease-up losses, 223(d)(2) | Later losses, 223(d)(3) | |---|---|---| | When the loss occurred | First 24 months after completion | Any stretch of up to 24 consecutive months in the first 10 years after completion | | Projects | Any FHA-insured project | Not subsidized, as HUD defines it | | Loan amount | Up to the operating loss | Up to 80% of the owner's unreimbursed cash contributions, and never more than the loss | | Timing | | Loan made within 10 years after that stretch ends | HUD cannot use both paragraphs for the same months. Any 223(d) loan: - bears a rate agreed between borrower and lender; - runs no longer than the remaining term of the original mortgage; - is insured under the same section of the Act as the original mortgage; - carries a premium at the **same rate as the original mortgage**, set by the statute itself; - defaults together with the original mortgage: missing a payment on either puts both in default. The MAP Guide treats 223(d) loans as one of two kinds of FHA-insured second mortgages (the other is the [241(a) supplemental loan](/programs/241a/)), and lets a 223(d) balance be counted in the payoff of a later [223(a)(7) refinance](/programs/223a7/), the one exception to the rule that operating-deficit debt cannot be refinanced. ## Why it is not in use for apartments The statute is still on the books. The program is not. In its fiscal 2013 premium notice, HUD said it would suspend issuing and reissuing commitments for 223(d) operating loss loans to multifamily projects with a primary FHA mortgage, because the program required positive credit subsidy (an appropriation to cover expected losses). The FY2014, FY2015 and FY2016 notices said HUD would continue the suspension. The 2012 table had shown 80 basis points for 223(d) apartments; from FY2013 the table showed "N/A". The 2016 and 2025 premium notices do not list 223(d) for apartments at all. We found no Federal Register notice or Mortgagee Letter reinstating it. ## What we could not confirm - Whether HUD would accept a 223(d) application for an apartment property today. The evidence points to no, but HUD has not published a statement either way since 2015. - What premium would apply if it did. The statute ties it to the original mortgage's rate, but HUD's current premium table is silent on 223(d). - Healthcare 223(d) loans for Section 232 facilities are a separate program under HUD's Office of Healthcare Programs and are not covered here. If your FHA-insured property is running a deficit, the realistic tools are the ones in the FAQ below, or a conversation with your servicer. We are happy to look at the numbers. ## Questions ### Can I get a HUD 223(d) operating loss loan on an apartment property today? Probably not. HUD's FY2013 premium notice suspended new 223(d) commitments for apartments because the program needed positive credit subsidy, and the FY2014 through FY2016 notices continued the suspension. The 2016 and 2025 premium tables do not list 223(d), and we found no notice reinstating it. Ask HUD or a MAP lender to confirm before planning around it. ### What losses does 223(d) cover under the statute? Two kinds. Losses in the first 24 months after the project is completed, with the loan capped at the loss. Or, for projects that are not subsidized, up to 80% of the cash the owner put in to cover losses during a stretch of up to 24 consecutive months in the first 10 years, with the loan made within 10 years after that stretch ends. ### What counts as an operating loss? The statute defines it as the amount by which taxes, mortgage interest, mortgage insurance premiums, hazard insurance and the cost of maintaining and operating the project exceed the project's income. ### What are the alternatives if my FHA-insured property is losing money? For new construction, the 221(d)(4) working capital escrow and initial operating deficit escrow are meant to absorb lease-up losses. For an existing property, a 241(a) supplemental loan can fund repairs or improvements, and a 223(a)(7) can lower debt service if today's rate or premium beats the existing loan's. Otherwise the conversation is with the loan servicer. ## Sources - [12 U.S.C. 1715n(d), Section 223(d) of the National Housing Act](https://www.law.cornell.edu/uscode/text/12/1715n) - [77 FR 49007, FY2013 multifamily MIP notice (Aug. 15, 2012), section on positive credit subsidy programs](https://www.govinfo.gov/content/pkg/FR-2012-08-15/pdf/2012-20045.pdf) - [78 FR 59366, FY2014 multifamily MIP notice (Sept. 26, 2013)](https://www.govinfo.gov/content/pkg/FR-2013-09-26/pdf/2013-23473.pdf) - [80 FR 59809, FY2016 multifamily MIP notice (Oct. 2, 2015)](https://www.govinfo.gov/content/pkg/FR-2015-10-02/pdf/2015-25149.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1.17 and 18.3.3](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) ## Related - https://hudmultifamily.loan/programs/241a/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ --- Canonical page: https://hudmultifamily.loan/programs/223d/ 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 # Learn # FHA loans for 5 or more units: the commercial HUD programs, not owner-occupied FHA > An owner-occupied FHA mortgage, the 3.5%-down loan most people mean by an FHA loan, covers properties of 1 to 4 units only. A building with 5 or more units is financed through HUD's commercial multifamily programs instead, such as 223(f) to buy or refinance and 221(d)(4) to build. Those loans go to a single-purpose company, not a person, and come from HUD-approved MAP lenders. - URL: https://hudmultifamily.loan/learn/fha-multifamily-5-units/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Start here ## Key facts | Item | Value | |---|---| | Owner-occupied FHA | 1 to 4 units only | | 5+ units | HUD multifamily programs (MAP) | | Borrower | Single-asset entity, not an individual | | Owner occupancy | Not required (and not the point) | | Leverage | Up to 87% market rate, 90% affordable | | Recourse | Non-recourse, bad-acts carve-outs | | Lenders | HUD-approved MAP lenders | | Minimum units | 5 on one site (8 for Section 231) | ## The short version The phrase "FHA multifamily loan" means two different things. | | Owner-occupied FHA (single-family) | HUD/FHA multifamily | |---|---|---| | Units | 1 to 4 | 5 or more on one site | | Who borrows | You, as an individual | A single-asset company you control | | Live there? | Required (principal residence) | Not required | | Underwritten on | Your income and credit | The building's net operating income | | Down payment / leverage | At least 3.5% cash investment, by statute | Up to 87% of value (90% affordable), and limited by 1.15x coverage | | Recourse | Personal | Non-recourse, with bad-acts carve-outs | | Term | Set by the single-family program | Up to 35 years (existing) or construction plus 40 (new) | | Who lends | FHA-approved single-family lenders | HUD-approved MAP lenders | | Mortgage insurance | Single-family premium schedule | 0.25% upfront and 0.25% a year | If your building has 5 or more units, everything you read about FHA single-family loans (credit score minimums, 3.5% down, county loan limits, owner-occupancy) does not apply. The rest of this site covers the commercial side. ## Which HUD program fits what you are doing | Program | Use it to | |---|---| | [223(f)](/programs/223f/) | buy or refinance an existing apartment building | | [221(d)(4)](/programs/221d4/) | build new apartments, or gut-rehab a building | | [223(a)(7)](/programs/223a7/) | lower the rate or premium on a loan that is already FHA-insured | | [241(a)](/programs/241a/) | add units or fund a big renovation without replacing a low-rate FHA loan | | [Section 220](/programs/220/) | build mixed use with a large commercial component in a revitalization area | | [Section 231](/programs/231/) or 221(d)(4) | build senior apartments (62+) | | [Section 213 and co-op refinancing](/programs/213/) | finance a housing cooperative | | [Risk sharing, 542(c)](/programs/risk-sharing/) | finance an affordable deal through a state housing finance agency | | [207 and the MHC program](/programs/207/) | buy a manufactured home community as a nonprofit, co-op or public entity | | 221(d)(4) or 223(f), under the 2026 [build-to-rent](/learn/build-to-rent/) rules | build or buy a community of rental houses, duplexes or triplexes | Nursing homes, assisted living and other care facilities use HUD's separate Section 232 program, which this site does not cover. ## Five things consumer pages get wrong about 5+ units 1. **"You can use an owner-occupied FHA loan on a 5+ unit building if you live in one unit."** The owner-occupied program stops at 4 units. Section 203 of the National Housing Act limits single-family insurance on 1-4 unit homes to buyers who will live there; there is no owner-occupied path for 5 or more. 2. **"You can put 3.5% down on an apartment building."** Multifamily leverage tops out at 87% for market-rate property and 90% for affordable property, and the 1.15x debt service test often sets a lower loan. 3. **"You apply as an individual."** HUD requires a single-asset borrowing entity. Individuals, tenancies in common and DSTs can own interests above it but cannot be the borrower. 4. **"Any FHA lender can do it."** Only lenders approved for HUD's Multifamily Accelerated Processing handle these loans. HUD publishes the list; see our [lenders page](/lenders/). 5. **"It is fast, like a home loan."** A HUD multifamily loan runs through third-party reports, a HUD underwriter and a firm commitment. HUD does not publish an official processing time, but it is measured in months. The [timeline guide](/learn/hud-loan-timeline/) explains where the time goes. ## What it takes to qualify - **The property:** 5 or more units on one site (8 for Section 231), full kitchens and baths, leases of 30 days or more, no hotel services. Existing properties for 223(f) generally need a certificate of occupancy at least three years old and about 85% occupancy. - **The numbers:** the loan is the lowest of the loan-to-value test, the 1.15x coverage test (1.11x affordable), the statutory per-unit limits and the cost of the deal. Run them in the [223(f) sizer](/tools/223f-loan-sizer/). - **The people:** principals with multifamily experience, adequate net worth and liquidity, clean credit and a previous participation certification on Form HUD-2530. Want to compare the HUD route with Fannie Mae, Freddie Mac or a bank? See [HUD vs Fannie and Freddie](/learn/hud-vs-fannie-freddie/), and the [rates page](/rates/) for what recent HUD loans actually closed at. ## Questions ### Can I get an FHA loan for a 5-unit building and live in one unit? Not an owner-occupied FHA loan. That program insures 1 to 4 unit homes. A 5-unit building can use HUD's multifamily programs, but the borrower is a single-purpose company and the loan is underwritten on the building's income, so living there neither helps nor is required. ### Is there a 3.5% down payment FHA loan for apartment buildings? No. The 3.5% minimum belongs to the single-family program. HUD multifamily loans are capped at 87% of value for market-rate property and 90% for affordable property under Mortgagee Letter 2025-03, and they are also limited by debt service coverage, so a market-rate purchase needs equity of at least 13% of value. ### Who makes FHA loans on apartment complexes? HUD-approved Multifamily Accelerated Processing (MAP) lenders, about 65 firms on HUD's September 2026 list. They are commercial mortgage lenders approved for HUD's multifamily programs, a separate approval from single-family FHA lending. HUD insures the loan; it does not lend. ### What credit score do I need for a HUD apartment loan? The MAP Guide does not set a minimum credit score for the borrower's principals. The lender reviews the principals' credit, financial statements, net worth, liquidity and multifamily experience, and every principal files a previous participation certification (form HUD-2530). ### Does a 5+ unit FHA loan have to be in a big city or a large property? No. The rules require 5 or more units on one site and work the same for a 5-unit building as a 500-unit one. In practice the fixed costs (third-party reports, legal, HUD review time) weigh more heavily on a small loan, so compare them against bank or agency financing. ## Sources - [12 U.S.C. 1709, Section 203 of the National Housing Act (1-4 family insurance and owner-occupancy rule)](https://www.law.cornell.edu/uscode/text/12/1709) - [24 CFR 200.73, property development requirements (five-unit minimum)](https://www.ecfr.gov/current/title-24/section-200.73) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 3 (programs and borrower rules)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD Mortgagee Letter 2026-12, build-to-rent underwriting eligibility](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [HUD, MAP-approved lender list](https://www.hud.gov/sites/dfiles/Housing/documents/Approved-MAP-Lenders.pdf) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ - https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/lenders/ - https://hudmultifamily.loan/rates/ --- Canonical page: https://hudmultifamily.loan/learn/fha-multifamily-5-units/ 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 # How long a HUD multifamily loan takes, stage by stage > A HUD apartment loan moves through lender selection, third-party reports, an optional concept meeting, the firm application, HUD's firm commitment, rate lock and endorsement. Construction loans add a pre-application stage and run to final endorsement after the building is finished. HUD does not publish end-to-end processing times; it publishes stage deadlines, such as 120 days on an invitation letter. - URL: https://hudmultifamily.loan/learn/hud-loan-timeline/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Process ## Key facts | Item | Value | |---|---| | Concept meeting | Scheduled within about 2 weeks; HUD replies in 5 business days | | Invitation letter | Valid 120 days (one 90-day extension possible) | | Firm commitment | Up to 180 days from issuance, +60 with HQ approval | | Reopening fee | $0.50 per $1,000, within 90 days | | 223(a)(7) target | Firm decision within 30 days of a complete file | | Report freshness | Appraisal, market study, CNA: 180-day windows | | Rate lock | By initial endorsement | | Published end-to-end time | None from HUD | ## The stages at a glance All three main programs share the same spine. Construction loans add steps at the front (pre-application) and the back (construction and final endorsement). | Stage | 223(f) purchase or refi | 221(d)(4) construction or sub rehab | 223(a)(7) refi of an FHA loan | |---|---|---|---| | Engage a MAP lender | Yes | Yes | Yes | | Third-party reports | Appraisal, CNA, Phase I | Market study, appraisal, plans and cost review, Phase I, geotech | CNA | | Concept meeting | Optional; advised in some cases | Strongly encouraged (market rate) | Not needed | | Pre-application and invitation letter | No | Yes, unless HUD lets the lender skip it | No | | Firm application | Yes | Yes | Yes | | Firm commitment | Yes | Yes | Yes (30-day target) | | Rate lock | Before endorsement | Before initial endorsement | Before endorsement | | Closing | Initial/final endorsement in one event | Initial endorsement, then construction | Initial/final endorsement | | Construction and cost certification | No | Yes | No | | Final endorsement | Same day as initial | After completion and cost certification | Same day as initial | ## 1. Choosing a lender HUD insures the loan, but it only takes applications from **MAP-approved lenders**, and it will only correspond with the lender's own employees. The MAP Guide allows a borrower to engage **one MAP lender at a time**; if you switch lenders before or after submitting, the processing history has to be disclosed. So the choice of lender is the first real decision, and changing it later costs time. See [how to pick a MAP lender](/learn/map-lenders/). ## 2. Third-party reports The lender, not the borrower, orders the reports, and each one has a freshness window that the rest of the schedule has to respect: - **Appraisal:** effective date within 180 days before the firm commitment is issued (120 days before a pre-application). - **Market study** (construction): within 180 days before firm commitment issuance (120 days before pre-application). - **Capital needs assessment** (223(f), 223(a)(7)): not earlier than 180 days before the firm application. - **Phase I environmental site assessment:** conducted within one year of submission and updated if older than 180 days. If HUD's review runs long, a report can go stale and has to be updated. The [third-party reports guide](/learn/third-party-reports/) covers what each one does. ## 3. Concept meeting A concept meeting (often a call) puts the deal in front of the HUD Regional Center or Satellite Office before the expensive part begins. HUD schedules it "as soon as workload permits, generally within two weeks" and responds in writing within **5 business days**. The response can encourage an application, ask for more information or flag risks. It is not a commitment, and there is no appeal from it. - **Refinances (223(f)):** optional and generally not needed, but HUD recommends one for volatile markets, large loans, questions about repair scope, significant cash-out (the MAP Guide's example is $20 million or more than 50% of the loan), and unusual risk. - **Market-rate new construction:** strongly encouraged unless the Regional Director waives it. A lender can apply without one, but the application fee is then earned at acceptance and not refunded if the deal is rejected. - **Affordable new construction:** optional (required for the LIHTC pilot). ## 4. Pre-application and the invitation letter (construction only) For 221(d)(4), 220 and 231, the pre-application lets HUD test feasibility before the full firm application. If HUD approves it, it issues an **invitation letter**: - The lender must tell HUD in writing within **30 days** whether it will submit a firm application, or the letter expires. - The letter is effective for **120 days**. The firm application must be submitted inside that window. - The Regional Director may grant one extension of up to **90 days** (210 days in total); anything beyond that needs Headquarters approval. A lender can ask to skip the pre-application and go straight to firm, but only for strong markets, experienced teams, no environmental issues, and with the borrower acknowledging in writing that the fee is at risk. New MAP lenders are not allowed to skip it on their first deals. ## 5. Firm application and HUD review The lender's MAP underwriter assembles the package, gets internal approval, and submits it to the HUD office with the application fee through Pay.gov. HUD checks it for completeness, underwrites it, and then approves it (through the National Loan Committee, a Regional Center loan committee, or the Regional Director), approves it with conditions, returns it for changes, or rejects it. Some things HUD keeps for itself and never delegates to the lender: environmental clearance in HEROS (with a HUD site visit when an environmental report is required), previous participation review, approval of the affirmative fair housing marketing plan, and the commitment itself. **223(a)(7) is faster by design.** The MAP Guide's standard is a firm commitment decision within 30 calendar days of a complete application. ## 6. Firm commitment The firm commitment sets the insured loan's terms. Its clock: - It can be extended to **no more than 180 days from issuance**, plus a discretionary **60 days** for good cause approved by HUD Headquarters. - After that, it can be reopened for **$0.50 per $1,000** if the request arrives within 90 days of expiration, with updated reports and credit documents. A reopened commitment runs 180 days. - For a 223(f) on a property with a certificate of occupancy less than three years old, the MAP Guide tells lenders to submit only deals that can reasonably close **within 60 days of the commitment**, and the property must show programmatic coverage for three consecutive months before endorsement. ## 7. Rate lock HUD does not set the rate. It is negotiated with the lender (and the Ginnie Mae investor) and must be locked by initial endorsement. The lender notifies HUD of the lock so that any change in loan amount can be written into an amended commitment. The MAP Guide warns that locking before draft closing documents are submitted is at the borrower's and lender's own risk, including investor extension fees if closing slips. ## 8. Closing and endorsement HUD's closing staff and Office of General Counsel review the closing documents. For **223(f) and 223(a)(7)**, there is one event: initial/final endorsement, after which amortization starts on the first day of the second month. For **construction loans**, initial endorsement is the start, not the end: - A **pre-construction conference** is required before initial endorsement. - Where Davis-Bacon applies, HUD's labor standards office must clear the closing (see [Davis-Bacon](/learn/davis-bacon/)). - HUD's construction administration runs from initial endorsement to final endorsement. - The borrower and general contractor **cost-certify** actual construction costs before final endorsement. - **Final endorsement** insures the final loan amount and closes out the program obligations. ## What actually sets the pace HUD has not published current processing-time statistics for multifamily, so any single number you hear for "how long a HUD loan takes" is an estimate, not a HUD figure. What drives time on a specific deal is visible in the rules above: - **Completeness.** Incomplete packages go back to the lender, and the review starts again. - **Report windows.** A slow review can push the appraisal, market study or CNA past 180 days. - **Loan size and risk.** Large loans (currently $130 million and up) get stricter underwriting and usually a concept meeting. Principals with more than $500 million of FHA-insured debt need HUD pre-approval before the lender can even submit. - **Previous participation.** Commitments can be issued conditioned on 2530 clearance only if there are no critical findings; flags that go to HUD's Participation Review Committee take longer. - **Environmental issues.** HUD performs the environmental review itself, and anything above a categorical exclusion adds work. - **Program.** 223(a)(7) has a 30-day target; construction loans carry two HUD stages, labor standards clearance and a construction period. HUD's Firm Commitments and Initial Endorsements database records the firm commitment date and the initial endorsement date for each project, so the gap between those two milestones can be measured from HUD's own data. It does not record when the application was filed. ## Questions ### How long does it take to get a HUD multifamily loan? HUD does not publish an official end-to-end time for any multifamily program. What it publishes are stage rules: invitation letters last 120 days, firm commitments can be extended to 180 days plus 60, and a complete 223(a)(7) file should get a firm decision within 30 days. Construction loans take longer than 223(f) because they add a pre-application stage, and then the construction period itself runs to final endorsement. ### What is a HUD firm commitment? It is HUD's written agreement to insure a specific loan on specific terms: amount, rate assumptions, term, reserves, repairs and special conditions. It is issued after HUD's underwriter and a loan committee (or the Regional Director) approve the application. It can be extended to no more than 180 days from issuance, plus a discretionary 60 days with Headquarters approval. ### What is a HUD concept meeting? An early meeting or call between the MAP lender and the HUD Regional Center or Satellite Office to test a deal before anyone spends on a full application. It is strongly encouraged for market-rate new construction, optional for affordable deals and generally not needed for refinances, though HUD recommends one for large loans, big cash-out requests and unusual risks. HUD responds in writing within 5 business days, and the response is not a commitment. ### How do I apply for a HUD loan? Through a HUD MAP-approved lender. HUD accepts application packages only from MAP lenders and communicates only with the lender's employees. You engage one MAP lender at a time; the lender orders the third-party reports, underwrites the deal and submits it to HUD with the application fee. ### When is the interest rate locked on a HUD loan? After HUD issues the firm commitment and before initial endorsement. The lender typically locks through a Ginnie Mae investor trade. HUD must be told about the lock so any change in loan amount can be written into an amended commitment, and the MAP Guide warns that locking before draft closing documents are submitted is at the parties' own risk. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 4 (Application Processing), 4.2 Stages of Application](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, 3.1.4 Interest Rate, 3.7.2 Eligible Properties, 11.3.6 Interest Rate Lock](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapter 18.3.1, Section 223(a)(7) standard processing time](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapters 12, 13 and 19 (construction period, cost certification, closing)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD, Multifamily data: Firm Commitments and Initial Endorsements database FY01-FY26](https://www.hud.gov/hud-partners/multifamily-data) ## Related - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/learn/hud-loan-requirements/ - https://hudmultifamily.loan/learn/map-lenders/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ - https://hudmultifamily.loan/learn/cost-certification/ --- Canonical page: https://hudmultifamily.loan/learn/hud-loan-timeline/ 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 # Who and what qualifies for a HUD multifamily loan > HUD multifamily loans are for rental properties with five or more units on one site, owned by a single-asset entity whose principals clear HUD's previous participation review. Units must be leased for 30 days or more with no hotel services, housing cannot be designed only for students, and 223(f) properties generally need 85% occupancy. Every loan carries a replacement reserve. - URL: https://hudmultifamily.loan/learn/hud-loan-requirements/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Start here ## Key facts | Item | Value | |---|---| | Units | 5 or more on one site (8 for Section 231) | | Borrower | Single-asset entity | | Leases | 30 days or longer; no hotel services | | Furnished/corporate units | Generally up to 10% | | Student housing | Not if designed only for students | | 223(f) occupancy | 85% and stable; CO 3+ years (exceptions) | | Previous participation | HUD-2530 or APPS for every principal | | Recourse | Non-recourse, with bad-acts carve-outs | | Reserves | Replacement reserve on every loan | ## Property requirements | Rule | Requirement | MAP Guide | |---|---|---| | Unit count | 5 or more dwelling units on one site; each parcel of a scattered site needs 5 or more | 3.1.30; 24 CFR 200.73 | | Section 231 | 8 or more units | 3.2.1 | | Kitchens and baths | Full kitchen and bath in every unit (new construction) | 3.2.1 | | Group homes | Not eligible | 3.1.30 | | Single room occupancy | Only with existing project-based Section 8 | 3.2.1 | | Transient use | No leases under 30 days, no hotel services (maid service, linens, room service), including in commercial space | 3.1.24 | | Furnished or corporate units | Generally no more than 10% of units | 3.1.27 | | Student housing | Cannot be designed solely for students; underwritten at family-housing rents, not per-bed rents | 3.1.22 | | Land | Fee simple, or a long ground lease (99 years renewable, 50 years from the mortgage, or 10 years past maturity, by program) | 3.1.23 | | Fair housing accessibility | Required; 223(f) properties first occupied after March 13, 1991 must be retrofitted if they do not comply | 3.1.13, 3.7.6 | **Build-to-rent communities** of houses, duplexes and triplexes now qualify on one contiguous site, under the rules in [Mortgagee Letter 2026-12](/learn/build-to-rent/). ## Program-specific property rules **[223(f)](/programs/223f/) purchase or refinance** - Certificate of occupancy at least **3 years** old, with stable occupancy of at least **85%**. Newer properties qualify once they reach the program's coverage for one full month, with three consecutive months before endorsement and 50% of any cash out held until six months at coverage. - No substantial rehabilitation (above $20,406 per unit times the area's high cost percentage in 2026), no new units, and ancillary improvements up to 5,000 square feet. - Not eligible: manufactured home parks (except HUD's 2024 program for mission-driven owners), group homes, projects providing meal service. - Critical repairs are done before closing; non-critical repairs can be escrowed at 120% and finished after. **[221(d)(4)](/programs/221d4/) new construction or substantial rehab** - Absorption up to 18 months (24 for build-to-rent), with an initial operating deficit escrow. - Davis-Bacon wages and cost certification apply. **[223(a)(7)](/programs/223a7/)** - Only properties with a current FHA-insured loan. No cash out, and no work that would need Davis-Bacon or more than a categorically excluded environmental review. ## Commercial space | Program | Max share of net rentable area | Max share of effective gross income | |---|---|---| | 221(d)(4), 231, 241(a) | 25% | 15% | | 220 | 25% | 30% | | 223(f) | 25% | 20% (existing commercial only) | Commercial income is underwritten conservatively: in 221(d)(4) at no more than 80% occupancy, in 223(f) at the lesser of 90%, actual or market. ## Borrower requirements - **Single-asset entity.** The borrower owns only the insured property. Natural persons, foreign entities, tenancies in common and DSTs cannot be the borrower, but can sit above it. - **Non-recourse.** The entity is liable for the debt; principals are liable only for the bad acts listed in the regulatory agreement. - **Previous participation.** Every individual and entity in control files through HUD's Active Partner Participation System (APPS) or on form HUD-2530. HUD can issue an invitation letter or firm commitment conditioned on clearance if there are no critical findings. - **Credit and character.** The lender investigates credit and background of each principal. - **Financial capacity.** HUD's test is the underwriter's analysis of past financial condition, present liquidity and projected capacity (MAP 8.5). For an existing property, the borrower supplies three fiscal years of property financial statements plus year to date; principals submit personal financial statements (form HUD-92417 or equivalent). - **Experience for acquisitions.** Borrowers with no experience operating multifamily rental housing will not be considered for 223(f) acquisition financing unless there are significant mitigants: clean credit, strong diversified finances, a conservative valuation and an experienced HUD management agent. - **Large loans.** At $130 million and above, principals together need net worth of 20% and liquidity of 7.5% of the loan. See [large loans](/learn/large-loans/). - **Large FHA exposure.** Principals with more than $500 million of FHA-insured debt need HUD approval before the lender submits. - **Identity of interest.** In a 223(f) purchase, any identity of interest between buyer and seller turns it into a refinance for underwriting (affordable deals excepted). ## Sizing requirements The loan is the lowest of the requested amount, the [statutory per-unit limit](/learn/statutory-limits/), the amount the coverage ratio supports and the loan-to-value or loan-to-cost amount, plus program tests such as cost to refinance. Since January 2025 (ML 2025-03): | Property | Max LTV / LTC | Min DSCR | Min underwriting vacancy | |---|---|---|---| | Market rate | 87% | 1.15x | 7% | | Affordable (LIHTC with a rent advantage) | 90% | 1.11x | 5% | | 90% or more units with rental assistance | 90% | 1.11x | 3% | ## Reserves - **Replacement reserve:** required on every insured loan, with an initial deposit and monthly deposits set from the capital needs assessment in HUD's CNA e-Tool. - **Operating deficit escrow:** required on new construction and many substantial rehabs; may be required on a 223(f) where the analysis calls for it. It is not mortgageable, and unused amounts go back to the borrower. - **Repair escrow:** 120% of deferred non-critical repairs on 223(f) (110% possible for affordable deals and 223(a)(7)). - **Working capital (construction):** 4% of the mortgage for new construction, 2% for substantial rehab. ## Before you apply Gather three years of operating statements, a current rent roll, the organizational chart down to every principal, personal financial statements and the existing loan documents. A [MAP lender](/learn/map-lenders/) will then order the [third-party reports](/learn/third-party-reports/) and tell you which sizing test is likely to bind. ## Questions ### What are the requirements for a HUD multifamily loan? The property must have five or more rental units on one site (eight for Section 231), leased for 30 days or more without hotel services. The borrower must be a single-asset entity, its principals must clear HUD's previous participation review, and the deal must pass HUD's sizing tests (loan to value or cost, debt service coverage and the statutory per-unit limit). Program-specific rules then apply, such as 85% occupancy for a 223(f). ### Can I get an FHA loan for a 5-unit apartment building? Yes, through HUD's commercial multifamily programs rather than the owner-occupied FHA loan used for 1 to 4 units. A 5-unit property meets the minimum, but the deal still needs a MAP lender willing to process it, a single-asset borrowing entity and full third-party reports, so fixed costs weigh more heavily on small loans. ### Who qualifies for a HUD loan? An entity, not an individual. The borrower must be a single-asset entity; individuals, foreign entities, tenancies in common and Delaware statutory trusts cannot be the borrower but can hold interests above it. Its principals need acceptable credit, financial capacity and a clean previous participation record, and buyers using 223(f) generally need multifamily operating experience. ### Does HUD still have the 3-year rule for 223(f)? Not as a hard bar. A property whose certificate of occupancy is at least three years old qualifies with stable 85% occupancy. A newer property can apply once it has reached the program's coverage ratio for one full month, but it must show three consecutive months at that coverage before endorsement, and half of any cash out is held back until six months at coverage. ### Are HUD multifamily loans recourse? No. The single-asset borrower is liable, but the principals are not personally liable for repayment. They are liable for specified bad acts in the HUD regulatory agreement, such as fraud or misusing project funds. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 3.1 General Program Requirements](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, 3.2.1 (properties), 3.7.2 to 3.7.4 (223(f) eligibility), 7.7.12.9 and Appendix 3 (commercial space)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapter 8 Mortgage Credit (8.5 financial capacity)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [24 CFR 200.73, Property development (minimum of 5 units)](https://www.ecfr.gov/current/title-24/section-200.73) - [HUD Mortgagee Letter 2025-03, Multifamily Changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD Mortgagee Letter 2023-14, Large Loan Risk Mitigation (June 28, 2023)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-14hsgml.pdf) - [HUD Mortgagee Letter 2026-12, Build-To-Rent Developments Underwriting Eligibility (Oct. 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) ## Related - https://hudmultifamily.loan/learn/map-lenders/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/large-loans/ - https://hudmultifamily.loan/learn/build-to-rent/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/ground-leases/ - https://hudmultifamily.loan/learn/secondary-financing/ --- Canonical page: https://hudmultifamily.loan/learn/hud-loan-requirements/ 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 # MAP lenders: who can file a HUD multifamily loan, and how to pick one > A MAP lender is an FHA-approved mortgagee that HUD has also approved under Multifamily Accelerated Processing to underwrite and submit FHA multifamily loans. HUD only accepts applications from MAP lenders. HUD's own list, last updated September 16, 2026, names about 65. Our lenders page ranks them by the loans HUD's data shows they actually closed. - URL: https://hudmultifamily.loan/learn/map-lenders/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Start here ## Key facts | Item | Value | |---|---| | Who approves | HUD Counterparty Oversight Branch | | Approval scope | Nationwide; does not expire | | Prerequisite | FHA-approved mortgagee | | HUD's list | About 65 lenders, updated Sept. 16, 2026 | | Lenders per deal | One MAP lender engaged at a time | | Inactivity | Terminated after 12 months with no application | | Broker fees | Paid from lender fees, disclosed to HUD | ## What MAP approval means Multifamily Accelerated Processing (MAP) is the system HUD uses for almost all FHA apartment lending. HUD delegates the underwriting work to approved private lenders; HUD then reviews the lender's package and decides whether to insure the loan. Because the lender does the underwriting, HUD approves the lender first. How a lender gets and keeps MAP approval, from chapter 2 of the MAP Guide: - **Approval comes from HUD's Counterparty Oversight Branch**, in the Multifamily Asset and Counterparty Oversight Division. It is nationwide, so a MAP lender can file in any HUD region, and it does not expire. - **The lender must already be an FHA-approved mortgagee**, be financially sound, and have no litigation or judgments that would seriously affect its business. - **It must have experienced, full-time underwriters on staff.** HUD will not approve a lender that relies only on contract underwriters. Prior FHA experience is not strictly required, but HUD then weighs comparable conventional multifamily lending. - **Track record counts.** HUD can reject a lender for recent early defaults, foreclosures or assignments, and it asks HUD offices the lender has worked with in the past two years. - **New lenders start restricted.** Their first three deals require concept meetings, a HUD appraiser's review, limits on loan size and repairs, and two-stage processing on construction loans, until HUD reviews those deals. - **Inactive lenders lose it.** A MAP lender that does not submit a pre-application or firm application at least once every 12 months is terminated for inactivity. - **Post-endorsement review.** HUD reviews MAP loans after closing and can sanction or terminate lenders under chapter 15. ## HUD's list HUD publishes the approved list as a PDF: **[Approved MAP Lenders (hud.gov)](https://www.hud.gov/sites/dfiles/Housing/documents/Approved-MAP-Lenders.pdf)**. The update dated September 16, 2026 lists about 65 lenders alphabetically, each with a named contact, address and phone number. An asterisk marks lenders also approved for Section 232 healthcare (LEAN), which this site does not cover. The list says nothing about how active each lender is. Our [lenders page](/lenders/) fills that gap. It ranks lenders using HUD's own Firm Commitments and Initial Endorsements database, which names the lender on every endorsed loan, so you can see who has actually closed 223(f), 221(d)(4) or 223(a)(7) loans recently, by year and by state. ## How to choose one You can only engage one MAP lender at a time, and switching mid-process costs time and has to be disclosed, so the first choice matters. Questions worth asking: 1. **Program experience.** How many loans of this program has the lender endorsed in the last two fiscal years? Construction lending (221(d)(4)) and acquisition or refinance (223(f)) are different skills. HUD's data answers this; ask the lender to confirm. 2. **Size fit.** Does your loan sit in the range the lender usually closes? A lender that mostly closes $40 million construction loans may not prioritize a $4 million refinance, and the reverse. 3. **Your HUD office.** Has the lender recently closed loans through the regional center or satellite office that will review yours? 4. **Execution.** How will the loan be funded (usually a Ginnie Mae security) and when will the rate be locked? The rate is negotiated with the lender, not set by HUD. 5. **Fees.** Financing, placement and lender legal fees are capped at 3.5% of the loan (5.5% with bonds), but lenders do not all charge the cap. Ask for the fee in writing. See [HUD loan fees](/learn/hud-loan-fees/). 6. **Servicing.** Who will service the loan after closing? Servicing affects reserve draws, transfers and any future 223(a)(7). 7. **Team.** Who is the MAP underwriter, and who will manage the file through closing? ## Where an advisor fits The MAP Guide recognizes mortgage brokers who represent the borrower and refer the deal to a MAP lender. A broker cannot underwrite the deal or pick the third-party providers, cannot have an identity of interest with the borrower, and is paid from the lender's fees with that payment disclosed to HUD. Janover Capital is a commercial mortgage advisor in that role: we help owners compare MAP lenders and structures, and we are not a lender or a HUD office. HUD makes every insurance decision. ## Questions ### What is a MAP lender? A lender HUD has approved to process FHA multifamily loans under Multifamily Accelerated Processing. It must already be an FHA-approved mortgagee, have full-time MAP-approved underwriters on staff and a satisfactory multifamily lending record. HUD only accepts applications from MAP lenders and only communicates with their employees. ### Where is the list of HUD MAP lenders? HUD publishes it as a PDF: https://www.hud.gov/sites/dfiles/Housing/documents/Approved-MAP-Lenders.pdf. The September 16, 2026 update lists about 65 lenders with a contact for each; an asterisk marks lenders also approved for Section 232 healthcare. Older aprvlend.pdf links no longer work. ### Who are the best HUD lenders? HUD does not rank lenders. Volume is measurable: HUD's Firm Commitments and Initial Endorsements database records the lender on every endorsed loan, and our lenders page ranks MAP lenders by those closings by program, state and year. Volume is one input; fit with your program, loan size and market matters more. ### Can I work with more than one MAP lender at a time? No. The MAP Guide allows one MAP lender to be engaged on a deal at a time. If you change lenders before or after an application is submitted, you must disclose the history, and the new lender must address it in its underwriting narrative. ### What does a mortgage broker or advisor do on a HUD loan? Under the MAP Guide, a broker represents the borrower and refers the deal to a MAP lender. The broker cannot take part in underwriting or in choosing the third-party report providers, cannot have an identity of interest with the borrower, and its fee must come out of the lender's fees and be disclosed to HUD. Janover Capital works as an advisor in that role; it is not a lender. ## Sources - [HUD, Multifamily Accelerated Processing (MAP) Approved Lenders list (Last Update 09/16/2026)](https://www.hud.gov/sites/dfiles/Housing/documents/Approved-MAP-Lenders.pdf) - [HUD, Multifamily production (MAP lender list landing page)](https://www.hud.gov/hud-partners/multifamily-production) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 2 Lender Qualifications and Practices; 4.3.1 lender processing](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD, Firm Commitments and Initial Endorsements database FY01-FY26 (multifamily data)](https://www.hud.gov/hud-partners/multifamily-data) ## Related - https://hudmultifamily.loan/lenders/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-loan-requirements/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/learn/map-guide/ - https://hudmultifamily.loan/programs/223f/ --- Canonical page: https://hudmultifamily.loan/learn/map-lenders/ 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 # The third-party reports a HUD multifamily loan needs > A HUD 223(f) loan needs an appraisal, a capital needs assessment in HUD's CNA e-Tool and a Phase I environmental site assessment, with HUD's own environmental review in HEROS. A 221(d)(4) adds a market study and an architectural and cost review of the plans. The lender hires the providers, and most reports must be dated within 180 days of a HUD milestone. - URL: https://hudmultifamily.loan/learn/third-party-reports/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Process ## Key facts | Item | Value | |---|---| | Who orders | The MAP lender (independent providers) | | Appraisal | Within 180 days before firm commitment | | CNA | CNA e-Tool, within 180 days before firm application | | CNA update | New CNA every 10 years of the loan | | Phase I ESA | Within 1 year; update if over 180 days | | Environmental review | Done by HUD in HEROS | | Report costs | Mortgageable, outside the 3.5% fee cap | | Railroad vibration test | Removed (ML 2026-04) | ## Who orders the reports The MAP lender hires and pays the third-party providers, and HUD relies on the lender to check their work. Providers cannot have any identity of interest with the borrower or its principals, and the needs assessor cannot have one with the lender either. A mortgage broker or consultant may not help select them. Report costs are financed in the loan as soft costs and do not count against the 3.5% lender fee cap. HUD does not publish what any report should cost, so we do not either. ## Which reports, by program | Report | 223(f) | 221(d)(4), 220, 231 | 223(a)(7) | Freshness rule | |---|---|---|---|---| | Appraisal | Yes | Yes | Generally not used for sizing | Within 180 days before firm commitment issuance | | Market study | Inside the appraisal | Separate study | No | Within 180 days before firm commitment issuance | | Capital needs assessment | Yes, on-site | Yes, from plans | Yes, on-site | No earlier than 180 days before firm application | | Phase I ESA | Yes | Yes | Per the HUD environmental review | Within 1 year; update if over 180 days | | Plans, specs and cost review | Only for larger repair scopes | Yes | Repairs costed in the CNA e-Tool | With the application | | HEROS environmental review | HUD | HUD | HUD (categorical exclusion level) | Before commitment | A market study separate from the appraisal is not required for properties with 90% or more project-based rental assistance. ## Appraisal and market study HUD sizes most loans on value, so the appraisal drives the loan-to-value test and, for acquisitions, the purchase price test. For a firm commitment the appraisal's effective date must fall within **180 calendar days before HUD issues the commitment**, and HUD may require an update before amending or extending a commitment if the market moves. Construction deals also need a market study that supports the absorption period (capped at 18 months in most cases; HUD will consider up to 24 months for build-to-rent). Its date limits mirror the appraisal's. ## Capital needs assessment (CNA) The CNA is the physical due diligence on an existing property and the source of the replacement reserve schedule. - **Format:** every CNA for an FHA-insured property is prepared, submitted and reviewed in HUD's **CNA e-Tool**. It must meet **ASTM E2018-15** at a minimum. - **Who:** an independent needs assessor hired and paid by the lender, with an on-site inspection that includes a representative sample of units. - **Timing:** completed **no earlier than 180 days before the firm application**. If it is more than 180 days old when an acceptable application arrives, HUD sends it back for a re-inspection and update. A CNA up to three years old can be accepted only with the HUD office director's approval. - **What it decides:** immediate needs are split into **critical repairs**, which must be done before endorsement (life safety, security, access, code violations, anything that would stop the property reaching sustaining occupancy), and **non-critical repairs** expected within the first two years, which can be escrowed at 120% and finished after closing. Accessibility remedies get a deadline of 0 to 12 months. - **The 10-year rule:** a new CNA is required at least every 10 years during the loan. For 221(d)(4) new construction, the lender's construction analyst prepares the CNA from the approved drawings, since there is nothing to inspect yet. ## Phase I environmental site assessment and HEROS The Phase I tells the lender and HUD whether the site carries contamination risk. The 2020 MAP Guide requires it to follow ASTM E1527-13 with a vapor encroachment screen under ASTM E2600-15, to name HUD as an authorized user, and to be **conducted within one year of submission**. A Phase I more than 180 days old must be updated; one more than a year old cannot be used even if updated. Note that EPA's All Appropriate Inquiries rule now names **ASTM E1527-21**; it accepted E1527-13 only until February 13, 2024 ([40 CFR 312.11](https://www.ecfr.gov/current/title-40/chapter-I/subchapter-J/part-312/subpart-A/section-312.11), amended at 87 FR 76581). Phase I reports ordered today are written to E1527-21, even though the printed MAP Guide still cites the 2013 edition. The **environmental review itself is HUD's job**, not the lender's. The lender submits an environmental report through HUD's Environmental Review Online System (**HEROS**), HUD staff visit the site whenever an environmental report is required, and HUD certifies the review. HUD posts the review, including the Phase I, online for a year. A 223(a)(7) is only eligible if its work stays at the categorical-exclusion level. ### What changed in May 2026 (ML 2026-04) Mortgagee Letter 2026-04 loosened four environmental rules in the 2020 MAP Guide, effective for any application not yet initially endorsed: | Topic | Before | After ML 2026-04 | |---|---|---| | Railroad vibration | Section 9.6.8.K screened sites near tracks for vibration | Section removed; vibration is an underwriting question, not a Chapter 9 requirement. Railyards are still assessed as noise sources. | | Pressurized pipelines | Detailed 2020 buffer analysis | Residential structures (and staffed buildings such as leasing offices) must be at least **10 feet from the outer edge of the easement** of a line over 200 psi carrying flammable or combustible liquids or gases; local distribution lines are excluded | | High-voltage lines and towers | Engineered fall distance | No residential structure or playground inside a high-voltage easement; structures at least 50% of the support structure's height away, or an engineer's report under ASCE-7 or TIA-222-I | | Outdoor noise | No definition of a noise-sensitive outdoor use | Pools and playgrounds are noise sensitive; dog runs, trails, sports courts and rooftop grill areas generally are not | ## Plan and cost review (construction and larger repairs) For **221(d)(4), 220 and 231**, the borrower's project architect prepares drawings and specifications for the entire scope, and the lender's construction analyst reviews them and produces the **architectural and cost analysis reports** that HUD relies on. A detailed construction schedule is required; HUD's progress form (HUD-5372) does not count as one. For **223(f) with repairs**, a project architect is required when repairs and alterations reach **$15,000 per unit** in aggregate (a fixed figure, not adjusted for inflation or high-cost areas) or when the work includes Level 2 or Level 3 alterations. Work large enough to cross the [substantial rehabilitation threshold](/learn/statutory-limits/) ($20,406 per unit times the area's high cost percentage in 2026) is not eligible for 223(f) at all and belongs in 221(d)(4). ## Questions ### What third-party reports does HUD require? For a 223(f): an appraisal (with market analysis), a capital needs assessment prepared in HUD's CNA e-Tool, and a Phase I environmental site assessment, which feeds HUD's environmental review in HEROS. For a 221(d)(4): a market study, an appraisal, the lender construction analyst's architectural and cost review of the plans and specifications, a Phase I and, typically, a geotechnical report. A 223(a)(7) needs a CNA, with any repairs scoped and costed inside it. ### What are HUD's PCNA requirements? HUD now calls it a capital needs assessment (CNA). It must meet ASTM E2018-15 at a minimum, be prepared by an independent needs assessor hired by the lender, include an on-site inspection with a sample of units, and be submitted in the CNA e-Tool. It sorts immediate needs into critical repairs (done before endorsement) and non-critical repairs (escrowed and done after), and it sets the replacement reserve schedule. ### What is the HUD 10-year PCNA? Every insured property needs a new CNA at intervals of no more than 10 years during the loan. The rule has applied to 223(f) loans since the first MAP Guide in 2002, and to 220, 221, 223(a)(7) and 231 loans since Mortgagee Letter 2010-21. The update resets the replacement reserve deposits. ### How old can the reports be? Appraisal and market study: effective within 180 days before HUD issues the firm commitment (120 days before a pre-application). CNA: completed no earlier than 180 days before the firm application. Phase I: conducted within one year of submission, and updated under ASTM procedures if older than 180 days. ### How much do HUD third-party reports cost? HUD does not publish a price for any of them; they are priced by the providers and vary with property size, age and location. What HUD does fix is how they are financed: report costs are mortgageable soft costs and sit outside the 3.5% cap on lender fees. ## Sources - [40 CFR 312.11, EPA All Appropriate Inquiries references (ASTM E1527-21)](https://www.ecfr.gov/current/title-40/chapter-I/subchapter-J/part-312/subpart-A/section-312.11) - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 5.2 consultant duties, 5.3 requirements by program, 5.10 standard processing for 223(a)(7) and 223(f)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, Appendix 5, A.5.7 Capital Needs Assessments](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapter 7 (7.5.2 market study, 7.6.1 appraisal effective dates)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapter 9 (environmental review, 9.4.1 Phase I ESA)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2026-04, Updates to Multiple Environmental Requirements for the MAP Guide (May 4, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-04hsgml.pdf) - [HUD, Capital Needs Assessment e-Tool](https://www.hud.gov/program_offices/housing/mfh/cna) ## Related - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/learn/map-guide/ - https://hudmultifamily.loan/learn/hud-loan-requirements/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/hud-property-insurance-requirements/ --- Canonical page: https://hudmultifamily.loan/learn/third-party-reports/ 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 # HUD construction draws and change orders: how money moves on a 221(d)(4) > On a HUD 221(d)(4) loan with insurance of advances, the contractor requisitions monthly on form HUD-92448, a HUD inspector confirms the work, and the lender approves each interim draw; HUD approves only the initial and final advances. The contractor's 10% retainage can step down to 5% after 50% completion and 2.5% after 75%, and every change order needs written lender and HUD approval before the work starts. - URL: https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Process ## Key facts | Item | Value | |---|---| | Draw form | HUD-92403 application, HUD-92448 requisition | | Who approves | HUD: initial and final advance; lender: interim draws | | HUD inspections | At least monthly on new construction and sub rehab | | Retainage | 10% to 50% complete, then 5%, then 2.5% (if eligible) | | Change orders | Form HUD-92437, approved before work starts | | Change order escrow | Once aggregate additive changes reach $5,000 | | Working capital escrow | 4% of the mortgage on NC, half is contingency | | Delayed-completion escrow | 150% of cost, capped at 2% of the mortgage | | Latent defects (IUC) | 2.5% of construction cost for 15 months | ## Two ways HUD insures a construction loan A [221(d)(4)](/programs/221d4/) deal is closed one of two ways, and the draw process depends on which. | | Insurance of advances | Insurance upon completion | |---|---|---| | What HUD insures | Each construction draw, from initial endorsement | Only the permanent loan, at final endorsement | | Who funds construction | The HUD lender, through insured advances | A separate construction lender | | HUD monthly requisitions | Yes (HUD-92448) | Not applicable | | HUD inspections | Monthly, for progress, quality, wages and fair housing | For labor, fair housing and plan compliance only | | Escrow for additive change orders | Required once changes reach $5,000 | Not required; borrower must have the funds | | MIP | From initial endorsement | Not charged until final endorsement | | Latent defects assurance | Contractor warranty and latent defects agreement | 2.5% of construction cost, cash or letter of credit, for 15 months | Under insurance upon completion HUD has no risk until final endorsement, so it does not monitor the lender's disbursements or step into construction disputes (MAP 12.16). Most of this guide is about insurance of advances, where HUD's rules govern every dollar. ## Before the first draw: the pre-construction conference Every new construction and substantial rehabilitation project must hold a pre-construction conference before construction starts, including an early start (MAP 12.2). It is run by the HUD inspector or HUD construction analyst and attended by the borrower, its supervisory architect, the general contractor, major subcontractors (any principal trade, or any with 15% or more of the hard cost), HUD's underwriter, the lender and HUD's Davis-Bacon and Labor Standards staff. The conference covers how draws, change orders, stored materials, retainage, permission to occupy and cost certification will work. Two rules from it trip up first-time HUD developers: - **Work done in anticipation of a change order is noncompliant.** There are no insured advances for it, or for other work that depends on it. - **Identities of interest that appear after closing must be reported** to the lender and HUD within 5 working days, identity-of-interest subcontractors need HUD's prior approval, and shell general contractors are prohibited. For a [223(f)](/programs/223f/) the conference is optional, depending on size, repair scope and the team's experience. ## The monthly draw cycle 1. **Monthly job meeting.** The contractor, borrower, supervisory architect and HUD inspector meet on site each month when the draw request is prepared (MAP 12.3.5). The architect keeps the minutes. The lender must also attend when construction falls more than 10% behind the progress schedule (form HUD-5372) or other problems threaten completion. 2. **Contractor's requisition.** The contractor submits form HUD-92448 for work completed and materials stored, with bills and receipts. 3. **HUD inspection.** The HUD inspector, usually an independent third party under contract to HUD, visits at least once a month (MAP 12.3.4.3), checks that the amounts requested are reasonable, interviews workers on form HUD-11 and records the visit on the Trip Report, form HUD-95379. 4. **Lender approval.** The lender's construction loan administrator signs forms HUD-92403 and HUD-92448 for interim advances. HUD's Regional Production Director signs the initial and final advances (MAP 12.7.1). 5. **Title.** The lender confirms clear title before funding and tells HUD in writing if mechanics liens stay unresolved for more than 60 days (MAP 12.7.2). Some rules apply to every advance: - **Equity first.** Escrowed funds for on-site improvements must be spent before mortgage proceeds. Government grant or loan proceeds and tax credit equity can be the exceptions (tax credit equity can go in pro rata under chapter 14); EB-5 money cannot and must be funded up front like other equity. - **Draws follow progress.** Construction funds advanced must match progress as approved by the HUD inspector, and other mortgageable items need bills or receipts. - **Wages travel with the draw.** Each request for advances carries a certification of compliance with Davis-Bacon wage rates. Contractor payrolls go directly to HUD's Labor Standards and Enforcement staff at least monthly (MAP 12.12.1). The weekly certified payroll mechanics are on the [Davis-Bacon page](/learn/davis-bacon/). ## Retainage The HUD construction contract holds back 10% of each monthly payment for completed work and stored materials (MAP 12.15.5). It can step down if three conditions hold: the contractor has no more than a 5% equity interest in the borrower, the surety consents in writing, and HUD has no questions about quality, contract compliance or open change orders. | Stage of completion | Retainage, eligible contractor | |---|---| | Up to 50% | 10% | | 50% to 75% | 5% | | 75% to final endorsement | 2.5% | - **Identity-of-interest contractors** (more than 5% of the ownership) generally keep the full retainage until final endorsement. - **Early partial release** is possible after 90% completion with a request from the contractor, borrower and lender and surety consent, but the undisbursed holdback must stay at or above 2.5% of the contract amount. - **Projects in difficulty** can get part of the holdback before 90% only to prevent a default of the construction loan, and only if that would get the project finished. ## Next-to-final and final advances The **next-to-final advance** can be requested once construction is acceptably complete, even with items of delayed completion. For a non-identity-of-interest contractor it releases the retainage, subject to the contractor's cost certification having been reviewed, certificates of occupancy and HUD's Permission to Occupy (form HUD-92485) for all units, all Davis-Bacon payroll requirements met, and the survey submitted. HUD still keeps back enough for delayed items (150% of HUD's estimate), lien claims, liquidated damages and any negative net change orders (MAP 12.15.5.D). The **final advance** releases the remaining mortgage proceeds after HUD has approved the [cost certification](/learn/cost-certification/) and set the maximum insurable mortgage on form HUD-92580 (MAP 12.7.7). Items of delayed completion go into an escrow of at least 150% of the estimated cost, capped at 2% of the mortgage, and must be finished within 12 months of the final HUD inspection (MAP 12.6.2). Final closing cannot happen until HUD's labor standards staff give written clearance on wages (MAP 12.12.2). ## Change orders Any change to the scope, price or time of the construction contract is requested on **form HUD-92437**, signed by the borrower, its architect, the general contractor and the lender, then reviewed by HUD (MAP 12.8.1). HUD aims to process a change request in no more than 5 workdays (MAP 12.9.1). HUD approves a change only if it fits one of three classes (MAP 12.8.2): | Class | What qualifies | |---|---| | Necessary | Latent site conditions that differ from the documents, code changes after closing (or after firm commitment for insurance upon completion), architect errors or omissions, damage to completed work | | Betterment | Economically justified: raises net income, lowers long-term operating or maintenance cost, or otherwise strengthens the security | | Equivalent | A substitute for an item that is not available, or a cheaper substitute with equal or better performance | How each kind is funded: - **Additive changes.** Except for necessary changes, the borrower escrows the cost of an additive change order once HUD estimates the aggregate increase reaches $5,000, and of every additive change after that (MAP 12.8.3). A letter from the contractor confirming the borrower has paid can stand in for the escrow. Nonprofit borrowers can use the developer fee. After 75% completion, on schedule and with no noncompliance findings, HUD may let approved additive changes come from the 2% construction contingency. - **Price disagreements.** If the contractor's estimate exceeds HUD's, the difference is escrowed; if HUD's estimate is higher, HUD's excess is held until final endorsement (MAP 12.11.2). - **Deductive changes.** While the aggregate decrease stays under 2.5% of the contract price, the lender cuts the contractor's final requisition. At 2.5% or more, the decrease shows on every requisition and the mortgage is reduced at cost certification where required (MAP 12.8.4). - **Changes that cut income.** These are grounds for rejection unless the change is necessary and unavoidable; if HUD's re-underwriting produces a smaller loan, later requisitions are reduced (MAP 12.8.5, 12.11.2). - **Changes caused by error or negligence** of the architect, owner or contractor are recorded as such and their cost stays out of the mortgage (MAP 12.8.11). - **Unapproved changes.** The inspector reduces the requisition for the noncompliant work and for any removal it may require (MAP 12.9.3). The only change that can be made before approval is an emergency that endangers life or property or halts construction (MAP 12.8.8). Change orders submitted after the final HUD Trip Report are not approved unless they concern items of delayed completion or the Regional Production Director agrees in writing. Any physical change must also leave the environmental review and its mitigation conditions intact. ## Time extensions and keeping the loan in balance The lender can approve a time extension only when the delay is beyond the contractor's control (strikes, unknown site conditions, weather worse than the seasonal average), it is requested on time under the contract, and the surety consents in writing (no surety consent is needed where completion is assured by cash or a letter of credit) (MAP 12.8.6). HUD prices an extension mechanically: 65% of the contractor's monthly general requirements cost per month, a quarter of that per week, and nothing for extensions under a week. Carrying costs are pro-rated daily from the underwriting, and **an extra year of MIP** is due if the extension pushes the construction term past 12, 24 or 36 months (MAP 12.10.2, 12.11.2). If the delay is the contractor's fault, extra interest, taxes, insurance and MIP are paid through the liquidated damages clause. HUD treats the interest budget as overspent when the share used runs 10% or more ahead of the share of construction completed (MAP 12.7.8). The liquidated damages amount is then moved from the construction line to carrying charges, with notice to the borrower, contractor and surety. ## Escrows that sit beside the draws | Escrow | Size and use | Release | |---|---|---| | Working capital (HUD-92412M) | 4% of the mortgage on new construction, half of it (2%) a contingency for approved change orders and overruns not caused by the contractor; rent-up costs and first-year shortfalls | Unused working capital portion after 6 consecutive months of sustaining occupancy, with HUD approval | | Initial operating deficit | Covers expenses and debt service during lease-up; not mortgageable | Unused amount after 6 consecutive months of sustaining occupancy | | Cash-out from land equity | Land equity above what was needed at initial endorsement is deferred | After 6 months of sustaining occupancy (12 months for large loans) | | Items of delayed completion | At least 150% of cost, at most 2% of the mortgage | As items are finished, within 12 months | Sources: MAP 12.8.1.A.5, 12.15.3, 12.15.4, 12.15.6, 12.6.2. Working capital cannot pay hard construction costs. Insurance upon completion deals need the working capital and operating deficit escrows too, but not the extra 2% contingency (MAP 12.16.M). ## Occupancy before completion Units can be leased before the whole project is done. The borrower, supervisory architect, contractor, lender and HUD sign a **Permission to Occupy, form HUD-92485**, backed by a certificate of occupancy and evidence of property and liability insurance (MAP 12.14). HUD favors partial occupancy building by building or floor by floor where it brings in needed income and earlier rent-up. Dwelling units with open punch-list items are not accepted for occupancy; punch-list items in common areas and outside do not block it (MAP 12.6.1). ## Repairs on a 223(f) or 223(a)(7) A purchase or refinance with repairs follows a lighter version of the same rules (MAP 12.17): - **Critical repairs** are finished and confirmed by a HUD site visit before closing. Only critical accessibility repairs HUD approves for deferral can wait. - **Non-critical repairs** can be deferred, normally finished within 12 months, and paid from a repair escrow holding the full cost plus a 10% or 20% assurance of completion. Releases are against a schedule of values, for completed hard costs; soft costs follow pro rata. - **Inspection depends on scope.** 223(a)(7) work and 223(f) work limited to repairs and Level 1 alterations can be self-certified. Level 2 alterations get periodic inspections unless waived. Work needing a project architect (over $15,000 per unit, or Level 2 and 3 alterations) is inspected at 35%, 65% and 100%. - **Change orders after closing** that add cost are funded by the borrower when approved, and the repair escrow is never reduced for changes that save money. Total repairs must stay under the substantial rehabilitation threshold. - **Leftover escrow** goes back to the borrower once HUD confirms the repairs and title; where repairs exceed $400,000, a latent defects assurance of 2.5% of the repair cost is held for 15 months first. - **If repairs are not finished** by the deadline, the lender completes them with the escrow funds and returns what is left, less its costs. Davis-Bacon does not apply to 223(f) repairs; see [223(f)](/programs/223f/) and the [Davis-Bacon page](/learn/davis-bacon/). ## Questions ### How often can you draw on a HUD 221(d)(4) construction loan? Monthly. The contractor prepares a requisition on form HUD-92448 for the monthly job meeting, the HUD inspector checks the amount against the work in place, and the lender approves the interim advance on form HUD-92403. HUD approves the first advance at initial endorsement and the final advance itself. Any equity or other escrowed funds for on-site work generally have to be spent before mortgage proceeds. ### What is the retainage on a HUD construction loan? The construction contract holds back 10% of each monthly payment. After 50% completion it can drop to 5%, and after 75% to 2.5% until final endorsement, but only if the contractor owns no more than 5% of the borrower, the surety consents in writing and HUD has no concerns about the work. A contractor with a larger identity of interest keeps the full retainage until final endorsement. ### Do change orders need HUD approval? Yes. Every change to scope, price or time goes on form HUD-92437, signed by the borrower, architect, contractor and lender, and HUD must approve it before the work is done. Work done ahead of an approved change order is treated as noncompliant and is not paid from insured advances. The only exception is an emergency that endangers life or property or halts construction, and the paperwork must follow as soon as possible. ### Will HUD increase the loan if a change order raises the cost? Not during construction, and the lender is told not to promise one. Except for necessary changes, the borrower escrows the cost of additive change orders once they total $5,000 or more. A mortgage increase can only be requested after completion and cost certification, for specific reasons such as differing site conditions or code changes, never for ordinary cost overruns. ### Who pays if construction runs late? If the delay is the contractor's fault, extra interest, taxes, insurance and MIP are funded through the liquidated damages clause in the HUD construction contract. If the delay is beyond the contractor's control, the lender can approve a time extension and require the added carrying costs to be funded from cash, excess mortgage proceeds, the contingency or a nonprofit developer fee. A long enough extension can add a further year of MIP. ### How do repairs get paid on a 223(f) loan? Critical repairs are finished and inspected before closing. Non-critical repairs can be completed after closing, usually within 12 months, and are paid out of a repair escrow that holds the full cost plus an extra 10% or 20%. Small scopes can be self-certified by the owner; work large enough to need a project architect is inspected at 35%, 65% and 100% complete. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 12 (Construction Period): 12.2, 12.3, 12.6, 12.7, 12.8 to 12.11, 12.12, 12.14 to 12.17](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, 3.2.5 Cost Certification and 3.2.6 Federal Labor Standards](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [24 CFR 200.95, Certification of cost requirements](https://www.ecfr.gov/current/title-24/section-200.95) - [24 CFR 200.33, Labor standards (FHA multifamily)](https://www.ecfr.gov/current/title-24/section-200.33) ## Related - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/cost-certification/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-vs-bank-construction/ - https://hudmultifamily.loan/learn/hud-property-insurance-requirements/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/programs/223f/ --- Canonical page: https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ 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 # HUD cost certification: proving what the project actually cost > Cost certification is the borrower's sworn statement, after construction or repairs, of what the project actually cost. HUD uses it to set the maximum insurable mortgage at final endorsement, and the loan is reduced if certified costs come in below the estimate. It is required on every insured project except tax credit deals at 80% or less of cost and 223(f) loans at 80% or less of value. - URL: https://hudmultifamily.loan/learn/cost-certification/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Process ## Key facts | Item | Value | |---|---| | Purpose | Set the maximum insurable mortgage at final endorsement | | Borrower form | HUD-92330 (NC/SR), HUD-2205-A (223(f)) | | Contractor form | HUD-92330-A, if identity of interest or cost-plus | | Exempt | Tax credit deals at 80% or less of cost; 223(f) at 80% or less of value | | Short form | 40 units or fewer, and 223(f): no accountant's opinion | | Long form | Independent CPA opinion, Yellow Book qualified | | Submit | 30 to 45 days after cut-off, 30+ days before final closing | | HUD result | Form HUD-92580, Maximum Insurable Mortgage | | Once approved | Final and incontestable, except fraud | ## What cost certification is for The National Housing Act says an insured loan on new or rehabilitated multifamily housing cannot exceed the approved percentage of the project's **actual** cost. HUD underwrites from estimates, so at the end of construction the borrower has to prove what was really spent. Section 227 of the Act (12 U.S.C. 1715r) requires the borrower to certify, before final endorsement, either that the approved percentage of actual cost equaled or exceeded the loan, or by how much the loan exceeded it, and to pay any excess against principal. 24 CFR 200.95 puts that agreement into the closing documents (form HUD-93305M, Agreement and Certification). The result is form **HUD-92580, Maximum Insurable Mortgage**, a required exhibit for final endorsement. Once HUD approves the certificates and issues it, the certification is final and incontestable, except for fraud or material misrepresentation (MAP 13.28). ## Who has to certify | Deal | Cost certification | |---|---| | 221(d)(4), 220, 231 new construction or sub rehab | Required (long form, or simplified if 40 units or fewer) | | Same, with LIHTC, historic or New Markets credits, loan 80% or less of cost | Exempt | | 207/223(f) purchase or refinance | Required on form HUD-2205-A | | 207/223(f) at 80% or less of value | Exempt | The tax credit exemption comes from the Housing and Economic Recovery Act of 2008. HUD tests it at firm commitment, using the total estimated replacement cost (form HUD-92264, Section G line 74) in place of actual cost, which is not yet known (MAP 13.2). The MAP Guide's own example: a $13,000,000 project with $5,000,000 of tax credit equity and an $8,000,000 loan is at 62%, so it is exempt. The statute's text (12 U.S.C. 1715r(b)) refers to LIHTC equity and a ratio "less than 80 percent"; the MAP Guide applies it at 80% or less and to historic and New Markets credits as well. Exempt does not mean undocumented. An exempt deal can submit the final sources and uses from the state allocating agency or the title company, and HUD issues a modified HUD-92580 against the replacement cost estimate. A cost certification audit fee is not mortgageable on an exempt deal unless the borrower chooses to certify anyway. **Who else certifies** when the borrower must (MAP 13.4): - **The general contractor**, if it has an identity of interest with the borrower (whenever it arose) or used HUD's cost-plus construction contract, on form **HUD-92330-A**. - **Subcontractors, suppliers, equipment lessors and industrialized housing manufacturers** at any tier, also on HUD-92330-A, where they have an identity of interest with the borrower or a certifying contractor and their combined contracts exceed 0.5% of the mortgage. ## Long form, simplified form and the 223(f) form | | Long form | Simplified form | Section 223(f) | |---|---|---|---| | Used for | NC/SR over 40 units | NC/SR of 40 units or fewer | 207/223(f) purchase or refinance | | Borrower form | HUD-92330 | HUD-92330 | HUD-2205-A | | Contractor form | HUD-92330-A (if IOI or cost-plus) | HUD-92330-A (if IOI or cost-plus) | HUD-92330-A only if cost-plus | | Accountant's opinion | Yes, independent CPA or IPA | No | No | | Balance sheet | Audited, as of cut-off | Unaudited, as of cut-off | Not required | | Operating statement | Audited, if occupied before cut-off | Unaudited, if occupied during construction | Not required | Sources: MAP 13.3, 13.9, 13.10. The accountant on a long form must meet the Government Auditing Standards (GAO Yellow Book) qualifications for independence and continuing education, follow HUD's Consolidated Audit Guide (Handbook IG 2000.4), and must not be on the government-wide debarment list (MAP 13.10.2.A.6). ## The timeline 1. **Pre-cost certification conference.** HUD notifies the lender, borrower and contractor when the project is 80% complete (as early as 70% for new sponsors and contractors) and holds the conference before 90% completion. It covers completion and cut-off dates, the documents needed, how liquidated damages are computed, and any labor issues (MAP 13.5). On bond deals the lender also has to show how negative arbitrage and any rebates to the sponsor will be treated; a rebate from the lender, issuer or bond underwriter reduces mortgageable cost (MAP 8.15.6). 2. **Substantial completion.** The architect signs the Permission to Occupy (form HUD-92485). Final completion is the date the HUD inspector signs the final Trip Report (form HUD-95379). 3. **Cut-off date.** Certification runs from the final Trip Report date, and the borrower may include soft costs incurred up to 60 days after it. The balance sheet and operating statement must be dated to the same cut-off (MAP 13.6). If a project sits at 95% complete and then gains less than 2% a month, HUD can set an administrative completion date instead (MAP 13.7). 4. **Submission.** Within 30 to 45 days after the cut-off date and no less than 30 days before the desired final closing (MAP 13.8). The lender reviews the certificates first, then sends them to HUD. 5. **HUD review.** HUD sends a deficiency letter within 5 workdays if something is missing; once everything is in, combined processing should take no more than 15 workdays (MAP 13.11). A detailed review is done when a mortgage increase is requested or the Regional Center Director orders one. 6. **Final endorsement.** HUD issues form HUD-92580, the final advance is released against it, and the loan is finally endorsed at the lower of the closed amount and the maximum insurable mortgage. The day after the cut-off date also starts the project's first fiscal period for [annual audited financial statements](/learn/annual-financial-statements/). ## What gets counted Certifiable costs are costs paid in cash, or to be paid in cash within 45 days of final closing (MAP 13.1). Four items count whether or not cash is paid: land value (HUD calculates it), general overhead, BSPRA where the borrower and contractor have an identity of interest, and a nonprofit developer fee. For the construction contract itself (MAP 13.14.1): - **Lump sum** (allowed only with no identity of interest): the lesser of cash actually paid or the contract price adjusted for approved change orders and liquidated damages. - **Cost-plus** (required with an identity of interest): the lesser of cash paid, HUD's allowed cost, or the adjusted contract price. Change orders caused by architect errors are recognized only to the extent there are savings in the mortgage. **The 50/75 rule.** On a cost-plus contract, no general contractor fee (general overhead and profit) is allowed if more than 50% of the contract sum goes to one subcontractor, supplier or lessor, or 75% or more goes to three or fewer. Related subcontractors count as one. If the rule is broken the contractor forfeits its profit and only the sponsor's allowance (SPRA) is allowed (MAP 13.14.13). It does not apply to industrialized housing manufacturers, work done by the contractor's own payroll, supplemental loans, or rehabilitation short of substantial rehab. **Liabilities nobody disclosed.** Debts on the balance sheet that were not disclosed at firm commitment or initial endorsement cannot become project obligations, and their discovery triggers a detailed review (MAP 13.10.2.A.4). **Income during construction.** Net operating income earned before the accounting cut-off (three months before the first scheduled principal payment) is reported. If the replacement cost test (Criterion 3) does not control the loan, it can cover soft cost shortfalls, change orders and escrows, with any balance to the borrower, the reserve or principal. If Criterion 3 does control and interim NOI is 1% or more of the original mortgage, the whole amount is deducted from certified cost and none of it goes to the borrower (MAP 13.2.1.3, 13.10.2.A.5). ## When the loan gets smaller If certified costs are lower than the estimate, the maximum insurable mortgage falls. Before final endorsement the lender prepares a modification agreement and the loan is endorsed at the lower amount; that reduction is not treated as a prepayment (MAP 13.30.2.2). Refunds, rebates, discounts, unused escrows and later bond or surety recoveries also reduce cost (MAP 13.20). After final endorsement, "to be paid in cash" items listed on the HUD-92330 go into a post-closing escrow that should be paid out within 45 days. At 60 days HUD recomputes: anything not actually paid is disallowed, and if the recomputed mortgage is below the endorsed loan, **prepayment is mandatory**, applied in amounts equal to scheduled monthly principal payments with any remainder to the [reserve for replacements](/learn/replacement-reserves/). The annual MIP is not reduced for those prepayments (MAP 13.20.D). Unspent mortgage proceeds left after paying for completion go into the reserve for replacements, unless the loan is cut at closing instead (MAP 13.30.1.4). Separately, operating income earned between the cost certification period and three months before amortization starts can be required as an advance principal payment (MAP 13.30.1). ## When the loan can get bigger A mortgage increase is considered only once the project is complete, the cost certification is in and final endorsement can follow straight away (MAP 13.21). The grounds are listed: necessary changes from differing site conditions, local code compliance, health and safety conditions not foreseen, economically justified betterments, HUD-approved time extensions beyond the contractor's control, new local requirements, uninsured hard cost from a declared natural disaster, concealed subsurface conditions, replacing a contractor terminated for cause when the surety failed, and substantial HUD processing errors. Not grounds: ordinary cost overruns, changes for the convenience of the borrower or contractor, or replacing a "straw contractor" set up for BSPRA (MAP 13.22). The MAP Guide says an increase must be greater than 2.5% of the original mortgage or $400,000, and it must be supported by the net operating income underwritten at firm commitment or initial endorsement. An approved increase pays a $3 per $1,000 application fee on the increase, plus $5 per $1,000 inspection fee if hard costs are involved (MAP 13.24). ## The 223(f) modified form On a [223(f)](/programs/223f/) purchase or refinance, the borrower certifies the total cost of the acquisition or refinance on **form HUD-2205-A**, signed by an authorized agent, with no accountant's opinion, balance sheet or income statement (MAP 13.10.3). It is filed after all critical repairs are complete and at least 15 days before closing; the lender submits it and HUD computes the maximum insurable mortgage in Section II of the form. Two rules differ from construction deals (MAP 13.18): - **No netting.** Savings on one line item cannot offset an overrun on another. - **Deferred repairs get a second certification.** Where non-critical repairs were escrowed, the borrower files a supplemental HUD-2205-A within 15 days of completing them. If actual costs were lower and the maximum insurable mortgage falls, the borrower covers the difference from the repair escrow, a deposit to the replacement reserve, or a prepayment to the lender. In a purchase where the allowable acquisition cost exceeds HUD's value estimate, the rent formula is recomputed. A 207/223(f) loan at 80% or less of value at firm commitment needs no cost certification at all. ## Where cost certification goes wrong HUD's review steps target a handful of problems: missing dates and signatures, identity-of-interest subcontractors that were never approved (their overhead and profit is disallowed), undisclosed liabilities, and items shown as paid that were actually paid with HUD-approved notes rather than cash (those are disallowed). Where discrepancies look like more than honest error, HUD refers the books to the Office of Inspector General and does not issue the HUD-92580 until that is resolved (MAP 13.27). The draw-side rules that feed the certification, from change orders to retainage, are in the [construction draws guide](/learn/hud-construction-draws-and-change-orders/). ## Questions ### What is a HUD cost certification? It is the borrower's certificate of the actual cost of the project, filed after construction or repairs are complete and before final endorsement. HUD reviews it and issues form HUD-92580, which sets the maximum insurable mortgage. If the certified costs support less than the loan that was closed, the mortgage is reduced. The National Housing Act (Section 227) is the source of the requirement. ### Which HUD loans are exempt from cost certification? Two kinds, both decided when the firm commitment is issued. A new construction or substantial rehabilitation loan that is 80% or less of cost on a deal with LIHTC, historic tax credit or New Markets Tax Credit equity, and a 207/223(f) purchase or refinance at 80% or less of value. Everything else certifies. Exempt tax credit deals can instead show HUD the final sources and uses from the state allocating agency. ### Does a HUD cost certification need a CPA? On the long form, yes: an independent CPA or independent public accountant who meets the Government Auditing Standards (Yellow Book) qualifications must give an opinion on the borrower's and, where required, the contractor's certificates, with an audited balance sheet. The simplified form, for projects of 40 units or fewer and for 223(f), needs no accountant's opinion. ### Does the contractor have to cost certify? Only if it has an identity of interest with the borrower or works under HUD's cost-plus contract. Identity-of-interest subcontractors, suppliers and equipment lessors also certify when their combined contracts exceed 0.5% of the mortgage. On a lump-sum contract with an unrelated contractor, the borrower certifies the contract price as adjusted by approved change orders. ### Can cost certification increase the HUD loan? It can, but rarely. A mortgage increase is considered only after completion and cost certification, for listed reasons such as differing site conditions, code changes, HUD-approved time extensions or a terminated contractor, and never for ordinary cost overruns. The MAP Guide says the increase must be greater than 2.5% of the original mortgage or $400,000, and the property's underwritten income has to support it. ### How does cost certification work on a 223(f) loan? The borrower certifies the total cost of the purchase or refinance on form HUD-2205-A after critical repairs are done and at least 15 days before closing, with no accountant's opinion, balance sheet or income statement. Savings on one line cannot offset an overrun on another. Deferred repairs get a supplemental certification within 15 days of completion, and lower actual costs can force a prepayment. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 13 (Cost Certification), including 13.18 Section 223(f) Modified Form](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, 3.2.5 Cost Certification, 8.15.6 Pre-Cost Certification Conference, 12.2.3 and 12.7.7](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [12 U.S.C. 1715r, Requirement of builder's cost certification (Section 227 of the National Housing Act)](https://www.law.cornell.edu/uscode/text/12/1715r) - [24 CFR 200.95, Certification of cost requirements](https://www.ecfr.gov/current/title-24/section-200.95) - [HUD form HUD-92330, Mortgagor's Certificate of Actual Cost](https://www.hud.gov/sites/dfiles/OCHCO/documents/92330.pdf) - [HUD form HUD-2205-A, Borrower's Certificate of Actual Cost (Section 207 pursuant to 223(f))](https://www.hud.gov/sites/dfiles/OCHCO/documents/2205-a.pdf) ## Related - https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/lihtc-and-hud/ - https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/ - https://hudmultifamily.loan/learn/annual-financial-statements/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ --- Canonical page: https://hudmultifamily.loan/learn/cost-certification/ 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 # HUD multifamily glossary > HUD multifamily lending has its own vocabulary: program sections such as 223(f) and 221(d)(4), process terms such as firm commitment and initial endorsement, and post-closing rules such as surplus cash, the reserve for replacements and TPA. This glossary defines 99 of them in a sentence or two, with figures current to October 2026 and a link to the page that covers each in depth. - URL: https://hudmultifamily.loan/learn/glossary/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Start here Terms are grouped by first letter. Figures are current as of October 30, 2026; links go to the page that explains each in depth. ## A **Affordable housing (FHA definition).** A property with recorded LIHTC-level income restrictions (20% of units at 50% of area median income or 40% at 60%) for at least 15 years after final endorsement, or a Section 8 HAP contract on 90% of units with 15 or more years left. It qualifies for 90% leverage at 1.11x. See [LIHTC and HUD](/learn/lihtc-and-hud/). **Aggregate cost limit.** The dollar test for substantial rehabilitation: the 2026 base of $20,406 per unit, times the local high cost percentage, times the number of units. Work above it needs [221(d)(4)](/programs/221d4/). **Annual financial statement.** The GAAP report, audited by an independent CPA, that every insured owner files within 90 days of fiscal year end. See [annual financial statements](/learn/annual-financial-statements/). **APPS.** The Active Partners Performance System, HUD's electronic system for previous participation certifications and flags. See [previous participation](/learn/previous-participation-2530/). **Assumption.** A buyer taking over an existing FHA-insured loan with HUD's approval through a Transfer of Physical Assets. See [assuming a HUD loan](/learn/hud-loan-assumption/). **Assurance of completion.** Security for finishing construction or repairs, such as payment and performance bonds, cash or a letter of credit. ## B **Borrower advances.** Money an owner lends to its own property. They can be repaid only with HUD approval or from surplus cash when distributions are allowed. **BSPRA.** Builder's and Sponsor's Profit and Risk Allowance, a 10% allowance a profit-motivated borrower may count toward cost on a construction loan when the builder and sponsor share an identity of interest. It is mortgageable but is not cash. **Build-to-rent (BTR).** Communities of detached houses, duplexes or triplexes built to rent. Eligible under 221(d)(4) and, when recently completed, 223(f) since Mortgagee Letter 2026-12. ## C **Capital needs assessment (CNA).** A third-party report on a property's physical condition and a plan for funding future repairs and replacements, prepared in HUD's CNA e-Tool. A new one is required at least every ten years. See [replacement reserves](/learn/replacement-reserves/). **Cash-out.** Equity taken out in a 223(f) refinance, capped at the greater of 80% of value or the actual cost to refinance. **CHAP.** Commitment to enter into a Housing Assistance Payments contract, the document HUD issues when it selects a public housing project for a RAD conversion. See [RAD](/learn/rad-and-hud/). **Concept meeting.** An optional early meeting between the lender and HUD to flag issues on a proposed deal before the application goes in. See the [timeline guide](/learn/hud-loan-timeline/). **Controlling participant.** Anyone subject to previous participation review: owners, borrowers, management agents, general contractors, master tenants, and those controlling them, including 25% owners. **Cost certification.** A CPA-certified accounting of actual construction or repair costs, required before final endorsement on construction loans. **Critical repairs.** Repairs that must be finished before initial endorsement because they affect health, safety, security, access or code compliance. ## D **Davis-Bacon.** The federal prevailing wage law. It applies to 221(d)(4), 220, 231 and most 241(a) work, not to 223(f) or 223(a)(7). See [Davis-Bacon](/learn/davis-bacon/). **DSCR (debt service coverage ratio).** Net operating income divided by annual debt service including MIP. HUD's minimums are 1.15x for market rate and 1.11x for affordable. **Defeasance.** Replacing a loan's collateral with securities so it can be released early. Common in CMBS and agency loans, not typical on HUD loans. See [HUD prepayment](/learn/hud-prepayment/). **Direct-to-firm.** Submitting a construction loan straight to firm application, skipping the pre-application stage. **Distribution.** Any withdrawal of project cash or assets other than for reasonable operating expenses. Allowed only from surplus cash. See [surplus cash](/learn/surplus-cash/). ## E **Endorsement.** HUD's signature on the note that puts FHA insurance in force. See initial endorsement and final endorsement. **Environmental review.** HUD's review of a site's environmental conditions, documented in HEROS and supported by a Phase I environmental site assessment. **Equity bridge loan.** A loan that advances tax credit equity in a LIHTC deal. It must be non-recourse to the borrower except for surplus cash. **Estimate Period.** The span of a CNA's capital plan: the lesser of 20 years or two years plus the remaining loan term. ## F **FHA.** The Federal Housing Administration, the part of HUD that insures mortgages, including apartment loans under the National Housing Act. **FHA number.** The eight-digit project number HUD assigns each insured loan, used in HUD's data files and on this site's [property pages](/data/). **Final endorsement.** HUD's endorsement after construction is complete and costs are certified, when the permanent loan amount is fixed. **Firm application.** The full application package a lender submits for a firm commitment. **Firm commitment.** HUD's approval to insure a specific loan on stated terms. It can be extended to no more than 180 days from issuance, plus a discretionary 60 days for good cause with HUD Headquarters approval. **Flags.** Risk markers HUD records in APPS against participants for problems such as claims, defaults, late financial statements or low inspection scores. Three tiers. ## G **Ginnie Mae project loan security.** A security guaranteed by Ginnie Mae and backed by an FHA-insured multifamily loan, often used to fund HUD loans. Its terms usually set the loan's prepayment penalty. **Green MIP.** A reduced premium for green-certified properties from 2016 to 2025. Eliminated by the 2025 MIP notice, along with its green riders. See [HUD MIP](/learn/hud-mip/). ## H **HAP contract.** A Housing Assistance Payments contract under which HUD or a contract administrator pays part of tenants' rent under project-based Section 8. See [Section 8 HAP refinancing](/learn/section-8-hap-refinance/). **HEROS.** HUD's online system for recording environmental reviews. **High cost percentage.** A multiplier HUD applies to statutory per-unit limits in expensive areas: 270% for listed cities in 2026, up to 315% project by project, 405% in Alaska, Hawaii, Guam and the U.S. Virgin Islands. See [statutory limits](/learn/statutory-limits/). **HUD-2530.** The Previous Participation Certification form, the paper alternative to APPS. **HUD-92266.** The Application for Transfer of Physical Assets, signed by buyer, seller and normally the lender. **HUD-92466M.** The regulatory agreement form for insured multifamily projects. See [regulatory agreement](/learn/regulatory-agreement/). **HUD-93486.** The worksheet for computing surplus cash, distributions and residual receipts. ## I **Identity of interest.** A relationship between parties to a deal, such as buyer and seller or sponsor and builder. In a 223(f) acquisition it generally makes HUD treat the deal as a refinance. **Initial endorsement.** HUD's endorsement of the note at loan closing, when insurance takes effect. The rate must be locked by then. **Insurance of advances.** A construction loan structure in which HUD insures each construction draw as it is advanced. **Insurance upon completion.** A structure in which HUD insures the loan only after construction is finished. **Invitation letter.** HUD's response to a satisfactory pre-application, inviting a firm application. Valid 120 days. ## L **Large loan.** A loan at or above HUD's large-loan threshold, $130 million for 2026, which is sized more conservatively and needs extra reserves and sponsor strength. **Lender fees.** Financing and placement fees, capped at 3.5% of the loan (5.5% with bonds), not counting third-party report costs. See [HUD loan fees](/learn/hud-loan-fees/). **LIHTC.** The low-income housing tax credit, the main federal subsidy for affordable rental production, often paired with FHA loans. **LIHTC pilot.** HUD's streamlined processing tracks for tax credit deals: Housing Notice 2012-1 for 223(f) and H 2019-03 for 221(d)(4) and 220. Current operating status is not confirmed. **LTC (loan to cost).** The loan as a percentage of total development cost; HUD's construction sizing test, 87% market and 90% affordable. **LTV (loan to value).** The loan as a percentage of appraised value; HUD's 223(f) sizing test, 87% market and 90% affordable. ## M **MAP.** Multifamily Accelerated Processing, HUD's system in which approved lenders prepare and underwrite applications for HUD review. **MAP Guide.** HUD Handbook 4430.G, the rulebook for MAP loans. The 2020 edition, effective March 18, 2021, is still in force, amended by Mortgagee Letters. **Mark-to-Market.** A HUD program that restructured debt on properties with above-market Section 8 rents, leaving HUD-held notes that need HUD's consent on a sale or refinance. **Middle Income.** A 221(d)(4) tier created by ML 2026-01 for properties that generally target at least half the units to households at or below 120% of area median income under a state, local or military program: 90% of cost at 1.11x. **MIP.** Mortgage insurance premium, 0.25% upfront and 0.25% a year for every FHA multifamily program on applications from October 1, 2025. See [HUD MIP](/learn/hud-mip/). **Modified TPA.** HUD's limited review of a transfer of interests in the owning entity, such as more than 50% of a partnership, without a deed transfer. **Mortgagee Letter.** A HUD notice to approved lenders that changes program rules, such as ML 2025-03 on leverage and coverage. ## N **Non-critical repairs.** Repairs that can be finished after closing, funded through a repair escrow, normally within 12 months. **Non-recourse.** The borrower's principals are not personally liable for repaying the loan, except for the bad acts listed in the regulatory agreement's Section 50 addendum. **NSPIRE.** National Standards for the Physical Inspection of Real Estate, HUD's inspection standard since 2023. See [NSPIRE inspections](/learn/nspire-inspections/). ## O **OCAF.** Operating cost adjustment factor, HUD's annual index for adjusting many Section 8 contract rents. ## P **PBCA.** Performance Based Contract Administrator, an agency that administers Section 8 HAP contracts for HUD. **PBRA.** Project-based rental assistance, Section 8 assistance tied to a property and generally administered by HUD's Office of Housing. **PBV.** Project-based vouchers, voucher assistance attached to a property and administered by a public housing agency. **Phase I ESA.** A Phase I environmental site assessment, required third-party report on site contamination risk. See [third-party reports](/learn/third-party-reports/). **Pre-application.** The first stage of two-stage construction processing, ending in an invitation letter. **Prepayment bar.** The statutory five-year prohibition on prepaying a 223(f) loan, with exceptions. See [HUD prepayment](/learn/hud-prepayment/). **Previous participation review.** HUD's review of each controlling participant's record on HUD properties before a loan or approval. See [the 2530 guide](/learn/previous-participation-2530/). ## R **RAD.** The Rental Assistance Demonstration, which converts public housing to project-based Section 8 so it can carry private debt, including FHA loans. See [RAD and HUD](/learn/rad-and-hud/). **Rate lock.** Fixing the note rate, negotiated with the lender, before initial endorsement. **REAC.** HUD's Real Estate Assessment Center, which runs physical inspections and financial assessments. Old inspection scores are often still called REAC scores. **Regulatory agreement.** The recorded agreement between the owner and HUD that governs an insured property for the life of the loan. See [regulatory agreement](/learn/regulatory-agreement/). **Rent comparability study.** A study of market rents used to set or renew Section 8 contract rents. **Replacement reserve.** The reserve for replacements, an escrow held by the lender for replacing major building components, with a minimum first-year deposit of $250 per unit. See [replacement reserves](/learn/replacement-reserves/). **Residual receipts.** Surplus cash that nonprofit and some limited-dividend owners must deposit in a HUD-controlled account instead of distributing. **Risk sharing.** FHA insurance under Section 542(b) or 542(c) where a housing finance agency or other partner shares the loss with HUD. See [risk sharing](/programs/risk-sharing/). ## S **Section 207.** The National Housing Act's base rental housing section. 223(f) loans are insured under Section 207 pursuant to 223(f). See [207](/programs/207/). **Section 213.** FHA insurance for cooperative housing. See [213](/programs/213/). **Section 220.** FHA insurance for housing in urban renewal and revitalization areas, including Opportunity Zones, with a higher commercial income allowance. See [220](/programs/220/). **Section 221(d)(4).** FHA insurance for new construction or substantial rehabilitation of rental housing. See [221(d)(4)](/programs/221d4/). **Section 223(a)(7).** A streamlined refinance of an existing FHA-insured loan, with no cash-out. See [223(a)(7)](/programs/223a7/). **Section 223(f).** FHA insurance for buying or refinancing an existing apartment property. See [223(f)](/programs/223f/). **Section 231.** FHA insurance for housing for the elderly or people with disabilities. See [231](/programs/231/). **Section 232.** FHA insurance for nursing homes and assisted living, run by HUD's Office of Healthcare Programs under its own handbook. Outside this site's scope. **Section 241(a).** A supplemental loan on a property with an FHA-insured first mortgage, for repairs, improvements or additions. See [241(a)](/programs/241a/). **Section 50 addendum.** The non-recourse clause of the regulatory agreement, listing the acts for which principals are personally liable. **Single-asset entity.** The borrower structure HUD requires: an entity that owns only the insured property. **Statutory limits.** Per-unit maximum loan amounts set in the National Housing Act, indexed each year and multiplied by the high cost percentage. The ROAD to Housing Act (July 2026) raised the base amounts, but HUD has not yet implemented them, so loans are still sized on the CY2026 indexed table. See [statutory limits](/learn/statutory-limits/). **Substantial rehabilitation.** Renovation whose aggregate cost exceeds HUD's per-unit limit ($20,406 base for 2026, times the high cost percentage). It needs 221(d)(4) rather than 223(f). **Surplus cash.** Project cash left after next month's debt payments, required reserves, tenant deposits and 30-day bills are set aside. The only source of owner distributions. See [surplus cash](/learn/surplus-cash/). **Sustaining occupancy.** The occupancy at which a newly built property covers its costs; HUD's standard is six months at 1.0x debt service coverage. ## T **TAP.** Traditional Application Processing, HUD's non-MAP route, used for programs such as Section 213 co-ops and by lenders not approved for MAP. **Third-party reports.** The appraisal, capital needs assessment, Phase I and other reports that support a HUD application. See [third-party reports](/learn/third-party-reports/). **TPA (Transfer of Physical Assets).** HUD's approval of a change in ownership or control of a property with an insured or HUD-held loan. The fee is $0.50 per $1,000 of the original loan. See [assuming a HUD loan](/learn/hud-loan-assumption/). **Two-stage processing.** Construction loan processing through pre-application and then firm application, instead of direct-to-firm. ## U **Undocumented expense.** A project expense without enough documentation to show its basis. The regulatory agreement makes it ineligible. **Use agreement.** A recorded agreement keeping a property in rental or affordable use for a set period, such as a 223(f) use agreement or a RAD use agreement. ## W **Working capital escrow.** Cash a construction borrower deposits at closing, 4% of the loan for new construction and 2% for substantial rehab. ## Questions ### What is the difference between HUD and FHA in multifamily lending? FHA, the Federal Housing Administration, is part of HUD, the Department of Housing and Urban Development. FHA's multifamily programs insure loans that HUD-approved lenders make on apartment properties, and HUD's Office of Multifamily Housing runs the underwriting and asset management. People use "HUD loan" and "FHA loan" interchangeably for these. ### What is a MAP lender? A lender approved by HUD to submit applications under Multifamily Accelerated Processing, the system in which the lender prepares and underwrites most of the application and HUD reviews it. ### What does endorsement mean on a HUD loan? Endorsement is HUD's signature on the note that puts FHA insurance in force. Initial endorsement happens at closing; on construction loans, final endorsement follows completion and cost certification. On a 223(f) refinance the two usually happen together. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, including its glossary](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD Mortgagee Letter 2026-05, CY2026 high cost percentages, sub-rehab and large-loan thresholds](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [HUD Mortgagee Letter 2026-01, Middle Income Housing option for 221(d)(4)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [HUD Mortgagee Letter 2026-12, build-to-rent underwriting eligibility](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18)](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) - [24 CFR part 200, subpart H, previous participation](https://www.ecfr.gov/current/title-24/subtitle-B/chapter-II/subchapter-A/part-200/subpart-H) - [24 CFR part 5, subpart G, National Standards for the Physical Inspection of Real Estate](https://www.ecfr.gov/current/title-24/subtitle-A/part-5/subpart-G) - [HUD Handbook 4350.1 REV-1, chapter 13, Transfer of Physical Assets](https://www.hud.gov/sites/documents/doc_25517.pdf) - [HUD, RAD Notice REV-4 as amended by Supplemental Notices 4B and 4C](https://www.hud.gov/sites/dfiles/Housing/documents/RAD_Notice_Rev4_Final_as_amended_by_Supplemental_4B_and_4C_Master_Version.pdf) - [12 U.S.C. 1715n, Section 223 of the National Housing Act](https://www.law.cornell.edu/uscode/text/12/1715n) ## Related - https://hudmultifamily.loan/programs/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/223f-vs-221d4/ --- Canonical page: https://hudmultifamily.loan/learn/glossary/ 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 # HUD multifamily loan fees: every charge, with a worked $20 million example > On a HUD 223(f) or 221(d)(4) loan, HUD charges a 0.30% application fee, an inspection fee and an upfront MIP (0.25%, or 0.25% per construction year on 221(d)(4)). Lender financing and placement fees are capped at 3.5% of the loan (5.5% with bonds), and third-party reports are financed outside that cap. On a hypothetical $20 million 223(f) loan, HUD's own charges come to about $116,000. - URL: https://hudmultifamily.loan/learn/hud-loan-fees/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Costs ## Key facts | Item | Value | |---|---| | Application fee | 0.30% (0.15% for 223(a)(7)) | | Opportunity Zone fee | 0.20% for 221(d)(4), 220, 223(f) | | Inspection fee, NC | 0.50% of the mortgage | | Inspection fee, 223(f) | $1,500, $30/unit or 1% of repairs | | Upfront MIP | 0.25% (refinance programs) | | Annual MIP | 0.25% | | Lender fee cap | 3.5% (5.5% bond deals) | | 223(a)(7) lender cap | 3.5% to $2M, 2.0% above | | Reopening fee | $0.50 per $1,000 | ## The fee table These are the charges the MAP Guide fixes. Everything else on a HUD closing statement (third-party reports, title, survey, borrower's counsel) is priced by the provider, not by HUD. | Fee | Who sets it | Amount | When it is paid | |---|---|---|---| | HUD application ("exam") fee | HUD | 0.30% of the requested loan | Firm application (market-rate NC/SR: half at pre-application) | | Application fee, 223(a)(7) | HUD | 0.15% | Firm application | | Application fee, Opportunity Zone | HUD | 0.20% (221(d)(4), 220, 223(f)) | Firm application | | Inspection fee, new construction | HUD | 0.50% of the mortgage | Initial endorsement | | Inspection fee, substantial rehab | HUD | 0.50% of total improvement costs | Initial endorsement | | Inspection fee, 223(f) | HUD | see the repair schedule below | Initial endorsement | | Inspection fee, 223(a)(7) | HUD | none, even with repairs | n/a | | Upfront MIP | HUD | 0.25% of the loan (refinance programs) | Initial endorsement | | Annual MIP | HUD | 0.25% a year | Monthly with the payment | | Lender financing and placement fees | Lender, capped by HUD | up to 3.5% (5.5% with bonds) | Closing | | Firm commitment reopening fee | HUD | $0.50 per $1,000 | With the reopening request | The application fee is earned when HUD accepts the application for processing. If the loan is rejected or you walk away, it is not refunded. ## The 223(f) inspection fee schedule For a 223(f) purchase or refinance, the inspection fee follows the size of the repair scope, not the loan: | Repairs and improvements | Inspection fee | |---|---| | Less than $100,000 in total | $1,500 (HUD may reduce it if the lender takes on the inspection) | | More than $100,000 in total and $3,000 or less per unit | $30 per unit | | More than $3,000 per unit | the greatest of $30 per unit, 1% of repair cost, or $1,500 | New construction pays $5 per $1,000 of the mortgage, and substantial rehabilitation pays $5 per $1,000 of total improvement costs. The fee is no longer calculated on BSPRA or SPRA. ## The lender fee cap For every program except 223(a)(7), the lender's financing and placement fees, in any combination of origination, financing and permanent placement, may total no more than **3.5% of the mortgage**, and that 3.5% must also cover the lender's legal fee. In bond transactions the cap is 5.5%. Three things sit outside the cap: - **Third-party reports.** The appraisal, market study, capital needs assessment and similar reports are mortgageable soft costs and do not count against the 3.5%. - **MIP.** It is a HUD charge, not a lender fee. - **Prepayment costs on the debt you are paying off.** Defeasance or yield maintenance on existing debt can be included in a 223(f) loan up to 10% of the FHA loan amount. The MAP Guide also bars lenders from advancing discount fees on the borrower's behalf without a written HUD waiver. A February 2026 HUD drafting-table document would make discount fees mortgageable inside the 3.5% cap and allow 4.5% on loans of $2 million or less. **That is a draft only.** No final Mortgagee Letter has been issued, so the 3.5% cap stands. If a mortgage broker or advisor brings the deal to a MAP lender, the MAP Guide (section 2.4) requires that their fee be paid from the lender's fees and disclosed in the lender's underwriting narrative. ### 223(a)(7) uses a two-tier cap A 223(a)(7) streamlined refinance caps lender fees at 3.5% of the first $2,000,000 and 2.0% of everything above $2,000,000 (5.5% and 4.0% in bond deals). Lender legal fees are left out of that calculation. ## Opportunity Zone reduction For properties in a qualified Opportunity Zone, the application fee on 221(d)(4), 220 and 223(f) drops from 0.30% to **0.20%**. The MAP Guide also lists a 0.10% fee for Opportunity Zone properties that were "Broadly Affordable" under HUD's 2016 MIP notice. The September 2025 MIP notice eliminated the Broadly Affordable category, and HUD has not said how the 0.10% tier applies now. Ask the lender to confirm with the HUD office before counting on it. ## MIP, the fee that changed most Since applications submitted or amended on or after October 1, 2025, every FHA multifamily program pays **0.25% upfront and 0.25% a year**. A market-rate 223(f) used to pay 1.00% upfront and 0.60% a year. Construction loans pay the annual rate for each year of construction (rounded up) at initial endorsement. The [MIP guide](/learn/hud-mip/) has the history and the mechanics. ## Worked example: a hypothetical $20,000,000 223(f) loan **This is a hypothetical deal to show the arithmetic, not a quote.** Assumptions: 200 units, market rate, not in an Opportunity Zone, $500,000 of repairs ($2,500 per unit), application filed after October 1, 2025. | Line | Calculation | Amount | |---|---|---| | HUD application fee | $20,000,000 x 0.30% | $60,000 | | Upfront MIP | $20,000,000 x 0.25% | $50,000 | | HUD inspection fee | repairs over $100,000 and $3,000/unit or less: 200 units x $30 | $6,000 | | **HUD charges, total** | | **$116,000 (0.58% of the loan)** | | Lender financing, placement and legal fees | maximum allowed: $20,000,000 x 3.5% | up to $700,000 | | **HUD charges plus the maximum lender fees** | | **up to $816,000 (4.08%)** | | Annual MIP, first year | about $20,000,000 x 0.25% | about $50,000 | What the table leaves out, because HUD does not set it: the appraisal, capital needs assessment and Phase I environmental report, title and survey, your own legal counsel, and any rate lock or Ginnie Mae execution costs. Get those as quotes. Two other cash items show up on many 223(f) closings: - **Repair escrow.** Non-critical repairs finished after closing are escrowed at 120% of cost. On $500,000 of deferred repairs that is a $600,000 escrow, and the extra 20% ($100,000) cannot be financed. For affordable deals and 223(a)(7) loans the extra can drop to 10%. - **Replacement reserve.** Every HUD loan funds a reserve for replacements; the initial deposit and monthly amount come out of the capital needs assessment, so they vary property by property. **If the repairs were larger.** At $1,000,000 of repairs ($5,000 per unit), the inspection fee becomes the greatest of $6,000 (200 x $30), $10,000 (1% of repairs) or $1,500, so $10,000. **If the property were in an Opportunity Zone.** The application fee would be $40,000 (0.20%), saving $20,000. **Under the old MIP.** The same loan as market rate before October 2025 would have paid $200,000 upfront (1.00%) and about $120,000 in the first year (0.60%), so $150,000 more at closing and about $70,000 more in year one. ### The same $20,000,000 as a 223(a)(7) | Line | Calculation | Amount | |---|---|---| | Application fee | $20,000,000 x 0.15% | $30,000 | | Inspection fee | none for 223(a)(7) | $0 | | Upfront MIP | $20,000,000 x 0.25% | $50,000 | | Maximum lender fees | 3.5% x $2,000,000 + 2.0% x $18,000,000 | up to $430,000 | ## If the firm commitment expires A firm commitment can be extended to no more than 180 days from issuance, plus a discretionary 60 days for good cause with HUD Headquarters approval. After that, reopening costs **$0.50 per $1,000** ($10,000 on a $20 million loan), the request must reach HUD within 90 days of expiration, and the file needs updated third-party reports and mortgage credit documents. Rate lock delays can also trigger Ginnie Mae investor extension fees, which the MAP Guide leaves to the lender and borrower. The [timeline guide](/learn/hud-loan-timeline/) covers how to avoid that. ## Questions ### What are HUD 223(f) closing costs? HUD's own charges are the 0.30% application fee, the 0.25% upfront MIP and an inspection fee that depends on the repair scope (often $1,500 or $30 a unit). On top of those sit lender financing and placement fees, capped at 3.5% of the loan including the lender's legal fee, and third-party reports, title, survey and your own counsel, which are priced by the providers. Most of these costs can be financed into the loan. ### How much is the HUD application fee? $3 per $1,000 of the requested loan (0.30%) for 223(f), 221(d)(4), 220, 231 and Section 213, and $1.50 per $1,000 (0.15%) for a 223(a)(7) refinance. Properties in a qualified Opportunity Zone pay 0.20% on 221(d)(4), 220 and 223(f). The fee is earned when HUD accepts the application and is not refunded. ### Is the 3.5% lender fee cap the same on every loan? Yes for 223(f), 221(d)(4), 220, 231 and 241(a): 3.5% of the mortgage, including the lender's legal fee, or 5.5% in a bond transaction. A 223(a)(7) refinance uses a two-tier cap instead: 3.5% of the first $2 million and 2.0% of the amount above it. A February 2026 HUD draft proposed a 4.5% cap for loans of $2 million or less, but it has not been issued as a final Mortgagee Letter. ### Can HUD loan fees be financed? Most can. Third-party report costs are mortgageable soft costs outside the 3.5% lender cap, and the upfront MIP is capitalized. Whether a given cost actually fits inside the loan depends on which sizing test controls; on a deal limited by debt service coverage or loan to value, extra mortgageable costs do not raise the loan amount. ### Do I pay the application fee twice on a construction loan? No, but it is split. On a market-rate 221(d)(4) new construction or substantial rehabilitation deal, half of the 0.30% is due with the pre-application and half with the firm application. Affordable construction deals and every refinance or acquisition pay the whole fee at the firm application. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.1.8 application fee, 3.1.9 inspection fee, 3.1.11 lender fees, 3.1.36 Opportunity Zones, 4.2.1.5 reopening fee](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapter 18.3.7: Section 223(a)(7) fees](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [81 FR 18473, Changes in certain multifamily mortgage insurance premiums (Mar. 31, 2016)](https://www.govinfo.gov/content/pkg/FR-2016-03-31/pdf/2016-07405.pdf) - [HUD draft Mortgagee Letter, Multifamily Improvements for MAP Efficiency (drafting table, Feb. 2026; not final)](https://www.hud.gov/sites/default/files/hudclips/documents/ML2026-xxMIME2026-02-26-Drafting-Table.pdf) ## Related - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ - https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/ - https://hudmultifamily.loan/learn/opportunity-zones-and-hud/ --- Canonical page: https://hudmultifamily.loan/learn/hud-loan-fees/ 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 # HUD multifamily MIP: 0.25% for every program since October 2025 > Every FHA multifamily program now carries a mortgage insurance premium of 0.25% upfront and 0.25% a year, the lowest rate the statute allows. The rate applies to applications submitted or amended on or after October 1, 2025 (90 FR 45789). Loans already endorsed keep the premium in their commitment; a 223(a)(7) refinance is the usual way to move one to 0.25%. - URL: https://hudmultifamily.loan/learn/hud-mip/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Costs ## Key facts | Item | Value | |---|---| | Annual MIP | 0.25%, all MF programs | | Upfront MIP | 0.25% (refinance), 0.25% x construction years (NC/SR) | | Applies to | Applications submitted or amended on/after Oct. 1, 2025 | | Legal floor | 0.25% (12 U.S.C. 1709(c)(1)) | | Green / affordable MIP | Eliminated | | Endorsed loans | Keep their old rate | | Risk share 542(b)/(c) | 0.25% x FHA's share of risk | | Section 232 | Not in the notice | ## The current rate, by program HUD's notice of September 23, 2025 (90 FR 45789) set one premium for every FHA multifamily insurance program it lists. The table is HUD's summary table, in basis points (100 bps = 1%). | Section of the National Housing Act | Prior upfront | **New upfront** | Prior annual | **New annual** | |---|---|---|---|---| | 207 multifamily, new construction / sub rehab | 70 | **25** | 70 | **25** | | 207 manufactured home parks | 70 | **25** | 70 | **25** | | 221(d)(4) new construction / sub rehab | 65 | **25** | 65 | **25** | | 220 urban renewal housing | 70 | **25** | 70 | **25** | | 213 cooperatives | 70 | **25** | 70 | **25** | | 207/223(f) purchase or refinance | 100 | **25** | 60 | **25** | | 223(a)(7) refinance | 50 | **25** | 50 | **25** | | 231 elderly housing | 70 | **25** | 70 | **25** | | 241(a) supplemental loans | 95 | **25** | 95 | **25** | | 542(b) and 542(c) risk sharing | 25 | 25 x FHA share | 25 | 25 x FHA share | | Broadly Affordable, Affordable, Green categories | 25 / 35 / 25 | **eliminated** | 25 / 35 / 25 | **eliminated** | "Prior" is the market-rate premium. Before the notice, most deals actually paid less: HUD reported that from March 2024 to March 2025, 96% of 221(d)(4) and 223(f) closings used one of the reduced categories and only 4% paid the market rate. For risk-share loans, the 0.25% is multiplied by the share of risk FHA carries: 12.5 bps at 50%, 18.75 bps at 75%, 22.5 bps at 90%. **Section 232 is not in the table.** Nursing homes and assisted living are insured by HUD's Office of Healthcare Programs, and the notice lists multifamily housing sections only. Do not assume 232 pays 0.25%; check with that office. ## Which loans get 0.25% The rate applies to any application **submitted or amended on or after October 1, 2025**, as long as the loan had not been initially endorsed. That second clause matters: a deal already in process under an older application could reach the new rate by amending its application before closing. What it does not do: - **Endorsed loans keep their rate.** HUD considered retroactive cuts and declined, saying the insurance fund relies on the premium agreed at closing. The MAP Guide (section 3.1.10) also fixes the MIP in the firm commitment; it cannot change after initial endorsement. - **It is the floor.** The statute allows 0.25% to 1.0% a year (12 U.S.C. 1709(c)(1)), so there is no lower rate to wait for without new legislation. ### How an owner on an older premium gets to 25 bps A loan endorsed under the 2016 rules typically pays 0.60% (market-rate 223(f)), 0.65% (market-rate 221(d)(4)), or 0.35% (affordable). A **[223(a)(7) streamlined refinance](/programs/223a7/)** is a new FHA application, so it is priced at 0.25% upfront and 0.25% a year. It can also lower the note rate if market rates allow and extend the term by up to 12 years. It cannot take cash out. The [MIP savings calculator](/tools/mip-savings-calculator/) runs the math on a specific loan. ## How the premium is collected **Refinance and acquisition (223(f), 223(a)(7)).** The upfront premium equals the first year's annual MIP and is capitalized at initial endorsement. Annual MIP is then paid monthly with debt service. **New construction and substantial rehabilitation with insurance of advances (221(d)(4), 220, 231).** The upfront premium is the annual rate times the number of construction years, rounded up to the next whole year. Example: a 20-month construction period on a hypothetical $40,000,000 221(d)(4) rounds up to two years, so the capitalized MIP at initial endorsement is 2 x 0.25% x $40,000,000 = $200,000. MIP collected between initial and final endorsement is reconciled at final endorsement. **Debt service coverage includes MIP.** HUD's coverage test counts principal, interest and MIP, so the cut raised loan proceeds on deals sized by coverage, not only lowered the cost. ## Green MIP is gone From 2016 to September 2025, a property with a qualifying green building certification and annual energy benchmarking paid 0.25% under the Green and Energy Efficient category. The 2025 notice eliminated it along with the Affordable and Broadly Affordable categories. It went further for loans already closed under Green MIP: the initial green certification evidence, the annual energy performance reporting and the green regulatory rider "are fully eliminated and are no longer of force and effect." Those loans keep their 0.25% rate without the reporting. The notice also dropped the 5% loan-fee limits that applied to Green and Broadly Affordable deals; standard MAP Guide fee rules now apply. MAP Guide chapter 6 still describes the Green MIP, but that part is superseded. ## MIP history, dated Annual MIP in basis points; upfront in parentheses where it differs. Each row cites the Federal Register notice that set or carried the rates. | Period | 221(d)(4) | 223(f) | 223(a)(7) | 241(a) | 207, 220, 213, 231 | Any section with LIHTC | Source | |---|---|---|---|---|---|---|---| | Firm commitments before Oct. 1, 2012 (FY2012) | 45 | 45 (100) | 45 | 80 | 50 | 45 | [77 FR 49007](https://www.govinfo.gov/content/pkg/FR-2012-08-15/pdf/2012-20045.pdf), "current" rates | | Oct. 1, 2012 to Sept. 30, 2013 (FY2013) | 65 | 60 (100) | 50 (50) | 95 | 70 | 45 | [77 FR 49007](https://www.govinfo.gov/content/pkg/FR-2012-08-15/pdf/2012-20045.pdf) | | FY2014, unchanged | 65 | 60 (100) | 50 (50) | 95 | 70 | 45 | [78 FR 59366](https://www.govinfo.gov/content/pkg/FR-2013-09-26/pdf/2013-23473.pdf) | | FY2015, unchanged | 65 | 60 (100) | 50 (50) | 95 | 70 | 45 | [79 FR 18049](https://www.govinfo.gov/content/pkg/FR-2014-03-31/pdf/2014-07153.pdf) | | FY2016 to Mar. 31, 2016, unchanged | 65 | 60 (100) | 50 (50) | 95 | 70 | 45 | [80 FR 59809](https://www.govinfo.gov/content/pkg/FR-2015-10-02/pdf/2015-25149.pdf) | | Apr. 1, 2016 to Sept. 30, 2025: market rate | 65 | 60 (100) | 50 | 95 | 70 | see next row | [81 FR 18473](https://www.govinfo.gov/content/pkg/FR-2016-03-31/pdf/2016-07405.pdf) | | Apr. 1, 2016 to Sept. 30, 2025: Affordable / Broadly Affordable / Green | 35 / 25 / 25 | 35 / 25 / 25 (same upfront) | 35 / 25 / 25 | 35 / 25 / 25 | 35 / 25 / 25 (213: market only) | replaced by these categories | [81 FR 18473](https://www.govinfo.gov/content/pkg/FR-2016-03-31/pdf/2016-07405.pdf) | | **Applications on or after Oct. 1, 2025** | **25** | **25 (25)** | **25** | **25** | **25** | **25** | [90 FR 45789](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) | The 2012 and 2016 notices applied to firm commitments issued on or after their effective dates (the FY2013 notice exempted applications submitted before June 1, 2012); the 2025 notice applies by application date. Under the 2016 notice, Broadly Affordable meant 90% or more of units under LIHTC or Section 8, Affordable meant inclusionary zoning or 10% to 90% LIHTC or Section 8, and Green required a qualifying certification plus energy benchmarking. Section 223(d) operating loss loans were last priced at 80 bps in FY2012 and shown as not offered from FY2013; they do not appear in the 2016 or 2025 tables. ## Why a loan's vintage matters now Because endorsed loans keep their premium, two otherwise identical properties can carry very different insurance costs depending on when their commitment was issued and which category they qualified for. Before modeling a refinance, find the premium in the loan's firm commitment or regulatory documents rather than assuming the market rate for its year: a 2019 223(f) could be paying 0.60%, 0.35% or 0.25%. Then run the difference through the [MIP savings calculator](/tools/mip-savings-calculator/). ## Questions ### What is the HUD multifamily MIP after October 1, 2025? 0.25% upfront and 0.25% a year for every FHA multifamily program HUD lists: 223(f), 221(d)(4), 223(a)(7), 241(a), 220, 231, 213 and Section 207 new construction and manufactured home parks. It applies to applications submitted or amended on or after October 1, 2025 that had not been initially endorsed. ### What is the MIP on a HUD 223(f) loan? 0.25% at closing and 0.25% a year. Before October 2025 a market-rate 223(f) paid 1.00% upfront and 0.60% a year, and affordable or green deals paid 0.25% to 0.35%. ### Is the HUD Green MIP going away? It is gone. The September 2025 notice eliminated the Green and Energy Efficient, Affordable and Broadly Affordable categories because everyone now pays 0.25%. It also voided the green requirements on loans that closed under the Green MIP: the green regulatory rider and annual energy reporting are no longer in force. Those loans keep their 0.25% premium. ### Can I get the lower MIP on a loan that already closed? Not by asking. HUD declined to cut premiums retroactively on endorsed loans, and the MAP Guide fixes the MIP in the firm commitment. The way to reach 0.25% is a new application, usually a 223(a)(7) streamlined refinance of the existing FHA loan, which is priced under the current notice. ### Will HUD cut the MIP below 0.25%? Not without Congress. The National Housing Act sets the premium range at 0.25% to 1.0% a year, and HUD's notice says the new rate is the statutory minimum. No 2026 multifamily MIP notice has been published. ## Sources - [90 FR 45789, Changes in Mortgage Insurance Premiums Applicable to FHA Multifamily Insurance Programs, FR-6522-N-02 (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [90 FR 27331, proposed MIP changes, FR-6522-N-01 (June 26, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-06-26/pdf/2025-11814.pdf) - [81 FR 18473, Changes in certain multifamily mortgage insurance premiums (Mar. 31, 2016)](https://www.govinfo.gov/content/pkg/FR-2016-03-31/pdf/2016-07405.pdf) - [77 FR 49007, FY2013 multifamily MIP notice (Aug. 15, 2012)](https://www.govinfo.gov/content/pkg/FR-2012-08-15/pdf/2012-20045.pdf) - [78 FR 59366, FY2014 multifamily MIP notice (Sept. 26, 2013)](https://www.govinfo.gov/content/pkg/FR-2013-09-26/pdf/2013-23473.pdf) - [79 FR 18049, FY2015 multifamily MIP notice (Mar. 31, 2014)](https://www.govinfo.gov/content/pkg/FR-2014-03-31/pdf/2014-07153.pdf) - [80 FR 59809, FY2016 multifamily MIP notice (Oct. 2, 2015)](https://www.govinfo.gov/content/pkg/FR-2015-10-02/pdf/2015-25149.pdf) - [HUD MAP Guide, 2020 edition, section 3.1.10 Mortgage Insurance Premium](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [12 U.S.C. 1709(c)(1), premium range for FHA insurance](https://www.law.cornell.edu/uscode/text/12/1709) ## Related - https://hudmultifamily.loan/tools/mip-savings-calculator/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/map-guide/ - https://hudmultifamily.loan/changes/ --- Canonical page: https://hudmultifamily.loan/learn/hud-mip/ 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 # HUD multifamily statutory loan limits for 2026 > HUD caps each multifamily loan at a per-unit limit by bedrooms and elevator type, times a high cost percentage. For 2026 the base limits rose 2.3% (91 FR 24597, FR Doc. 2026-08795), Alaska, Hawaii, Guam and the Virgin Islands use a 405% multiplier, every other listed area uses 270%, and High Cost Areas can reach 315% project by project. Congress raised the base amounts in July 2026; HUD has not implemented them yet. - URL: https://hudmultifamily.loan/learn/statutory-limits/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | CY2026 index | +2.3% (CPI-U), effective Jan. 1, 2026 | | Standard multiplier | 270% in every other listed area | | High Cost Area waiver | Up to 315%, project by project | | Special Limit Areas | 405% (AK, HI, Guam, USVI) | | Sub rehab threshold | $20,406 per unit x HCP | | Large loan threshold | $130 million | | ROAD to Housing Act | New base amounts enacted July 11, 2026; HUD implementation pending | ## How the limit works The statutory limit is one of the tests HUD uses to size a loan (Criterion 4 on form HUD-92264-A). The loan is the **lowest** of all the tests, so the statutory limit only matters when it comes out below the value, cost and coverage tests. The calculation, unit type by unit type: **units of that type x per-unit base limit (by bedrooms, elevator or not) x high cost percentage** Add the unit types together, and adjust for costs not attributable to dwelling space where they apply. For a refinance of a property that was already FHA-insured, the MAP Guide says the statutory amount cannot come out lower than it was for the previous insured loan, unless improvements were demolished or reduced. An **elevator** building uses the elevator column; a walk-up uses non-elevator. ## CY2026 base limits Published May 6, 2026 (91 FR 24597, FR Doc. 2026-08795), effective January 1, 2026, for applications submitted or amended on or after that date and not yet initially endorsed. The index was a 2.3% CPI-U increase. ### Section 207, 207 pursuant to 223(f), and 220 | Bedrooms | Non-elevator | Elevator | |---|---|---| | 0 | $68,733 | $80,170 | | 1 | $76,138 | $88,832 | | 2 | $90,947 | $108,925 | | 3 | $112,100 | $136,424 | | 4+ | $126,909 | $154,259 | ### Section 221(d)(4) | Bedrooms | Non-elevator | Elevator | |---|---|---| | 0 | $68,401 | $73,889 | | 1 | $77,649 | $84,706 | | 2 | $93,859 | $103,004 | | 3 | $117,808 | $133,252 | | 4+ | $133,121 | $146,274 | ### Sections 213, 231 and 234 | Bedrooms | 213 co-op, non-elev. | 213 elevator | 231 elderly, non-elev. | 231 elevator | 234 condo, non-elev. | 234 elevator | |---|---|---|---|---|---|---| | 0 | $74,487 | $79,314 | $65,032 | $73,889 | $76,007 | $79,989 | | 1 | $85,886 | $89,860 | $72,702 | $84,706 | $87,640 | $91,695 | | 2 | $103,582 | $109,270 | $86,818 | $103,004 | $105,696 | $111,504 | | 3 | $132,587 | $141,362 | $104,483 | $133,252 | $135,295 | $144,251 | | 4+ | $147,711 | $155,175 | $122,838 | $146,274 | $150,725 | $158,341 | ### Section 207 manufactured home parks $31,553 per space. ## The high cost percentage The 2008 appropriations act lets HUD raise the limits by up to 170% (a **270%** multiplier) where costs require it, and by up to 215% (a **315%** multiplier) in High Cost Areas on a project-by-project basis. Mortgagee Letter 2026-05 sets the 2026 list: | Area | 2026 multiplier | |---|---| | Every other listed base city (the West, Southwest, Southeast, Midwest and Northeast regional lists) | 270% | | Listed High Cost Areas, by project-specific waiver | up to 315% | | Special Limit Areas: Alaska, Hawaii, Guam, U.S. Virgin Islands | 405% | **Which city applies to your property:** if HUD's table names only one area in your state, that area's percentage applies statewide. If it names several, use the listed area closest to the property. For 2026 every listed area outside the Special Limit Areas carries 270%, so the location question mostly matters for whether a High Cost Area waiver to 315% is available. The 2026 percentages apply to firm applications and amendments not yet initially endorsed, effective January 1, 2026. ## Worked example **Hypothetical.** A 200-unit elevator building financed under 221(d)(4) in a standard 270% area: 40 studios, 100 one-bedrooms, 60 two-bedrooms. | Unit type | Units | 2026 base | x 270% | Total | |---|---|---|---|---| | Studio, elevator | 40 | $73,889 | $199,500.30 | $7,980,012 | | 1 bedroom, elevator | 100 | $84,706 | $228,706.20 | $22,870,620 | | 2 bedroom, elevator | 60 | $103,004 | $278,110.80 | $16,686,648 | | **Statutory limit** | **200** | | | **$47,537,280** | At a 315% High Cost Area waiver the same mix supports $55,460,160; at the 405% Special Limit Area multiplier, $71,305,920. If the same building were an existing property refinanced under 223(f), it would use the Section 207 elevator column: $50,288,850 at 270%. Whether that number limits the loan depends on the other tests. If 87% of cost or the 1.15x coverage test produces less, the statutory limit is not the binding constraint. The [statutory limit calculator](/tools/statutory-limit-calculator/) runs any unit mix. ## The ROAD to Housing Act: new base amounts, not yet in use **Enacted July 11, 2026. HUD implementation is pending. Do not size a loan with these figures yet.** Section 211 of Public Law 119-101 replaced the base dollar amounts in the National Housing Act that HUD has indexed since 2004. Each new amount is 4.4 times the old statutory base, which works out to roughly 2.4 times the CY2026 indexed figures above. The Act also switched the annual index from CPI-U to the Census Bureau's price deflator for multifamily units under construction (March to March), "commencing on July 1, 2025," and requires HUD to publish adjustments in the Federal Register. | Bedrooms | 221(d)(4) and 231, non-elev. | 221(d)(4) and 231, elevator | 207 and 220, non-elev. | 207 and 220, elevator | 213, non-elev. | 213, elevator | 234, non-elev. | 234, elevator | |---|---|---|---|---|---|---|---|---| | 0 | $166,509 | $179,854 | $167,310 | $193,050 | $181,311 | $193,050 | $185,011 | $194,700 | | 1 | $188,997 | $206,180 | $185,328 | $216,216 | $209,048 | $218,724 | $213,316 | $223,186 | | 2 | $228,448 | $250,708 | $221,364 | $265,122 | $252,120 | $265,962 | $257,263 | $271,392 | | 3 | $286,744 | $324,324 | $272,844 | $332,046 | $322,709 | $344,067 | $329,296 | $351,089 | | 4+ | $324,922 | $356,017 | $308,880 | $375,443 | $359,515 | $377,678 | $366,850 | $385,387 | Other points from section 211: - The separate per-space dollar limit for manufactured home parks was struck from Section 207(c)(3)(A). HUD has not said how it will treat parks under the new text. - HUD keeps its authority over high cost percentages and High Cost Areas. - FHA must study the effect of the higher limits and report to Congress within three years. As of October 30, 2026, we found no Federal Register notice or Mortgagee Letter implementing the new amounts. Until HUD publishes one, lenders size with the CY2026 table, and the statutory test will keep binding on some high-cost deals that the new law was meant to free up. ## Two other indexed thresholds Mortgagee Letter 2026-05 also indexes two MAP Guide thresholds that are often confused with statutory limits: - **Substantial rehabilitation:** $20,406 per unit for 2026 (from $19,948 in 2025). The threshold for a property is $20,406 x the area's high cost percentage x the number of units. At 270% that is $55,096.20 per unit, or $6,611,544 for a 120-unit property. The 315% High Cost Area multiplier may not be used here. Work above the line is substantial rehabilitation (221(d)(4)), not 223(f). - **Large loans:** $130 million, unchanged from 2025 because the 2.3% index did not reach the next $5 million step. Loans at or above it are underwritten to tighter ratios; see [large loans](/learn/large-loans/). ## Questions ### What are the HUD multifamily statutory limits for 2026? For 221(d)(4), the 2026 base limits run from $68,401 (studio, non-elevator) to $146,274 (4+ bedrooms, elevator) per unit, before the high cost multiplier. For 207/223(f) and 220 they run from $68,733 to $154,259. HUD published them on May 6, 2026, effective January 1, 2026, after a 2.3% CPI-U adjustment. ### What is the high cost percentage for my city? For 2026, every base city on HUD's list is at 270% except Alaska, Hawaii, Guam and the U.S. Virgin Islands, which are at 405%. If your state has one listed city, its percentage applies statewide; if it has several, use the listed city closest to the property. Listed High Cost Areas can go up to 315% on a project-by-project basis. ### Do the ROAD to Housing Act limits apply yet? Not yet. Public Law 119-101, signed July 11, 2026, wrote new base amounts into the National Housing Act, about 4.4 times the old statutory base and roughly 2.4 times the CY2026 indexed figures. HUD has not published a Federal Register notice or Mortgagee Letter putting them into use, so loans are still sized with the CY2026 table. ### What is the 2026 substantial rehabilitation threshold? $20,406 per unit (up 2.3% from $19,948 in 2025), multiplied by the area's high cost percentage and the number of units. At the standard 270% that is $55,096.20 per unit. Work above the threshold is substantial rehabilitation and must use 221(d)(4); it cannot be done under 223(f). The 315% High Cost Area multiplier cannot be used for this test. ### Does the statutory limit usually control the loan size? Often not. The loan is the lowest of several tests, and in most markets the loan-to-value or debt service coverage test is lower. The statutory limit tends to bind on high-cost urban construction, large units and properties with expensive non-residential space. ## Sources - [Annual Indexing of Basic Statutory Mortgage Limits for Multifamily Housing Programs, CY2026, FR-6603-N-01 (91 FR 24597, FR Doc. 2026-08795, May 6, 2026)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [HUD Mortgagee Letter 2026-05, Annual Revisions to Base City High Cost Percentage and High Cost Areas; sub rehab and large loan thresholds (May 20, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [Public Law 119-101, 21st Century ROAD to Housing Act, section 211 Housing Affordability Act (July 11, 2026)](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) - [HUD MAP Guide, 2020 edition, 3.1.18 Statutory Loan Limits and 5.1.2 Substantial Rehabilitation](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-11, CY2025 high cost percentages and thresholds (Apr. 14, 2025)](https://hud.gov/sites/default/files/OCHCO/documents/HsngML-25-11.pdf) ## Related - https://hudmultifamily.loan/tools/statutory-limit-calculator/ - https://hudmultifamily.loan/learn/large-loans/ - https://hudmultifamily.loan/learn/map-guide/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/hud-loan-requirements/ - https://hudmultifamily.loan/changes/ --- Canonical page: https://hudmultifamily.loan/learn/statutory-limits/ 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 # The HUD MAP Guide in plain English, and what has changed since > The MAP Guide (HUD Handbook 4430.G) is HUD's rulebook for FHA multifamily loans processed by approved lenders. The edition in force is still the 2020 MAP Guide, effective March 18, 2021. There is no 2024, 2025 or 2026 edition; HUD has amended it piece by piece through Mortgagee Letters and Federal Register notices, which override the printed text. - URL: https://hudmultifamily.loan/learn/map-guide/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | Edition in force | 2020 MAP Guide (4430.G REV-3) | | Issued | Dec. 18, 2020 | | Effective | Mar. 18, 2021 | | Newer edition | None published | | How it changes | Mortgagee Letters and FR notices | | Biggest overrides | LTV/DSCR (ML 2025-03), MIP (90 FR 45789) | ## Which edition is in force The **2020 MAP Guide** (HUD Handbook 4430.G, REV-3) was issued December 18, 2020 and took effect March 18, 2021, replacing the 2016 edition. It is still the edition in force. HUD's own 2026 letters prove it: Mortgagee Letter 2026-04 amends "the 2020 MAP Guide," and Mortgagee Letter 2026-05 cites "Section 5.1.2.A.2.b of the 2020 MAP Guide." We found no 2024, 2025 or 2026 edition. Read HUD's PDF directly: **[MAP Guide, Handbook 4430.G (hud.gov PDF)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf)**. We link to it rather than copy it, because the printed text is now wrong in several places and only the Mortgagee Letters below tell you where. ## Chapter by chapter | Chapter | What it covers | Use it when you want to know | |---|---|---| | 1. Introduction | What MAP is, programs covered, how the Guide relates to regulations | What "MAP" processing means | | 2. Lender Qualifications and Practices | MAP lender and underwriter approval, brokers and correspondents, identity of interest | How a lender gets approved; what a broker may and may not do ([MAP lenders](/learn/map-lenders/)) | | 3. Programs | General rules (3.1: regulatory agreement, single-asset borrower, non-recourse, rate, term, prepayment, fees, MIP, commercial space, student housing, transient use, reserves), then each program: NC/SR (3.2), 221(d)(4) (3.3), 220 (3.4), 231 (3.5), 241(a) (3.6), 223(f) (3.7), 223(a)(7) (3.8), insurance (3.9), large loans (3.10) | The term sheet for any program ([requirements](/learn/hud-loan-requirements/)) | | 4. Application Processing | Concept meetings, pre-application, invitation letters, firm commitment, extensions, appeals | The process and its deadlines ([timeline](/learn/hud-loan-timeline/)) | | 5. Architectural and Construction Analysis | Substantial rehab definition, classes of work, consultant duties, CNA processing for 223(f) and 223(a)(7), construction contracts | Whether your scope is 223(f) or 221(d)(4) | | 6. Energy and Water Conservation | Energy codes for NC/SR; Green MIP certification and reporting | Energy code; note the Green MIP parts are void | | 7. Valuation and Market Analysis | Market studies, appraisals, effective dates, rents, expenses, commercial space limits | How value and income are underwritten | | 8. Mortgage Credit | Single-asset entity, principals, credit and character, financial capacity, secondary financing, terms | Who must sign, what financial statements HUD wants | | 9. Environmental Review and Requirements | Levels of review, HEROS, Phase I/II, hazards, noise | Site issues ([third-party reports](/learn/third-party-reports/)) | | 10. Management Analysis | Management agent approval, agreements, fees, previous participation, fair housing marketing | Who can manage the property | | 11. Lender Underwriting, HUD Review and Closing | Underwriting narrative, HUD review, rate lock, note terms, prepayment provisions | What goes in the application and the note | | 12. Construction Period | Pre-construction conference, HUD construction inspections, monthly progress meetings, architect's duties | How a 221(d)(4) is administered during construction | | 13. Cost Certification | Who certifies, cut-off dates, forms | Closing out a construction loan | | 14. LIHTC and Other Tax Credit Programs | LIHTC underwriting, subsidy layering, the LIHTC pilot | Tax credit deals | | 15. Oversight of MAP Program Requirements | Lender reviews and sanctions | Lender enforcement | | 16. Master Leases with Market Tax Credits | Master-lease structures with tax credit investors | Historic or other credit structures | | 17. Section 207: Refinancing Cooperative Housing Projects | 223(f)-style refinance of co-ops | Co-op refinancing | | 18. Section 223(a)(7) | Eligibility, fees, 30-day processing standard, terms | Streamlined refinance ([223(a)(7)](/programs/223a7/)) | | 19. Closing Guide | Closing procedures, Davis-Bacon clearance, riders and certifications | Closing logistics ([Davis-Bacon](/learn/davis-bacon/)) | The appendices carry the detail: Appendix 2 (quality control plans and identity of interest examples), **Appendix 3** (program specifications and limitations, the quickest summary table in the Guide), Appendix 4 (application exhibits and checklists), **Appendix 5** (architectural standards, accessibility, drawings, capital needs assessments), Appendix 6 (energy modeling), Appendix 7 (valuation), Appendix 8 (mortgage credit forms and analysis), Appendix 9 (environmental), Appendices 12 and 13 (construction period and cost certification), Appendix 15 (lender compliance deficiencies) and Appendix 16 (lease structure chart). ## What has changed since the 2020 MAP Guide Each item below overrides or adds to the printed Guide. Dates are the document date; effective dates are noted where they differ. | Date | Document | What changed | Status | |---|---|---|---| | June 28, 2023 | [ML 2023-14](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-14hsgml.pdf) | Rewrote section 3.10, Large Loan Risk Mitigation: threshold raised from $75 million to $120 million and indexed annually; new ratio table, reserve and net worth/liquidity rules ([large loans](/learn/large-loans/)) | In force (threshold since raised) | | June 4, 2024 | [ML 2024-11](https://www.hud.gov/sites/dfiles/OCHCO/documents/2024-11hsgml.pdf) | 223(f) Manufactured Home Community program for mission-driven owners (governments, resident-owned communities, co-ops, nonprofits, CDFIs, tribes), an exception to the 223(f) bar on manufactured home parks | In force | | Jan. 8, 2025 | [ML 2025-03](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) | Raised LTV/LTC and lowered DSCR for 221(d)(4) and 223(f): market rate 87% at 1.15x (was 85% at 1.176x), affordable 90% at 1.11x (was 87% at 1.15x); 223(f) cash-out test unchanged; not for 232 or risk share | In force; printed ratios superseded | | Apr. 14, 2025 | [ML 2025-11](https://hud.gov/sites/default/files/OCHCO/documents/HsngML-25-11.pdf) | CY2025 high cost percentages; sub rehab threshold $19,948 per unit; large loan threshold $130 million | Replaced by ML 2026-05 for 2026 | | Sept. 23, 2025 | [90 FR 45789](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) | MIP set at 0.25% upfront and annual for every multifamily program (applications on or after Oct. 1, 2025); Green, Affordable and Broadly Affordable categories, green riders and the 5% fee overlay eliminated ([MIP](/learn/hud-mip/)) | In force; MAP 3.1.10 and chapter 6 Green MIP superseded | | Jan. 22, 2026 | [ML 2026-01](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) | Middle Income option for 221(d)(4): 90% LTC and 1.11x where at least 50% of units are restricted to 120% of AMI or less (supersedes ML 2025-02); not for 220, 231, risk share or 232 | In force | | May 4, 2026 | [ML 2026-04](https://www.hud.gov/sites/default/files/hudclips/documents/2026-04hsgml.pdf) | Environmental: railroad vibration section 9.6.8.K removed; pipelines over 200 psi need 10 feet from the easement edge; high-voltage and fall-hazard rule rewritten; outdoor noise-sensitive uses defined | In force for loans not yet initially endorsed | | May 6, 2026 | [FR Doc. 2026-08795](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) | CY2026 statutory per-unit limits, +2.3% CPI-U, effective Jan. 1, 2026 ([limits](/learn/statutory-limits/)) | In force | | May 20, 2026 | [ML 2026-05](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) | CY2026 high cost percentages (270%; 405% Special Limit Areas; 315% High Cost Area waivers); sub rehab $20,406 per unit; large loan threshold stays $130 million | In force | | July 11, 2026 | [Public Law 119-101, sec. 211](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) | New statutory base amounts (4.4 times the old base) and a construction-cost index | **Enacted; HUD implementation pending** | | Oct. 2026 | [ML 2026-12](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) | Build-to-rent communities of houses, duplexes and triplexes eligible under 221(d)(4) (new construction) and 223(f) (certificate of occupancy under 3 years) ([build-to-rent](/learn/build-to-rent/)) | In force ("effective immediately") | | Feb. 26, 2026 | [Draft ML, "Multifamily Improvements for MAP Efficiency"](https://www.hud.gov/sites/default/files/hudclips/documents/ML2026-xxMIME2026-02-26-Drafting-Table.pdf) | Proposes discount fees mortgageable within the 3.5% cap, a 4.5% lender fee cap on loans of $2 million or less, more regional delegation and more latitude on third-party reports | **Draft only. Not in force.** | ML 2026-12 carries no date on its face; the PDF was created October 13, 2026. Other 2026 Mortgagee Letters (2026-02, -03 and -06 through -11) concern single-family or servicing topics and do not amend MAP underwriting. ### Reading the Guide with the overrides When the Guide and a later letter disagree, the letter wins for any application it covers. The practical rule: 1. Start with the Guide section (chapter 3 for the program, Appendix 3 for the summary). 2. Check the ledger above for anything that touches that section. 3. Check the effective-date language in the letter. Most apply to applications not yet initially endorsed; the MIP notice applies to applications submitted or amended on or after October 1, 2025. 4. Where a letter is silent on a topic (for example, ML 2025-03 does not mention large loans), the printed or previously amended rule stays. ## Questions ### Is there a HUD MAP Guide 2026? No. The edition in force is the 2020 MAP Guide, issued December 18, 2020 and effective March 18, 2021. HUD's 2026 Mortgagee Letters still amend 'the 2020 MAP Guide' by name. What changed in 2025 and 2026 came through Mortgagee Letters and Federal Register notices, listed in the ledger on this page. ### Where is the HUD MAP Guide PDF? On hud.gov, as Handbook 4430.G: https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf. It is the bookmarked March 2021 version, about 955 pages. Copies hosted elsewhere may be older or unmarked; always read it alongside the Mortgagee Letters issued since. ### What is in MAP Guide Appendix 5? Appendix 5 holds the architectural and construction standards: property standards, accessibility requirements (A.5.2), seismic and fire protection, firm commitment drawings and specifications (A.5.5), and the capital needs assessment rules and CNA e-Tool guidance (A.5.7), including minimum replacement reserve requirements. ### What does MAP Guide chapter 9 cover? Environmental review: levels of review, lender and HUD responsibilities, HEROS reports, Phase I and Phase II environmental site assessments, remediation, and site hazards such as noise, explosive and flammable hazards, pipelines and high-voltage lines. Mortgagee Letter 2026-04 changed several of these rules in May 2026. ### Which numbers in the printed MAP Guide are out of date? The biggest ones: the loan-to-value and debt service coverage ratios (superseded by ML 2025-03), the MIP rates and categories including Green MIP (superseded by 90 FR 45789), the large loan threshold of $75 million in older text (now $130 million), and the environmental rules on railroad vibration, pipelines and high-voltage lines (changed by ML 2026-04). ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, bookmarked March 2021 version (PDF on hud.gov)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide REV-3 transmittal (issued Dec. 18, 2020; effective Mar. 18, 2021)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GtrnHSGG.pdf) - [HUD Mortgagee Letter 2023-14, Revisions to Large Loan Risk Mitigation (June 28, 2023)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-14hsgml.pdf) - [HUD Mortgagee Letter 2024-11, Section 223(f) Manufactured Home Community Program (June 4, 2024)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2024-11hsgml.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily Changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD Mortgagee Letter 2025-11, CY2025 high cost percentages and thresholds (Apr. 14, 2025)](https://hud.gov/sites/default/files/OCHCO/documents/HsngML-25-11.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD Mortgagee Letter 2026-01, Middle Income Housing option for 221(d)(4) (Jan. 22, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [HUD Mortgagee Letter 2026-04, Updates to Multiple Environmental Requirements (May 4, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-04hsgml.pdf) - [Annual Indexing of Basic Statutory Mortgage Limits, CY2026 (91 FR 24597, FR Doc. 2026-08795, May 6, 2026)](https://www.govinfo.gov/content/pkg/FR-2026-05-06/pdf/2026-08795.pdf) - [HUD Mortgagee Letter 2026-05, CY2026 high cost percentages and thresholds (May 20, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [Public Law 119-101, 21st Century ROAD to Housing Act, section 211 (July 11, 2026)](https://www.congress.gov/119/plaws/publ101/PLAW-119publ101.pdf) - [HUD Mortgagee Letter 2026-12, Build-To-Rent Developments Underwriting Eligibility (Oct. 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [HUD draft Mortgagee Letter, Multifamily Improvements for MAP Efficiency (drafting table, Feb. 26, 2026; not final)](https://www.hud.gov/sites/default/files/hudclips/documents/ML2026-xxMIME2026-02-26-Drafting-Table.pdf) ## Related - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/large-loans/ - https://hudmultifamily.loan/learn/build-to-rent/ - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/changes/ --- Canonical page: https://hudmultifamily.loan/learn/map-guide/ 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 # HUD large loans: the $130 million threshold and what changes above it > A HUD multifamily loan of $130 million or more is a large loan for 2026. Under Mortgagee Letter 2023-14, market-rate large loans are sized at 75% and 1.30x coverage instead of 87% and 1.15x, need a 12-month operating deficit or debt service reserve, and the principals together need net worth of 20% and liquidity of 7.5% of the loan. - URL: https://hudmultifamily.loan/learn/large-loans/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | 2026 threshold | $130 million and up | | Market rate | 1.30x, 75% (223(f) cash-out 70%) | | Affordable | 1.25x, 80% (223(f) cash-out 70%) | | 90%+ rental assistance | 1.15x, 87% (223(f) cash-out 80%) | | Reserve | Greater of 12 months debt service + MIP or the standard calc | | Net worth | 20% of the loan, principals combined | | Liquidity | 7.5% of the loan | | Exempt | 223(a)(7) refinances | ## The threshold | Period | Threshold | Source | |---|---|---| | Before mid-2023 | $75 million (set in 2014) | ML 2023-14, background | | From June 28, 2023 | $120 million, indexed annually in $5 million steps, never reduced | [ML 2023-14](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-14hsgml.pdf) | | CY2025 | $130 million | [ML 2025-11](https://hud.gov/sites/default/files/OCHCO/documents/HsngML-25-11.pdf) | | CY2026 | **$130 million** (2.3% CPI-U did not reach the next $5 million step) | [ML 2026-05](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) | A loan "of $130 million and greater" is a large loan. The 2026 threshold applies to applications submitted or amended on or after January 1, 2026 and not yet initially endorsed. The large loan rules do not apply to **223(a)(7)** refinances of existing FHA loans. ## The large loan ratios Compare these with the standard ratios that apply below the threshold (87% and 1.15x market rate, 90% and 1.11x affordable since ML 2025-03). ### New construction and substantial rehabilitation: 220, 221(d)(4), 231, 241(a) | Property | Minimum DSCR | Maximum LTC/LTV | |---|---|---| | Market rate, or LIHTC without a rent advantage | 1.30x | 75% | | Affordable | 1.25x | 80% | | 90% or more rent assisted | 1.15x | 87% | Section 241(a) supplemental loans stay limited by statute to 90%. ### Purchase or refinance: 223(f) | Property | Minimum DSCR | Maximum LTV, no cash out | Maximum LTV, with cash out | |---|---|---|---| | Market rate, or LIHTC without a rent advantage | 1.30x | 75% | 70% | | Affordable | 1.25x | 80% | 70% | | 90% or more rent assisted | 1.15x | 87% | 80% | The cash-out figure is applied at Criterion 10 of form HUD-92264-A. **What the difference means.** On a market-rate 223(f), dropping from 87% to 75% LTV takes 12 points of value out of the loan, and moving coverage from 1.15x to 1.30x reduces what the same net operating income can carry by about 11.5%. Whichever test binds, a deal just above $130 million can size to a smaller loan than the same deal would have just below the line, so it is worth modeling both. ## Bigger reserves - **New construction and substantial rehab:** the minimum operating deficit reserve is the greater of **12 months of amortizing debt service plus MIP**, or the amount the standard MAP Guide method produces. - **223(f) on a property with a certificate of occupancy under three years old:** a debt service reserve of the greater of **12 months of principal, interest and MIP** or **50% of any cash out**. It is released after six consecutive months at the underwritten coverage, counting months before endorsement. If six such months are already achieved before endorsement, no reserve is required. - HUD can tighten any ratio or reserve further on a case-by-case basis, and lenders are expected to propose risk mitigants. ## Net worth and liquidity For large loans, the principals of the borrowing entity, in aggregate, must have: - **net worth of at least 20% of the loan amount**, and - **liquidity of at least 7.5% of the loan amount**. | Hypothetical loan | Net worth needed | Liquidity needed | |---|---|---| | $130,000,000 | $26,000,000 | $9,750,000 | | $150,000,000 | $30,000,000 | $11,250,000 | | $200,000,000 | $40,000,000 | $15,000,000 | HUD may waive the test for sponsors of subsidized affordable housing. Separately from the large loan rules, principals with more than **$500 million** of outstanding FHA-insured debt need HUD approval before the lender can submit any new application (MAP Guide 4.3.1.E). ## Lease-up Absorption is still capped at 18 months. A HUD Regional Office Director can waive that only for unusually strong markets and borrowers with recent experience delivering similar projects, and those deals may need larger reserves. ## Process HUD's processing chapter recommends a **concept meeting** for large loan refinances, which are otherwise optional for 223(f). On construction deals a concept meeting is already strongly encouraged. HUD can also ask for case-specific mitigants, so build time for that into the [timeline](/learn/hud-loan-timeline/). ## A caveat on interpretation Mortgagee Letter 2025-03 raised standard leverage and lowered standard coverage in January 2025 but does not mention large loans. Our reading is that the ML 2023-14 large loan table, which is written as a separate section 3.10 standard, is unchanged. HUD has not published guidance confirming or contradicting that, so confirm the ratios with the lender and the HUD office before relying on them for a specific deal. ## Questions ### What is the HUD multifamily large loan limit? It is a threshold, not a cap. For 2026, loans of $130 million or more are large loans and are underwritten under section 3.10 of the MAP Guide as rewritten by ML 2023-14. HUD can still insure them; it applies lower leverage, higher coverage and bigger reserves. ### What net worth and liquidity does HUD require on a large loan? The principals of the borrowing entity, together, must have net worth of at least 20% of the loan amount and liquidity of at least 7.5%. On a $150 million loan that is $30 million of net worth and $11.25 million of liquidity. HUD may waive it for sponsors of subsidized affordable housing. ### Did the 2025 ratio changes loosen the large loan ratios? ML 2025-03, which raised standard leverage to 87% and 90% in January 2025, does not mention large loans. The ML 2023-14 large loan table therefore appears to remain in force. That is our reading of the documents; HUD has not published a statement either way, so confirm with the lender and HUD office on a specific deal. ### How is the large loan threshold set each year? ML 2023-14 set a $120 million base and told HUD to review it annually for inflation, moving only in $5 million steps and never down. The CY2025 letter raised it to $130 million; for 2026 the 2.3% CPI-U increase did not reach the next step, so it stayed at $130 million. ## Sources - [HUD Mortgagee Letter 2023-14, Revisions to Large Loan Risk Mitigation MAP Guide Policies (June 28, 2023)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-14hsgml.pdf) - [HUD Mortgagee Letter 2025-11, CY2025 thresholds: large loan raised to $130 million (Apr. 14, 2025)](https://hud.gov/sites/default/files/OCHCO/documents/HsngML-25-11.pdf) - [HUD Mortgagee Letter 2026-05, CY2026 thresholds: large loan stays $130 million (May 20, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily Changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD MAP Guide, 2020 edition, 4.2.1.1 concept meetings and 4.3.1.E principals with large FHA concentrations](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) ## Related - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/map-guide/ - https://hudmultifamily.loan/learn/hud-loan-requirements/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ --- Canonical page: https://hudmultifamily.loan/learn/large-loans/ 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 # HUD build-to-rent loans: what Mortgagee Letter 2026-12 allows > Mortgagee Letter 2026-12 lets FHA insure build-to-rent communities of detached houses, duplexes and triplexes as multifamily rental property: new construction under 221(d)(4), and purchase or refinance under 223(f) when the certificate of occupancy is less than three years old. The community must have five or more units on one contiguous site, be professionally managed, and never sell off homes during the loan. - URL: https://hudmultifamily.loan/learn/build-to-rent/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | Programs | 221(d)(4) new construction; 223(f) if CO under 3 years | | Building types | Detached houses, duplexes, triplexes | | Minimum | 5 units, one cohesive contiguous site | | Partial releases | Not allowed during the loan | | Absorption | Up to 24 months (new construction) | | Initial operating deficit | At least 3% of loan or 4 months' debt service | | Vacancy, market rate | Greater of 7% or market | | Vacancy, affordable | At least 5% | | Effective | Immediately (PDF dated Oct. 2026) | ## What changed HUD's multifamily programs have traditionally insured buildings of four or more units: garden, mid-rise and high-rise apartments. Communities of houses built to rent were excluded over fair housing accessibility, valuation and underwriting concerns, and a 2021 "Subdivisions for Rent" memo restricted them. HUD rescinded that memo on April 28, 2025. Mortgagee Letter 2026-12, issued in response to section 3 of Executive Order 14376 (January 20, 2026), goes further: build-to-rent (BTR) communities are now "treated under the same terms and conditions as traditional multifamily rental developments," subject to the conditions below. It is effective immediately. The letter carries no date on its face; HUD's PDF was created October 13, 2026. ## Which programs | Program | BTR eligible for | |---|---| | [221(d)(4)](/programs/221d4/) | New construction only | | [223(f)](/programs/223f/) | Purchase or refinance of a recently built community: certificate of occupancy less than 3 years before the application | Substantial rehabilitation of an existing BTR community is not listed, and neither is 223(f) for a community older than three years. ## The site and ownership rules 1. **One property, one site.** Five or more units, developed for long-term rental, on a site that is "characteristically uniform and recognizably one cohesive rental property." One tax parcel is preferred; several contiguous parcels that together define the collateral are acceptable. 2. **No interspersed private homes.** The site cannot include privately owned parcels or residences. 3. **No sales.** No sales of parcels or buildings and no partial release of collateral during the insured loan. 4. **Mixed sites are allowed.** A community that combines BTR homes with traditional apartment buildings is acceptable, but the lender must address the underwriting and accessibility complications in the application. 5. **Modular and manufactured construction** are generally acceptable but complicate HUD's insurance of advances for on-site work, so they must be vetted at the concept meeting. ## Management and HOAs - The property must be professionally managed like comparable multifamily or BTR properties in the market. - On-site management and maintenance should match the market. If they are not on site, the operation needs a local presence with enough staff for this property and the rest of the portfolio. - Any homeowners association or master-plan governance must not impede HUD's enforcement or the borrower's full control. The lender must disclose any HOA at the concept meeting and resolve conflicts by the firm application. ## Underwriting rules specific to BTR | Item | Requirement | |---|---| | Experience | Borrower, contractor and manager must show successful experience with similar projects in type and scale | | Absorption (new construction) | HUD will consider up to **24 months** (the standard cap is 18) | | Initial operating deficit escrow | At least the greater of **3% of the loan** or **4 months of debt service**, sized from comparable BTR lease-ups | | Operating expenses | Expect higher costs for low-density layouts; use BTR data, not only apartment data | | Replacement reserves | Expect higher initial and annual deposits (more roofs, cladding, windows) | | Vacancy, market rate | The greater of **7%** or the market rate for comparable projects | | Vacancy, affordable | Below 7% can be justified, but at least **5%** | | Amenities | Judged against the BTR market: private yards and garages can stand in for clubhouses and pools | Smaller projects may need higher vacancy, since each empty home weighs more. ## Accessibility and building codes A detached house, duplex or triplex is not a "covered multifamily dwelling" under the Fair Housing Act. ML 2026-12 therefore exempts those buildings from five Fair Housing Accessibility Guidelines requirements (accessible entrance on an accessible route; accessible route into and through the unit; reachable switches and controls; reinforced walls for grab bars; usable kitchens and bathrooms), while encouraging them. Buildings on the same site with four or more units are covered, and common-use areas and amenities must meet the usual standards. Section 504 applies where there is federal funding, and the ADA applies to any public accommodation. Where laws differ, the stricter one governs. On building codes, HUD will generally rely on the local building department's interpretation for detached and small buildings. The letter's example: NFPA 101 may require sprinklers in new multifamily buildings, but detached rental houses may be exempt depending on building type and separation. ## What else to plan for Everything else in the program still applies. A BTR community financed under 221(d)(4) is new construction, so [Davis-Bacon](/learn/davis-bacon/) wage rules, the 87% loan-to-cost and 1.15x coverage limits for market-rate deals, the [statutory limits](/learn/statutory-limits/) and the standard MIP all apply. Lenders will want to raise the deal at a concept meeting, since the letter assigns several items (HOAs, modular construction) to that stage. ## Questions ### Will HUD finance build-to-rent? Yes, since Mortgagee Letter 2026-12. HUD accepts applications for communities of detached single-family homes, duplexes or triplexes operated as one rental property: new construction under 221(d)(4) and recently built communities (certificate of occupancy under three years old) under 223(f). ### Can I sell homes out of a HUD-financed build-to-rent community? No. HUD will not approve sales of parcels or buildings or any partial release of collateral during the insured loan term. The letter also bars privately owned parcels or homes interspersed in the community. ### Can an older single-family rental portfolio use 223(f)? Not under this letter. The 223(f) path is limited to recently developed communities, with a certificate of occupancy dated less than three years before the application, on one contiguous site. Scattered single-family rentals do not fit. ### Do build-to-rent homes have to meet Fair Housing Act accessibility rules? Detached houses, duplexes and triplexes are not covered multifamily dwellings, so five of the Fair Housing Accessibility Guidelines design requirements do not apply to them, though HUD encourages them. Any building on the site with four or more units is covered, and common areas and amenities must be accessible as at any multifamily property. ## Sources - [HUD Mortgagee Letter 2026-12, Build-To-Rent Developments Underwriting Eligibility (effective immediately; PDF created Oct. 13, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [HUD memo rescinding the 2021 Subdivisions for Rent restriction (Apr. 28, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/Subdivisions-For-Rent-Rescission-Memo-04-28-2025.pdf) - [HUD MAP Guide, 2020 edition, 3.1.30 Scattered Sites and 3.2.8 Absorption Period](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [24 CFR 200.73, Property development (minimum of 5 units)](https://www.ecfr.gov/current/title-24/section-200.73) ## Related - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/hud-loan-requirements/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/map-guide/ - https://hudmultifamily.loan/learn/statutory-limits/ --- Canonical page: https://hudmultifamily.loan/learn/build-to-rent/ 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 # Davis-Bacon and HUD multifamily loans: where prevailing wages apply > Davis-Bacon prevailing wages apply to FHA-insured new construction and substantial rehabilitation: 221(d)(4), 220 and 231, whether HUD insures advances or only the permanent loan, and to most 241(a) supplemental loans. They do not apply to 223(f) purchases and refinances, and a project whose work would trigger Davis-Bacon is not eligible for a 223(a)(7). - URL: https://hudmultifamily.loan/learn/davis-bacon/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | Applies | 221(d)(4), 220, 231 NC and sub rehab | | Insurance upon completion | Still applies | | 241(a) | Applies, unless the first mortgage is 223(f) or 223(a)(7) | | 223(f) | Does not apply | | 223(a)(7) | Does not apply; DB-level work makes the deal ineligible | | Payroll reporting | Weekly certified payrolls (Copeland Act) | | Federal nexus | Pre-application or firm application submitted | | Wage determinations | Published on SAM.gov | ## Where it applies, program by program | Program | Davis-Bacon? | Rule | |---|---|---| | 221(d)(4) new construction or substantial rehab | **Yes** | MAP 3.2.6 | | 220 and 231 new construction or substantial rehab | **Yes** | MAP 3.2.6 (applies to all FHA NC/SR programs) | | Any NC/SR with insurance upon completion | **Yes** | MAP 3.2.2: applies to insurance of advances and insurance upon completion | | 241(a) supplemental loan | **Yes, usually** | Not when the first mortgage is 223(f) or 223(a)(7), or for certain Secretary-held mortgages on projects that never had a Davis-Bacon loan | | 223(f) purchase or refinance, with or without repairs | **No** | MAP 3.7.9 | | 223(a)(7) streamlined refinance | **No** | MAP 3.8.7: a project whose work would require Davis-Bacon is not eligible for 223(a)(7) | The legal hook is section 212 of the National Housing Act. HUD's regulation, 24 CFR 200.33, applies the Department of Labor's labor standards rules to the extent section 212 does, says they do not apply to projects insured under Section 207 pursuant to 223(f), and makes a 241(a) supplemental loan follow the section under which the first mortgage was insured. A [build-to-rent](/learn/build-to-rent/) community financed under 221(d)(4) is new construction, so the same rules apply to it. ## What it requires - **Prevailing wages.** The general contractor and all subcontractors pay at least the wage and fringe rates in the applicable wage determination. - **Weekly certified payrolls.** The Copeland Act regulations require weekly certified payroll reports. - **Contract terms.** The wage rates and HUD's supplementary conditions (form HUD-92554M) go into the construction contract (form HUD-92442M). Two exceptions in the MAP Guide matter in practice: 1. **Off-site improvements** are not covered. 2. **Work before the federal nexus** is not covered. The nexus is created when the lender submits a pre-application or a firm application to HUD, so demolition or site work finished before that is outside Davis-Bacon. ## How wage rates get set on a HUD deal 1. Before HUD issues the firm commitment, the HUD office sends the application to HUD's Davis-Bacon and Labor Standards (DBLS) staff and gets written confirmation of the **wage decision**, with copies of the selected general wage determinations. 2. HUD forwards the wage decision to the lender. The Department of Labor publishes general wage determinations on **[SAM.gov](https://sam.gov/wage-determinations)**; HUD's own sample invitation letter tells lenders to check SAM.gov for updates while preparing the firm application. 3. After the firm commitment, DBLS reviews the draft construction contract to confirm the right rates and supplementary conditions are in it. 4. HUD obtains written DBLS clearance at least one business day before initial closing, and on the morning of closing confirms the modification number of each wage determination in effect. 5. HUD will not clear the loan for closing or endorse the note until DBLS has cleared it and any Department of Labor withholding or findings are satisfied. HUD also coordinates the pre-construction conference with DBLS, so labor compliance starts on day one of construction. ## Why it matters to the deal Davis-Bacon affects construction cost, the contractor pool and the closing timeline, since a missing or wrong wage decision can hold up initial endorsement. It is also a reason owners choose program carefully: an existing property that needs a moderate repair scope can often be handled under 223(f) without prevailing wages, while a scope above the [substantial rehabilitation threshold](/learn/statutory-limits/) must be financed under 221(d)(4), with Davis-Bacon. The Department of Labor's 2023 Davis-Bacon regulations have been challenged in court, and we have not confirmed their current status from a primary source, so this page does not describe them. We found no HUD multifamily Mortgagee Letter changing Davis-Bacon treatment in 2024 through 2026. ## Questions ### Does Davis-Bacon apply to HUD 221(d)(4) loans? Yes. The general contractor and every subcontractor on an FHA-insured new construction or substantial rehabilitation loan must pay prevailing wages under the Davis-Bacon Act and file weekly certified payrolls under the Copeland Act. It applies whether HUD insures the construction advances or only the permanent loan after completion. ### Does Davis-Bacon apply to a HUD 223(f) loan? No. The MAP Guide says Davis-Bacon prevailing wage requirements do not apply to Section 207/223(f), including the repairs done under it. That is one reason a moderate repair scope is usually cheaper to carry out under 223(f) than as a 221(d)(4) substantial rehabilitation. ### Where do I find Davis-Bacon wage rates for a HUD project? General wage determinations are published by the Department of Labor on SAM.gov. On a HUD deal, HUD's Davis-Bacon and Labor Standards staff confirm which determination applies; the HUD office forwards that wage decision to the lender, and the rates go into the construction contract. HUD confirms the modification number in effect on the morning of closing. ### Does work done before applying count? Davis-Bacon rates do not apply to site demolition or improvements completed before the federal nexus, which the MAP Guide defines as submitting either a pre-application or a firm application to HUD. They also do not apply to off-site improvements. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.2.2 and 3.2.6 Federal Labor Standards, 3.6.5 (241(a)), 3.7.9 (223(f)), 3.8.7 (223(a)(7))](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, 19.2.2 Prevailing Wage Rates and Davis-Bacon Labor Standards (closing)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [SAM.gov, wage determinations (Davis-Bacon general wage determinations)](https://sam.gov/wage-determinations) - [24 CFR 200.33, Labor standards (FHA multifamily)](https://www.ecfr.gov/current/title-24/section-200.33) ## Related - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/build-to-rent/ - https://hudmultifamily.loan/learn/statutory-limits/ - https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ --- Canonical page: https://hudmultifamily.loan/learn/davis-bacon/ 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 # Secondary financing behind a HUD loan: what is allowed, and on what terms > A HUD-insured loan must be the first lien, but HUD allows subordinate debt on its terms: on a 223(f), private second loans can bring total debt to 92.5% of value; public soft debt (HOME, FHLB AHP, state and local loans) can exceed value; LIHTC deals can carry debt up to 100% of project cost. All of it is repaid only from surplus cash, capped at 75% of it, and may not mature before the HUD loan. - URL: https://hudmultifamily.loan/learn/secondary-financing/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | HUD loan position | Must be the first lien | | 223(f) private second | Up to 92.5% combined LTV | | Public soft debt | Can push total debt above value | | LIHTC deals | No LTV cap on seconds; total debt up to 100% of cost | | 221(d)(4) private second | Not allowed, except a qualifying seller note | | Repayment | Only from surplus cash, at most 75% of it | | Maturity | Not before the HUD loan (public debt exceptions) | | Mezzanine | Allowed with written HUD approval; surplus cash only | | FHA-insured seconds | 241(a) supplemental and 223(d) operating loss loans | ## The first-lien rule and its exceptions An FHA-insured apartment loan has to be the first lien on the property (MAP 3.1.17). The regulation behind that, 24 CFR 200.71, lets the property carry an inferior lien only on HUD's terms, and only where the junior lien is held by a government instrumentality, is tied to a 223(d) operating loss loan, a 241 supplemental loan or a 223(f) purchase or refinance, or is otherwise approved by HUD. The mortgage itself contains a covenant (24 CFR 200.85) that any approved junior lien will be repaid only from surplus cash or residual receipts, never from mortgage proceeds. In practice that leaves a handful of kinds of subordinate money, each with its own rules: | Type | Allowed on | How big | Paperwork | |---|---|---|---| | FHA-insured second | Any insured property | Sized under its own program | [241(a) supplemental](/programs/241a/) or [223(d) operating loss](/programs/223d/) loan | | Public soft debt (HOME, FHLB AHP, grants, state and local loans) | Every program | Can offset up to 100% of required equity; total debt may exceed value | Note on surplus cash terms, Subordination Agreement - Public (HUD-92420M) | | Private second, secured or unsecured | 223(f) | HUD loan plus second up to 92.5% of fair market value | Surplus Cash Note (HUD-92223M) or Residual Receipts Note (HUD-92908M); Subordination Agreement - Private (HUD-92907M) if secured | | Private second | 221(d)(4) and other construction programs | Not allowed, except a qualifying seller take-back note | Unrecorded, unsecured note | | Mezzanine (pledge of ownership interests) | With written HUD approval | Subject to the same secondary financing guidance | Terms fully disclosed and approved by HUD | | Any subordinate debt on a LIHTC deal | Every program | No LTV cap; all debt up to 100% of total project cost | HUD-92223M with simple interest unless HUD allows compounding | ## Rules every second loan follows Whatever the source, MAP chapter 8.7 attaches the same core conditions: - **Surplus cash only, and only 75% of it.** Required payments of principal and interest on all secondary debt combined may not exceed 75% of available surplus cash. The MAP Guide gives the exact clause to put in the note. Money from outside the property can also repay the second. What counts as surplus cash is set by the [regulatory agreement](/learn/regulatory-agreement/); the [surplus cash guide](/learn/surplus-cash/) explains the calculation. - **No earlier maturity.** A subordinate loan may not mature before the HUD-insured first mortgage. For public debt only, HUD's underwriter can accept a shorter term case by case when another program, such as HOME or the National Housing Trust Fund, requires it and the risk is offset by things like low leverage, below-market rents or higher coverage. - **No foreclosure threat.** The junior lender's documents may not contain a cross-default or a right of foreclosure before the FHA loan ends. - **Listed on the application.** Every subordinate loan appears in the sources of funds on form HUD-92264-A. ## Public soft debt HOME funds, the Federal Home Loan Banks' Affordable Housing Program, grants and other federal, state, local or quasi-public loans are treated the most generously (MAP 8.7.1): - They can replace up to 100% of the program's required equity and can also pay for costs HUD will not put in the mortgage, so the HUD loan, the equity and the public money together can exceed 100% of total project cost. The funder has to certify that those non-mortgageable costs are reasonable and necessary. - They cannot stand in for tax credit equity. - The public subordination agreement (HUD-92420M) makes the junior loan assumable when the property is transferred with the HUD loan in place, terminates it if HUD takes title by deed in lieu, and requires the junior lender to extend the loan if surplus cash is not enough to repay it when due (MAP 8.7.6). - Restrictive covenants in the public loan normally have to end if the HUD loan is foreclosed. HOME-funded loans are the exception: HUD lets their covenants survive foreclosure, and similar state programs can be considered case by case. - Both the junior lien and the HUD loan documents must be recorded by the day of closing, and the junior loan cannot fund until closing. ## Private seconds on a 223(f) On a 223(f) purchase or refinance, private secondary financing can cover mortgageable and non-mortgageable costs up to the gap between the HUD loan's loan-to-value and **92.5% of fair market value** (MAP 3.7.17, 8.7.2). It can be secured by a lien on the property within that 92.5%. A worked illustration, using the current 87% market-rate limit from [Mortgagee Letter 2025-03](/programs/223f/): on a property valued at $20,000,000, the HUD loan can be at most $17,400,000, so a private second can add at most $1,100,000 (5.5% of value) before total debt reaches $18,500,000. That arithmetic is ours; HUD publishes only the 92.5% limit. On a deal sized below 87% by debt service coverage, the room for a second is larger, but the second's own payments still come only from surplus cash. Two exceptions to the 92.5% cap: - When the private second sits alongside government secondary financing, the public loan plus the HUD first and the private second together may exceed the property's value. - On LIHTC transactions the 92.5% test does not apply at all (see the LIHTC section below). ## Mezzanine debt HUD defines mezzanine financing as a subordinate loan usually secured by a pledge of ownership interests rather than a lien on the real estate. The MAP Guide (8.7.2.D-E) allows it on these terms: - Full disclosure of the terms and written HUD approval. Mezzanine debt left over from an earlier financing is subject to the same rules. - Payments only from surplus cash, and no maturity before the FHA loan. - An interest rate consistent with the market for mezzanine debt, not so high that it jeopardizes ownership stability or cannot reasonably be paid from surplus cash. HUD must approve the interest as reasonable. - No enforcement against the real estate or the borrower entity during the loan, and no action that would trigger a transfer of physical assets without HUD approval. If the mezzanine lender takes over ownership interests after a default, the transfer goes through HUD's TPA process, the same review used for an [assumption](/learn/hud-loan-assumption/). Exceptions to any of this need a written HUD waiver on form HUD-2. ## Construction loans: seller notes only Private secondary financing is not permitted on 221(d)(4) or any other new construction or substantial rehabilitation first mortgage (MAP 8.7.3). The only private exception is a seller take-back note, and it has to clear every one of these tests: 1. The FHA loan is less than 50% of mortgageable replacement cost (80% on a tax credit application). 2. The sale is arm's length, or, with an identity of interest, the land or building is sold for no more than its as-is value. 3. The note is paid from surplus cash within the 75% cumulative cap, is not recorded or secured by the property (except on LIHTC deals), has no foreclosure provision that threatens the first mortgage, re-subordinates automatically on any refinance of the first, and has no balloon or maturity before the HUD loan. Public soft debt remains available on construction deals under the rules above. On a [223(a)(7)](/programs/223a7/) refinance, secondary financing follows the rules of the program being refinanced, but it cannot be used, directly or indirectly, to take equity out or fund a transfer of physical assets (MAP 8.7.4). ## LIHTC transactions For tax credit deals, HUD drops the loan-to-value limit on secondary debt entirely, whether public or private, because debt limits can shrink tax credit basis (MAP 14.11). Debt can exceed value. The conditions that remain: - Payments on all secondary debt, together, from no more than 75% of annual surplus cash or the proceeds of a sale or refinance. - The FHA loan plus all public and private secondary debt no more than 100% of total mortgageable and non-mortgageable project cost, tested against the HUD underwriter's sources and uses. Public loans are left out of that 100% test. - Maturity at or after the first mortgage (public debt exceptions as above), and a reasonable expectation that the debt can be paid off over its term from 75% of surplus cash. - HUD's surplus cash note with simple interest. HUD will allow compounding if the lender shows cash flow is strong enough that accruing interest will not undermine the project. - Private debt up to 100% of total project cost may be secured by the project under every program, with automatic re-subordination on any refinance of the first. Tax credit equity bridge loans are treated separately (MAP 8.7.8, 14.16), and a deferred developer fee is not counted as secondary debt for these limits. The [LIHTC guide](/learn/lihtc-and-hud/) covers how HUD loans and tax credits fit together. ## The note forms The form depends on the borrower and the deal (MAP 8.7.7): | Form | Used for | |---|---| | HUD-92223M, Surplus Cash Note | Profit-motivated borrowers; also the standard for LIHTC secondary debt | | HUD-91710M, Residual Receipts Note | Nonprofit borrowers | | HUD-91712M, Residual Receipts Note | Limited dividend borrowers | | HUD-92908M, Residual Receipts Note | Borrowers whose distributions are restricted by a residual receipts rider | Common features: interest does not compound (subject to the LIHTC exception), payments from project income or assets only as the regulatory agreement allows, and unauthorized payments must be returned to the project. Under the surplus cash note, prepaying from sources outside the project does not need HUD approval. The residual receipts notes add that prepayments can be made only after final endorsement and the end of a fiscal period, and that the note cannot be sold or pledged. ## Questions ### Can you put a second mortgage behind a HUD 223(f) loan? Yes. Private secondary financing on a 223(f) can be secured by a lien on the property as long as the HUD loan plus the private second do not exceed 92.5% of fair market value. It must be documented on HUD's surplus cash or residual receipts note, subordinated with HUD's private subordination agreement, paid only from surplus cash and not mature before the HUD loan. ### Is mezzanine debt allowed on a HUD loan? Yes, with conditions. Mezzanine debt secured by a pledge of ownership interests must be fully disclosed to HUD and approved in writing. It can be paid only from surplus cash, cannot mature before the FHA loan, and its rate must be consistent with the mezzanine market and not so high that it threatens ownership stability. If the mezzanine lender wants to take over the ownership interests after a default, that transfer needs HUD approval through the TPA process. ### Can a 221(d)(4) construction loan have a second loan? Not from a private lender, with one exception: a seller take-back note, and only when the HUD loan is under 50% of replacement cost (80% on a tax credit deal), the sale is arm's length or priced no higher than as-is value, and the note is unsecured, paid from surplus cash and has no balloon before the HUD loan matures. Public secondary financing such as HOME funds is allowed on every program. ### How much of surplus cash can go to a second loan? No more than 75%, counting every subordinate loan together, public and private. HUD keeps at least 25% of surplus cash as an incentive to the owner. The owner can pay more toward the second from that remaining 25% or from money outside the property. ### Did HUD's 2025 leverage increase change the 92.5% limit? No. Mortgagee Letter 2025-03 raised first-mortgage loan-to-value and loan-to-cost limits and lowered debt service coverage minimums, but it does not mention secondary financing. The 92.5% combined limit for private seconds on 223(f) comes from the 2020 MAP Guide and was not changed by that letter. ### Does a deferred developer fee count as secondary debt? Not for the debt limits. On a LIHTC deal, a deferred developer fee loan does not need HUD's surplus cash note form, cannot be secured by the project, can have a shorter term than the FHA loan, and is not added to other private seconds when testing the 100% of total project cost limit. Its repayment must still be limited to surplus cash or money from outside the project. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.1.17, 3.7.17 and 8.7 (secondary financing)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapter 14.11 (structuring of secondary debt on LIHTC transactions) and 14.12.2 (deferred developer fee)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [24 CFR 200.71, Liens (eCFR)](https://www.ecfr.gov/current/title-24/section-200.71) - [24 CFR 200.85, Covenant against liens (eCFR)](https://www.ecfr.gov/current/title-24/section-200.85) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) ## Related - https://hudmultifamily.loan/learn/surplus-cash/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/241a/ - https://hudmultifamily.loan/learn/lihtc-and-hud/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ - https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/ - https://hudmultifamily.loan/tools/surplus-cash-calculator/ --- Canonical page: https://hudmultifamily.loan/learn/secondary-financing/ 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 # Financing a ground-leased apartment property with a HUD loan > HUD can insure a loan on a ground-leased apartment property, though it prefers fee simple. The lease must run at least 10 years past the loan's maturity (221(d)(4), 220) or 50 years from closing (223(f), 231), or be 99 years renewable; the landlord must own the fee; ground rent must be fixed in form, with no CPI or appraisal resets; and the lease must incorporate HUD's Lease Addendum, form HUD-92070M. - URL: https://hudmultifamily.loan/learn/ground-leases/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | HUD preference | Fee simple; leaseholds allowed | | Lease term, 221(d)(4) and 220 | 10+ years past loan maturity, or 99 years renewable | | Lease term, 223(f) and 231 | 50+ years from closing, or 99 years renewable | | Lease term, 223(a)(7) | Follows the original program | | Waivable? | No, the terms are statutory | | Sub-leaseholds | Not insurable; landlord must own the fee | | Required form | Lease Addendum, HUD-92070M | | Ground rent | Fixed % of income or cash flow, or a flat amount | | Not accepted | CPI, step-ups, appraisal or arbitration resets | | Estoppel | Signed by landlord, dated within 30 days of closing | ## The short answer on eligibility The insured mortgage has to sit on real estate held in one of two ways: fee simple, or a lease that meets a minimum term set by the National Housing Act (MAP 3.1.23). HUD will insure a leasehold mortgage that is a mortgageable interest under state law, but it says plainly that it prefers fee simple, and the lender's underwriting and appraisal must describe the leasehold interest and its values in full (MAP 7.15). Two structural rules apply to every leasehold deal: - **The landlord must own the fee** and grant the lease directly to the borrower. A mortgage on a sub-leasehold is not insurable. For 223(f) and 231 that prohibition is statutory and cannot be waived (MAP 7.15.2). - **The lease must incorporate HUD's Lease Addendum** (form HUD-92070M). Substantive changes to the addendum, and waivers of the ground lease section, are approved only by HUD headquarters, except on affordable deals where a government entity is the landlord (MAP 7.15, 11.3.5). ## Minimum lease term by program The term cannot be waived because it comes from the statute (MAP 7.15.2.B.1). | Program | Minimum lease term | |---|---| | [221(d)(4)](/programs/221d4/) and [220](/programs/220/) | At least 10 years beyond the loan's maturity date, or 99 years renewable | | [223(f)](/programs/223f/) and [231](/programs/231/) | At least 50 years from the date the mortgage is executed, or 99 years renewable | | [223(a)(7)](/programs/223a7/) | Whatever the original program for the loan being refinanced required | | [241(a)](/programs/241a/) | Can stay the same as for the first mortgage, unless the 241(a) loan runs past the first mortgage; then a lease that is not 99 years renewable must be extended by the same number of years | A practical reading for a construction deal: a 221(d)(4) loan with a 40-year permanent term after construction needs a lease that outlasts the maturity date by 10 years, so the remaining lease term at closing has to cover the construction period, the 40 years and the 10-year tail. That is our arithmetic from the MAP rule, not a separate HUD figure. Leases of trust lands or Native American tribal land need the term and any addendum waivers to be acceptable to both HUD headquarters and the Bureau of Indian Affairs. ## What kind of leasehold qualifies The MAP Guide recognizes four forms (MAP 7.15.2.A): | Leasehold | Addendum option | Landlord | |---|---|---| | Land only (ground lease) | Option 1, "Ground Lease" | Any fee owner | | Land and buildings | Option 2, "Lease" | Public or governmental entity only | | Air rights only | Option 1, "Air Rights Ground Lease" | Any fee owner | | Air rights and improvements | Option 2, "Air Rights Lease" | Public or governmental entity only | So a private landlord can lease you land or air rights under a HUD loan, but not the buildings themselves. ## Ground rent: what HUD accepts Ground rent has to fit one of three forms, and the appraiser builds it into net operating income (MAP 7.15.3.1): 1. A fixed percentage of gross collections (or effective gross income), the same for the whole lease. 2. A fixed percentage of net cash flow to equity, after debt service but before the lease payment, the same for the whole lease. 3. A stated dollar amount per year that stays fixed until at least 10 years after the end of the insured mortgage's term. It can be written as a minimum payment. If the lease combines methods, it has to say whether the rent is the greatest, the least or the sum of them. **What HUD will not accept** (MAP 7.15.3.2): variable ground rents of any kind, specifically a graduated schedule of future increases, cost-of-living or CPI escalators, and increases set by future appraisals or arbitration. This is the clause that most often has to be renegotiated with the landowner, because market ground leases commonly carry CPI or periodic fair-market resets. ### Ground rent during construction On new construction, ground rent during the build is included in the project's estimated replacement cost and in the certified cost, for the same period used for construction interest (or the construction time plus two months). It cannot be part of the base used to calculate BSPRA on 220 or 221(d), and it cannot exceed the acceptable lease payment test. On rehabilitation under any program, ground rent during the rehab is part of replacement cost (MAP 7.15.3.3). At cost certification, ground rent paid between initial endorsement and the cut-off date is an eligible other cost, and the cost of acquiring the leasehold counts only to the extent it, the ground rent and any offsite costs do not exceed HUD's value of the land fully improved (MAP 13.14.12). The [cost certification guide](/learn/cost-certification/) covers that step. ## HUD's option to buy the fee Section 7 of the Lease Addendum gives HUD an option to purchase good and marketable fee simple title to the land, plus the landlord's interest in the buildings if it has one. The option price is the value of the leased fee, meaning the net present value of the ground lease, at firm commitment (MAP 7.15.2.B.3). The Regional Center Director can waive the purchase option at firm commitment only when the landlord is a state or local government or a public entity created under state law, and the project: - is affordable under MAP 3.1.12, or is a low-leverage, low-risk loan with significant public purpose; - is appraised for the leased fee, the leasehold and the fee simple land; and - has a full discussion of the lease terms in the appraisal and underwriting, with the lender concluding that the leasehold is marketable and the leased fee is worth less than the fee simple land. For affordable projects with a ground lease and **no** purchase option, HUD will recognize the leasehold as security only if the landlord is a government body, housing authority or nonprofit, the property is affordable, the addendum is used without other deviations, and the loan is low-leverage and low-risk with significant public benefit. There are no regional exceptions to that (MAP 7.15.4.A.1). ## How the leasehold is valued The loan is sized on the value of the leasehold, never the fee (MAP 7.15.4, 7.15.6): - The leasehold value goes on line 3(a) of form HUD-92264-A and drives the value-based sizing test (Criterion 3). The leased fee gets no value under Criterion 3 or 4. - The leasehold's value or replacement cost must in every case be less than the fee simple value. - The appraiser values the fee simple land, the leased fee (the present value of the lease payments, by direct capitalization and discounted cash flow, with any difference explained), and the effect of the leased fee on the leasehold. - An upfront land lease payment is treated as the present value of rent that would otherwise have been an operating expense, and the appraiser must analyze how it affects value and the loan amount. Because ground rent is an operating expense in NOI, it also reduces the loan on the debt service coverage test. For new construction the appraiser includes ground rent in the operating deficit estimate once construction ends, since only construction-period ground rent can be in the mortgage (MAP 7.14). ## Documents at closing - **Lease or memorandum of lease, recorded**, naming the parties, the legal description, the term and renewal options, the Lease Addendum, and HUD's purchase option in Section 7 unless waived (MAP 7.15.2.B.2). - **Lease Addendum (HUD-92070M)**, incorporated into the lease before it is signed; if that is not possible, signed separately by landlord and tenant before HUD endorses the note, with an amendment to the lease. If the lease is already recorded, the addendum is recorded too. No security instrument rider is needed for the ground lease (MAP 19.4.2.4). - **Landlord estoppel certificate**, dated within 30 days of closing, identifying the lease documents and confirming the legal description, that the lease is in full force and that there are no defaults or pending defaults. It must carry the certification language of 24 CFR 200.62 and the warning language from the addendum. - **Title**: the MAP Guide lists ALTA endorsement 13.1-06 for additional coverage when the project is secured by a HUD-approved ground lease (MAP 19.4.7.4). On a 223(a)(7) refinance, a new Lease Addendum is required only if the ground lease was materially modified without HUD approval since the last HUD closing, or its term does not comply with the National Housing Act. ## Fee joinders: tax abatement structures Some states give tax abatements to rental projects whose fee is held by a state or local development agency, which then leases the property back to the developer for less than the statutory term. HUD can still insure the loan through a fee joinder: the agency joins the FHA mortgage through a Rider to the Security Instrument so the lender has a first lien on the full fee simple estate for the life of the loan (MAP 7.15.7, 19.4.2.5). Requirements include an otherwise eligible deal, a state or locally authorized tax abatement, a public-entity landlord, counsel confirming under state law that the mortgage is a first lien on the entire fee for the term of the note, the executed rider, and title insurance satisfactory to the lender and HUD. For valuation, fee joinder deals are underwritten at full property taxes unless they meet the MAP Guide's tax abatement rules in section 7.16. ## Questions ### Can you get a HUD loan on a ground lease? Yes. HUD insures leasehold mortgages that are a mortgageable interest under state law and meet the National Housing Act, although it prefers fee simple. The lease must meet the program's minimum term, the landlord must own the fee and lease directly to the borrower, the ground rent must be in an accepted form, and the lease must incorporate HUD's Lease Addendum (HUD-92070M). ### How long does a ground lease need to be for a HUD loan? It depends on the program. For 221(d)(4) and 220, the lease must run at least 10 years beyond the loan's maturity, or be 99 years and renewable. For 223(f) and 231, at least 50 years from the date the mortgage is signed, or 99 years and renewable. A 223(a)(7) follows the program being refinanced. These terms come from the statute and cannot be waived. ### Will HUD accept a ground lease with CPI increases? No. HUD will not accept variable ground rents: no CPI or cost-of-living increases, no graduated schedule of step-ups, and no resets based on future appraisals or arbitration. Rent must be a fixed percentage of gross collections, a fixed percentage of cash flow after debt service, or a stated dollar amount that stays fixed until at least 10 years after the loan's term ends. ### Does HUD get an option to buy the land? Usually. The Lease Addendum gives HUD an option to buy fee simple title, priced at the value of the landlord's leased fee interest at firm commitment. When the landlord is a state or local government or public entity, the Regional Center Director can waive the option if the project is affordable or is a low-leverage loan with significant public benefit, and the appraisal values the leased fee, leasehold and fee simple land. ### Does a 223(a)(7) refinance need a new lease addendum? No, unless the ground lease was materially changed without HUD approval after the last HUD closing, or its term no longer complies with the National Housing Act. ### What is a fee joinder? A structure used where a state or local agency owns the fee and leases it back to the developer for less than the statutory term, typically for a tax abatement. The agency joins the FHA mortgage through a Rider to the Security Instrument so the lender holds a first lien on the full fee simple estate for the life of the loan. HUD allows it only where the landlord is a public entity and the project benefits from an authorized tax abatement program. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.1.23 and 3.7.19 (real estate requirements)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition, chapter 7.15 (leaseholds and ground leases)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition: 11.3.5 (waivers reserved to headquarters), 13.14.12 (cost certification) and 19.4.2.4-19.4.2.5 (closing: ground lease, fee joinders)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [24 CFR 200.62, Certifications (eCFR)](https://www.ecfr.gov/current/title-24/section-200.62) ## Related - https://hudmultifamily.loan/learn/hud-loan-requirements/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/secondary-financing/ - https://hudmultifamily.loan/learn/cost-certification/ --- Canonical page: https://hudmultifamily.loan/learn/ground-leases/ 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 # Insurance on a HUD apartment loan: what the MAP Guide requires > A HUD-insured apartment loan needs general liability of at least $1 million per occurrence and $2 million aggregate, casualty cover of at least the lower of 80% of insurable value or the loan balance, deductibles no higher than the greater of $50,000 or 1% of a building's insurable value (capped at $250,000), and flood insurance on any building in a FEMA Special Flood Hazard Area. - URL: https://hudmultifamily.loan/learn/hud-property-insurance-requirements/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | General liability | $1M per occurrence, $2M aggregate | | Vehicle liability | Greater of state minimum or $300K/$500K, plus $100K property | | Casualty minimum | Lower of 80% of insurable value or the loan balance | | Deductible cap | Greater of $50K or 1% of insurable value, max $250K | | Co-insurance | Face amount must meet the policy's co-insurance clause | | Flood (in an SFHA) | Greater of NFIP maximum or replacement cost of bottom two stories | | NFIP building maximum | $500,000 per multifamily building | | Carrier rating | A.M. Best B+ or better | | Fidelity bond | At least 2 months' gross potential income | ## The coverage list HUD sets minimums in chapter 3.9 of the MAP Guide, and the borrower's mortgage carries a covenant to keep fire and extended coverage in force on terms the Commissioner sets (24 CFR 200.86). The same list applies to every MAP program; what changes between a 221(d)(4) and a 223(f) is when the coverage has to start. | Coverage | HUD minimum | MAP Guide | |---|---|---| | General liability | Commercial General Liability form, $1,000,000 per occurrence and $2,000,000 aggregate | 3.9.1.A, 3.9.2.1 | | Vehicle liability (if the owner operates vehicles) | Greater of the state minimum or $300,000 one person and $500,000 more than one person, plus $100,000 property damage | 3.9.1.B, 3.9.2.2 | | Casualty ("fire and extended coverage") | Lower of 80% of insurable value or the loan balance, and at least the co-insurance requirement | 3.9.2.4 | | Deductible | Greater of $50,000 or 1% of a building's insurable value, capped at $250,000 | 3.9.2.4 | | Flood (buildings in an SFHA) | Greater of the NFIP maximum or replacement cost of the bottom two stories above grade | 3.9.1.D, 3.9.2.3 | | Named insureds | HUD and the lender as additional insured; "loss payable to the mortgagee, its successors and assigns" | 3.9.3 | | Carrier rating | A.M. Best Financial Strength Rating of B+ or better | 3.9.3 | | Management agent fidelity bond | At least two months' gross potential income, HUD and lender as loss payees | 10.6 | ## During construction and after On a [221(d)(4)](/programs/221d4/) or other construction loan, liability coverage must be in place from the start of construction and endorsed to include owners' and contractors' protective coverage. Vehicle coverage must include owned, non-owned and hired vehicles where they apply. Flood insurance starts as soon as the property becomes insurable. When the owner accepts the building from the contractor, the lender must deliver certified copies of the permanent coverage. Extending the construction-period policies with the right endorsements can be acceptable, but the MAP Guide is explicit that there can be no gap between the two. Permanent liability must also pick up independent contractors' coverage where it applies. On a [223(f)](/programs/223f/) purchase or refinance the permanent coverage is simply in force at closing. After endorsement, the ongoing rules live in the asset management handbook (HUD Handbook 4350.1), which is where a renewal or a change of carrier is checked. ## Casualty: what "insurable value" means HUD measures casualty coverage against **insurable value**: the current cost of replacing each building, excluding land and site improvements. It is not appraised value and not depreciated original cost. The capital needs assessment reports it for every structure on the property (see [third-party reports](/learn/third-party-reports/)). Two consequences follow: - **Building by building.** A claim pays no more than the damage to a building and no more than that building's insurable value. Spreading one total cost across dissimilar buildings can understate some and overstate others, which leaves losses uncovered. - **No over-insuring.** Most states bar insuring above replacement cost, so the 80% minimum is a floor tied to real replacement cost, not a reason to inflate it. The minimum face amount is the **lower** of 80% of insurable improvements or the balance of the insured mortgage, as long as the policy's co-insurance clause is also met. ### Deductibles and co-insurance HUD caps what the owner can be made to share after a loss in two ways: 1. **Deductible cap.** No more than the greater of $50,000 or 1% of the insurable value of the building, up to $250,000. 2. **Co-insurance.** The face amount bought must equal or exceed the policy's co-insurance requirement, so partial claims are paid in full (less the deductible). The MAP Guide's own illustration of why: with a typical 80% co-insurance clause, an owner who buys cover equal to 65% of insurable values gets only 65% of any claim paid, leaving 35% plus the deductible to the owner. Buy at or above the co-insurance level and the insurer pays 100% of the claim, less the deductible, up to the face amount. | Building insurable value | 1% of value | Deductible cap | |---|---|---| | $3,000,000 | $30,000 | $50,000 (the floor applies) | | $12,000,000 | $120,000 | $120,000 | | $40,000,000 | $400,000 | $250,000 (the ceiling applies) | *Calculations from the MAP Guide 3.9.2.4 rule; the building values are illustrations.* **Waiver.** For large properties with many buildings, or properties inside a portfolio program with tiers of coverage, HUD may waive the 80% minimum if the lender shows the coverage is adequate for likely casualty events and the borrower is not left sharing partial losses. ## Flood insurance ### Where it is required Federal law bars a federal agency from insuring a loan in a FEMA-identified special flood hazard area unless the building is covered by flood insurance, and the requirement stays with the property through any transfer (42 U.S.C. 4012a(a)). The MAP Guide puts it in practical terms: any insurable structure in a FEMA-mapped Special Flood Hazard Area (the 100-year floodplain) must carry NFIP flood insurance for the term of the loan. HUD goes further than the statute in three ways: - It requires flood insurance where an **advisory base flood elevation or preliminary FEMA map** shows the building will be in an SFHA, even before the final map. - HUD's approving official **may** require it in the moderate hazard zone (zones B or shaded X), on a parcel that includes an SFHA, in coastal areas subject to tidal flooding, tsunami, wave action or storm surge (including limits of moderate wave action), or where topography or past flooding shows high risk. - At the firm application the lender submits FEMA's Standard Flood Hazard Determination Form and proof of a flood insurance commitment effective at closing. The MAP Guide gives the reason: a building in the SFHA has a 26% chance of flooding over a 30-year mortgage, and one in the 500-year floodplain a 6% chance. ### How much The statute's floor is the lesser of the project cost (less land) or the NFIP maximum, and on an insured loan it need not exceed the loan balance. HUD sets a higher bar for each improved structure in the SFHA: at least the **greater** of 1. the NFIP maximum for that type of property, or 2. the replacement cost of the bottom two stories above grade (form HUD-92329 or equivalent). The NFIP maximum for an "other residential building (including multifamily)" is **$500,000** of building coverage per building in the regular program (44 CFR 61.6). On anything larger than a small garden building, the two-story replacement cost is likely to be the controlling number, and the cover above $500,000 comes from a private flood policy. ### Leases in a floodplain Where HUD has required flood insurance, every new and renewal lease must include a signed acknowledgment that the resident was told the property is in a floodplain and that flood insurance is available for their personal property (MAP 9.6.6.F). ### Siting rules are a separate question Whether HUD will insure a building in a floodplain at all, and how high new construction must be elevated, is governed by HUD's floodplain management rules in 24 CFR part 55, not by the insurance section. HUD adopted the Federal Flood Risk Management Standard in a final rule effective May 23, 2024 (89 FR 30850). On July 10, 2026 HUD proposed to rescind that rule and generally restore the earlier regulations, keeping some of its flexibilities (91 FR 42685). Comments closed September 8, 2026, and no final rule had been published as of October 31, 2026. Until one is, check the current part 55 text with the lender before designing to an elevation. ## Fidelity bond for the management agent The lender must confirm the management agent is adequately bonded. The agent certifies that it carries a fidelity bond or employee dishonesty coverage for all its principals and everyone involved in managing the project's assets, accounts and records. The bond must name the lender and HUD as additional loss payees and cover at least **two months of the project's gross potential income**. One bond can cover several properties, including uninsured ones, in which case the minimum is computed on the property with the highest gross potential income (MAP 10.6). ## What to have ready - A schedule of insurable values by building, matching the capital needs assessment. - Quotes that show the deductible per building against the $50,000 / 1% / $250,000 rule. - The policy's co-insurance percentage and a face amount at or above it. - A flood zone determination for every building, and a flood quote sized to the two-story rule where it applies. - Carrier ratings (B+ or better) and the agent's fidelity bond certificate. ## Questions ### What is the maximum deductible HUD allows on a multifamily property? The greater of $50,000 or 1% of the insurable value of the particular building, up to $250,000. The test is applied building by building, so on a property with several buildings each building's insurable value sets its own limit (MAP Guide 3.9.2.4). ### How much property insurance does a HUD loan require? A face amount of at least the lower of 80% of the insurable value of the improvements or the balance of the insured mortgage, and in any case enough to satisfy the policy's co-insurance clause. Insurable value means current replacement cost of each building, not market value and not depreciated cost, and the capital needs assessment reports it structure by structure. ### Does HUD require flood insurance outside the 100-year floodplain? It is mandatory for any insurable building in a FEMA Special Flood Hazard Area, and also where an advisory base flood elevation or a preliminary FEMA map shows the building will be in one. HUD's approving official can require it in the moderate hazard zone (B or shaded X), on a parcel that includes an SFHA, in coastal areas exposed to storm surge or tidal flooding, or where past flooding shows high risk. ### Is the NFIP $500,000 limit enough for a HUD loan? Not always. HUD requires the greater of the NFIP maximum ($500,000 per building for multifamily) or the replacement cost of the bottom two stories above grade. For a large building the two-story figure is usually higher, and the excess has to be bought in the private flood market. ### Does the management agent need its own insurance? Yes. The agent must certify that it carries a fidelity bond or employee dishonesty coverage for its principals and everyone who handles the project's money and records, with HUD and the lender named as loss payees, in an amount of at least two months of the project's gross potential income. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.9 Property Insurance Requirements, 9.6.6 Flood Insurance, 10.6 Bonding Requirements for Agents](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [42 U.S.C. 4012a, Flood Disaster Protection Act of 1973, section 102(a)](https://www.law.cornell.edu/uscode/text/42/4012a) - [44 CFR 61.6, maximum amounts of NFIP coverage available (eCFR)](https://www.ecfr.gov/current/title-44/section-61.6) - [24 CFR 200.86, covenant for fire and other hazard insurance (eCFR)](https://www.ecfr.gov/current/title-24/section-200.86) - [89 FR 30850, Floodplain Management and Protection of Wetlands; Federal Flood Risk Management Standard, final rule (Apr. 23, 2024)](https://www.federalregister.gov/d/2024-06246) - [91 FR 42685, proposed rescission of the 2024 floodplain rule (July 10, 2026)](https://www.federalregister.gov/documents/2026/07/10/2026-13939/rescission-of-floodplain-management-and-protection-of-wetlands-minimum-property-standards-for-flood) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ - https://hudmultifamily.loan/learn/hud-loan-requirements/ --- Canonical page: https://hudmultifamily.loan/learn/hud-property-insurance-requirements/ 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 # Mixed-use buildings and HUD: how much commercial space a loan can carry > HUD lets an insured apartment loan include commercial space up to 25% of net rentable area. Commercial income is capped at 15% of effective gross income for 221(d)(4), 231 and 241(a), 20% for 223(f) (existing space only) and 30% for Section 220. Underwriting assumes commercial occupancy of no more than 80% on construction loans and 90% on 223(f). - URL: https://hudmultifamily.loan/learn/commercial-space-in-hud-loans/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | Space limit, every program | 25% of net rentable area | | Income limit, 221(d)(4), 231, 241(a) | 15% of effective gross income | | Income limit, 223(f) | 20%, existing commercial only | | Income limit, Section 220 | 30% | | Underwritten occupancy, NC/SR | Lesser of market or 80% | | Underwritten occupancy, 223(f) | Lesser of market, actual or 90% | | Appraisal vacancy floor | 10% for 223(f), 20% for NC/SR | | Non-resident parking | Counts as commercial; occupancy max 50% | | Waivers | Regional Center Director, documented mitigants | | SNDAs | Permitted on non-assisted properties with HUD approval | ## The limits by program HUD insures apartment loans, not commercial loans. HUD regulations let a project include the commercial and community facilities the Commissioner accepts (24 CFR 200.73(b)), so a mixed-use building is fine, but the commercial part is held inside two caps, one on floor area and one on income, and the income cap is the one that changes from program to program (MAP Guide 7.7.12.9 and Appendix 3). | Program | Max commercial share of net rentable area | Max commercial share of effective gross income | Max underwritten commercial occupancy | |---|---|---|---| | [221(d)(4)](/programs/221d4/) new construction or substantial rehab | 25% | 15% | Lesser of market or 80% | | [231](/programs/231/) elderly and disabled | 25% | 15% | Lesser of market or 80% | | [241(a)](/programs/241a/) supplemental | 25% | 15% | Lesser of market or 80% | | [220](/programs/220/) urban renewal and revitalization areas | 25% | 30% | Lesser of market or 80% | | [223(f)](/programs/223f/) purchase or refinance | 25%, existing space only | 20%, existing income only | Lesser of market, actual or 90% | Section 220 adds a purpose test: the commercial space should serve the needs of the project's residents and other residents of the area (MAP 3.4.2). Section 220's loan ratios and debt service coverage are otherwise the same as 221(d)(4)'s. On a 223(f), the space must already be there. The program does not allow construction of additional units, and new ancillary improvements such as a community building or pool are limited to 5,000 square feet of gross floor area in total (MAP 3.7.5.C). ## How HUD underwrites the commercial income The appraiser treats the commercial space as a separate operation inside the property. Income, vacancy and collection loss, operating expenses and replacement reserves for the commercial space are calculated apart from the apartments, and owner-paid tenant improvements are counted as a leasing expense (MAP 7.7.12.9.A). Three haircuts apply on top of the caps: 1. **Occupancy cap.** On construction and rehab loans the underwritten commercial occupancy is the lesser of what the market shows or 80%. On 223(f) it is the lesser of the market, the property's actual occupancy, or 90%. 2. **Vacancy floor in the appraisal.** The appraiser must use a commercial vacancy factor of at least 10% for 223(f) and 20% for 221(d) and 220 new construction or substantial rehabilitation (MAP 7.7.14). 3. **A separate operating deficit.** On a construction loan, the commercial lease-up gets its own operating deficit estimate, added to the residential one. Rent the commercial space earns during the deficit period does not offset the residential deficit (MAP 7.14.E). **A worked illustration (hypothetical figures).** A new 221(d)(4) building projects $4,000,000 of residential effective gross income and $900,000 of commercial rent at full occupancy. Underwriting cuts the commercial rent to 80%, so $720,000. Total effective gross income is $4,720,000, and 15% of that is $708,000. The commercial income still exceeds the 15% cap, so the lender either underwrites less of it, seeks a waiver, or, if the site is eligible, moves the deal to Section 220, where the cap would be 30% ($1,416,000). *Calculations from the MAP Guide percentages; the deal is an illustration, not a quote.* ### What the appraisal has to show For the commercial component the MAP appraiser must analyze at least three commercial rent and expense comparables (with tenant, use, size, rent, vacancy, concessions and main lease terms), support the subject's commercial vacancy against the market, and set out every lease: tenant, square footage, term and dates, rent and reimbursements, cancellation and renewal clauses. All commercial expenses the owner pays are project operating expenses on form HUD-92264 (MAP 7.7.14). On construction deals, the market study must describe the commercial submarket, although HUD notes that level of detail is likely not needed for commercial space under 5,000 square feet (MAP 7.5.14). ## What counts as commercial "Commercial" means any nonresidential space that produces or is expected to produce income (MAP 7.7.12.9.B). The distinctions that trip up mixed-use deals: | Item | Treatment | |---|---| | Community rooms and parking used by residents | Ancillary income, not commercial; area excluded from the commercial space test | | Parking rented to non-residents (not customers of on-site commercial tenants) | Commercial income and space, pro rata by the share of spaces reserved for them | | Underwritten occupancy on that non-resident parking | Lower of market and historical performance or 50% | | Third-party operated parking | Contract income can be used if it is a fixed monthly payment; percentage rent needs a waiver | | Rooftop, cell tower, cable and internet leases | Commercial leases; SNDAs allowed on any insured property | For existing properties that sell monthly parking, the lender must identify the share of monthly parkers who are not tenants so their income goes into the commercial limits. Where the owner runs the garage for residents and commercial tenants, parking income is based on the last three years of operations and the trailing 12 months. The transient-use ban also reaches the commercial side: the prohibition on leases under 30 days and hotel services applies to any commercial space financed by the mortgage (MAP 3.1.24). ## Waivers A Regional Center Director may waive the commercial **income** limit as long as the result is still primarily a residential property, and the approval has to document how the commercial component supports HUD goals such as sustainable communities or transit-oriented development. HUD may ask for a full credit analysis of existing or pre-leased commercial tenants. The MAP Guide's examples of mitigants (7.7.13.A): 1. a long-term lease to a creditworthy tenant, such as a government agency or a large established business; 2. multi-tenant space where most tenants have five or more years of occupancy and full occupancy is not needed to break even; 3. substantial borrower equity or local government funds; or 4. an existing 223(f) property with an established history of commercial income above 20% but no more than 30%. Waiving the **space** limit requires showing that the extra space will not hurt residents or create a nuisance, that the market will absorb it within the projected period, and that easements, liability insurance, parking and zoning are resolved first (7.7.13.B). ## Commercial leases and SNDAs National retailers commonly insist on a subordination, non-disturbance and attornment agreement, which keeps their lease in place if the loan is foreclosed. HUD barred these before Mortgagee Letter 2011-14 and now permits them (MAP Appendix 8, A.8.6): - **Rooftop, cell tower, cable and internet leases:** SNDAs allowed on any property with an insured mortgage or applying for one. - **Other commercial leases:** allowed on non-assisted, non-subsidized properties, if the lease is at fair market rent, the tenant's use will not harm residents and suits a residential building, and there is no identity of interest between the borrower and the tenant. - **Approval:** the HUD Satellite Office or Regional Center reviews the lease and SNDA during firm commitment processing, using HUD's sample SNDA form, with the proposed lease, forms HUD-92458 and HUD-92264, a commercial market rent study and details of any build-out. Properties with project-based rental assistance or older subsidy programs fall under a narrower part of that guidance, so check it before signing a lease there. ## Condominium-split buildings A building platted as a condominium can carry a 223(f) loan if a single owner holds the whole regime. Separate condominium units may be created for the commercial and residential uses, but the insured mortgage must cover all the rental apartments plus the mortgageable commercial space, with defined joint-use agreements and an equitable split of condominium costs (MAP 3.1.31). ## Insurance on mixed-use properties The commercial portion is covered by the same HUD insurance minimums as the apartments: general liability of $1 million per occurrence and $2 million aggregate, casualty cover tied to each building's insurable value and the deductible cap. See [HUD insurance requirements](/learn/hud-property-insurance-requirements/). ## Questions ### How much commercial space can a HUD 221(d)(4) loan have? Up to 25% of the project's total net rentable area, and commercial income of no more than 15% of effective gross income. A Regional Center Director can waive the income limit when there are clear mitigants, but a new construction or substantial rehab project with commercial income above 20% that sits in a Section 220 eligible location is expected to use Section 220 instead. ### Can a 223(f) refinance include ground-floor retail? Yes, if the retail already exists. 223(f) allows existing commercial space up to 25% of net rentable area and existing commercial income up to 20% of effective gross income. An existing 223(f) property with an established history of commercial income above 20% but no more than 30% is one of the cases where HUD may grant a waiver. ### Which HUD program is best for a mixed-use building? For new construction or substantial rehabilitation in an eligible area, Section 220, because it allows commercial income up to 30% of effective gross income against 15% for 221(d)(4). Section 220 otherwise uses the same loan ratios and coverage as 221(d)(4). For an existing building, 223(f) allows 20%. ### Does parking count as commercial space? Resident parking does not; it is ancillary income and its area is left out of the commercial space calculation. Parking rented to people who are not residents or customers of the on-site commercial tenants is commercial income, and HUD underwrites it at no more than the lower of the market or historical rate or 50% occupancy. ### Will HUD sign an SNDA for a commercial tenant? Yes on most market-rate properties. Since Mortgagee Letter 2011-14, HUD permits subordination, non-disturbance and attornment agreements for commercial leases on non-assisted, non-subsidized insured properties, and for rooftop, cell tower, cable and internet leases on any insured property. The lease must be at fair market rent, the tenant must suit a residential building, and an SNDA is not allowed if the tenant has an identity of interest with the borrower. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.1.20, 3.4.2 (Section 220), 3.7.18 (Section 223(f))](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition: 7.7.9, 7.7.12.9 Commercial Income, 7.7.13 Limited Waiver, 7.7.14 Commercial Space Valuation, 7.14 operating deficit](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition: Appendix 3, A.3.1 Specifications and Limitations by Program](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition: Appendix 8, A.8.6 Subordination, Non-Disturbance and Attornment Agreements](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [24 CFR 200.73, property development requirements (eCFR)](https://www.ecfr.gov/current/title-24/section-200.73) ## Related - https://hudmultifamily.loan/programs/220/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/231/ - https://hudmultifamily.loan/programs/241a/ - https://hudmultifamily.loan/learn/223f-vs-221d4/ - https://hudmultifamily.loan/learn/opportunity-zones-and-hud/ - https://hudmultifamily.loan/learn/hud-property-insurance-requirements/ --- Canonical page: https://hudmultifamily.loan/learn/commercial-space-in-hud-loans/ 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 # Opportunity Zone apartment deals with an FHA-insured loan > HUD does not change loan terms for an Opportunity Zone. An OZ property gets a lower HUD application fee (0.20% instead of 0.30%) on 221(d)(4), 220 and 223(f), qualifies by location for Section 220, and a Qualified Opportunity Fund investing through a shell entity skips previous participation filing. The tax benefit is separate, and Public Law 119-21 made it permanent with new zones designated from 2026. - URL: https://hudmultifamily.loan/learn/opportunity-zones-and-hud/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Rules ## Key facts | Item | Value | |---|---| | HUD application fee | 0.20% in an OZ (0.30% standard) | | Programs with the reduced fee | 221(d)(4), 220, 223(f) | | LTV, DSCR, MIP | Same as outside an OZ | | Section 220 | OZs are a listed eligible area | | QOF and Form HUD-2530 | Shell-entity fund need not file; shown on org chart | | OZ program | Permanent since July 4, 2025 (PL 119-21) | | Next designation round | Determination date July 1, 2026, then every 10 years | | Gain deferral, investments after 2026 | 5 years from the investment | | Substantial improvement | Double the basis in 30 months (50% in rural zones) | ## What HUD actually gives an OZ deal The MAP Guide treats an Opportunity Zone as a location fact, not a separate loan product. Four things change. | Item | Outside an OZ | In a qualified OZ | MAP Guide | |---|---|---|---| | HUD application fee, 221(d)(4), 220, 223(f) | 0.30% | 0.20% | 3.1.36 | | Section 220 eligibility | Needs one of the other listed area types, such as an urban renewal area or an approved concentrated development area | OZ is itself a listed eligible area | 3.4.1 | | Previous participation for a QOF | n/a | Fund in a shell structure need not file; shown on the org chart | 8.3 | | Lender documentation | none | Screenshot of the address and 11-digit census tract showing it is a qualified OZ | Appendix 3, A.3.7 | | LTV, DSCR, term, MIP | program terms | same | none | HUD's application documents also ask whether the project sits in a qualified Opportunity Zone and, if so, whether it is receiving equity from a Qualified Opportunity Fund (MAP Appendix 4), so the lender needs that answer early. **The 0.10% tier.** Section 3.1.36 cuts the fee to 0.10% for OZ properties that are "Broadly Affordable" as defined in HUD's 2016 MIP notice. The September 2025 MIP notice eliminated the Broadly Affordable category for applications on or after October 1, 2025, and HUD has not said how the 0.10% fee works now. Plan on 0.20% unless the HUD office confirms otherwise. The [fees guide](/learn/hud-loan-fees/) has the full fee table. **What the fee saves.** On a $30,000,000 loan the application fee is $60,000 in a zone against $90,000 outside one. ## Section 220 and mixed use [Section 220](/programs/220/) insures new construction or substantial rehab of housing in urban renewal and revitalization areas, and the MAP Guide lists Opportunity Zones as one of the eligible area types. It sizes like 221(d)(4) but lets commercial space produce up to 30% of effective gross income, against 15% under 221(d)(4); both cap commercial space at 25% of net rentable area (MAP 3.4.2). For a ground-floor retail building in a zone, that is the main reason to look at 220. See [commercial space in HUD loans](/learn/commercial-space-in-hud-loans/). ## What makes a tract an Opportunity Zone Under 26 U.S.C. 1400Z-1, a qualified opportunity zone is a population census tract that is a low-income community, nominated by the state's governor and certified by the Treasury. Public Law 119-21 (July 4, 2025) rewrote the rules for future rounds: - **Low-income community.** A tract whose median family income is at most 70% of the statewide (non-metro) or metro median, or that has a poverty rate of at least 20% and median family income no higher than 125% of the relevant median. The older definition borrowed from the New Markets credit. - **Rounds every ten years.** Governors nominate within a 90-day determination period starting on the decennial determination date: July 1, 2026, then every July 1 ten years later. Treasury has 30 days to certify; both periods can be extended 30 days. - **Cap.** No more than 25% of a state's low-income communities in any round (25 tracts if the state has fewer than 100). - **Length.** A newly designated zone lasts ten years from the January 1 after certification. The rule that let contiguous non-low-income tracts be designated was dropped for new rounds, and Puerto Rico's automatic designation is repealed effective December 31, 2026. Zones designated under the original 2017 law keep their own rule: in effect through the close of the 10th calendar year beginning on or after designation. Check a specific address against the current list before you count on the fee reduction. ## The tax benefit, old and new The tax benefit comes from 26 U.S.C. 1400Z-2, not from HUD, and depends on when the capital is invested. Gain must go into a Qualified Opportunity Fund within 180 days of the sale. | Rule | Invested on or before Dec. 31, 2026 | Invested after Dec. 31, 2026 | |---|---|---| | Deferred gain taxed | Earlier of sale or Dec. 31, 2026 | Earlier of sale or 5 years after the investment | | Basis increase at 5 years | 10% of deferred gain | 10% (30% in a qualified rural opportunity fund) | | Extra increase at 7 years | 5% | none | | 10-year hold | Basis equals fair market value at sale | Same, but measured no later than 30 years after the investment | | Cutoff on the sale that produced the gain | Sales after Dec. 31, 2026 could not be deferred under the original law | Cutoff repealed | A Qualified Opportunity Fund must hold at least 90% of its assets in qualified opportunity zone property. Real estate counts only if its original use in the zone starts with the fund or the fund **substantially improves** it, meaning additions to basis within any 30-month period after acquisition exceed the property's adjusted basis. Since July 4, 2025, the threshold is 50% of adjusted basis for property in a zone made up entirely of a rural area. Tax treatment is for your tax adviser. The point for financing is what the holding and improvement rules do to the choice of HUD program. ## Which HUD program fits - **New construction.** Original use begins with the fund, so the tax test is met by building. That is [221(d)(4)](/programs/221d4/) or Section 220 territory, with the reduced application fee. - **Buying an existing building.** The fund generally has to substantially improve it. [223(f)](/programs/223f/) is for properties that do not need substantial rehabilitation, and in 2026 HUD's substantial rehab threshold starts at a base of $20,406 per unit before the high cost percentage (ML 2026-05). Compare the fund's required spend with that limit: when the improvement test is larger, the deal is a 221(d)(4) substantial rehab, not a 223(f). - **Refinancing a stabilized OZ asset.** Once the improvement work is done, a 223(f) refinance can replace construction or bridge debt, with the 0.20% fee if the property is still in a qualified zone. The 10-year OZ hold sits comfortably beside long fixed HUD debt. The one timing rule to watch is the statutory bar on prepaying a 223(f) loan in its first five years; see [HUD prepayment](/learn/hud-prepayment/). HUD loans can also be assumed by a buyer with HUD approval, which avoids a payoff on sale. ## Previous participation for the fund Every principal who controls the borrower files a previous participation certification. A Qualified Opportunity Zone Fund that has invested in the insured project through a shell entity does not need to file, but the fund and its participants must be shown on the organizational chart (MAP 8.3). See [Form HUD-2530](/learn/previous-participation-2530/). ## Questions ### Does HUD offer better loan terms in an Opportunity Zone? No. Loan to value, debt service coverage, term and the 0.25% MIP are the same inside and outside a zone. The HUD-side benefits are a lower application fee (0.20% of the loan instead of 0.30% on 221(d)(4), 220 and 223(f)), eligibility for Section 220 by location, and a simpler previous participation filing for a fund that invests through a shell entity. ### What is the HUD application fee for an Opportunity Zone property? $2 per $1,000 of the requested loan (0.20%) on 221(d)(4), 220 and 223(f), against the standard $3 per $1,000. On a $30 million loan that is $60,000 instead of $90,000. The MAP Guide also lists 0.10% for Broadly Affordable OZ properties, but the September 2025 MIP notice eliminated that category, so confirm with the lender whether any 0.10% tier still applies. ### Does a Qualified Opportunity Fund have to file Form HUD-2530? Not if it invested in the insured project through a shell entity. The MAP Guide (8.3) says such a fund need not file a previous participation certification, but the fund and its participants must appear on the organizational chart. The principals who control the borrower still file. ### Can I use a 223(f) loan to buy an existing building with OZ money? The loan program allows it, and the reduced fee applies, but the tax test is the hurdle. An existing building generally has to be substantially improved by the fund, which means adding more than its adjusted basis within 30 months, and 223(f) does not allow substantial rehabilitation. Those two rules pull in opposite directions, so many OZ rehab deals fit 221(d)(4) substantial rehabilitation better. Run both numbers with your tax adviser and lender. ### Are Opportunity Zones ending in 2026? No. Public Law 119-21 made the program permanent. Governors nominate a new set of tracts in the 90 days starting July 1, 2026, and every ten years after that, and each new zone lasts ten years from the January 1 after Treasury certifies it. The old December 31, 2026 deadline for electing deferral was repealed. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.1.36 Opportunity Zones, 3.4.1-3.4.2 Section 220, 8.3 previous participation, Appendix 3 A.3.7, Appendix 4](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [26 U.S.C. 1400Z-1, designation of qualified opportunity zones](https://www.law.cornell.edu/uscode/text/26/1400Z-1) - [26 U.S.C. 1400Z-2, special rules for capital gains invested in opportunity zones](https://www.law.cornell.edu/uscode/text/26/1400Z-2) - [Public Law 119-21, section 70421, permanent renewal and enhancement of opportunity zones (July 4, 2025)](https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD Mortgagee Letter 2026-05, CY2026 high cost percentages and substantial rehabilitation threshold](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) ## Related - https://hudmultifamily.loan/programs/220/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/learn/previous-participation-2530/ - https://hudmultifamily.loan/learn/commercial-space-in-hud-loans/ - https://hudmultifamily.loan/learn/hud-prepayment/ --- Canonical page: https://hudmultifamily.loan/learn/opportunity-zones-and-hud/ 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 # Buying a property with its HUD loan: the TPA, step by step > A buyer can take over an FHA-insured apartment loan, with its fixed rate, balance and remaining term, once HUD approves the sale through a Transfer of Physical Assets (TPA). The buyer files form HUD-92266 with the seller and the lender, pays a transfer fee of $0.50 per $1,000 of the original loan amount, clears previous participation review and signs a new HUD regulatory agreement. - URL: https://hudmultifamily.loan/learn/hud-loan-assumption/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Buying and selling ## Key facts | Item | Value | |---|---| | HUD's term | Transfer of Physical Assets (TPA) | | Application | Form HUD-92266, signed by buyer, seller and normally the lender | | Transfer fee | $0.50 per $1,000 of original face amount (24 CFR 200.40(h)) | | Review types | Full (deed transfers) or modified (interest transfers) | | Principals' review | Previous participation, 24 CFR 200 subpart H | | Closing window | 45 working days after preliminary approval | | Governing handbook | HUD Handbook 4350.1, chapter 13 | | Prepayment penalty | Not triggered; the loan is not paid off | | Risk-share loans | Handled by the state agency, not standard TPA | ## Why buyers want the loan The reason is the rate. HUD's active file for September 30, 2026 lists 11,602 insured apartment loans with a median note rate of **3.65%**, while the 572 loans endorsed in the twelve months before that file carry a median of **5.54%**. Leaving out risk-share loans, **6,677 loans are below 4% with at least ten years left**, about $85.7 billion of balances. A buyer who assumes one inherits a fixed rate that cannot be bought today, plus a long, fully amortizing, non-recourse term. The [assumable-loan finder](/assumable/) filters that file by rate, years left and balance. Every [property page](/data/) shows the loan's rate, balance and maturity from HUD's file. The catch is that the loan only covers what is still owed. On a property that has appreciated, the buyer writes a large equity check. Compare the total cost of money, not only the rate: the assumed balance at the old rate plus equity, against a new loan sized to today's income at today's rate with less equity. ## What HUD is approving HUD calls the approval a **Transfer of Physical Assets**. Its asset management handbook (Handbook 4350.1, chapter 13) says a sale by deed of a property with an insured mortgage requires a substitution of mortgagors, and that HUD's approval is needed for any change in control of the mortgagor, not only a deed. The regulatory agreement backs this up: section 35(a) bars any conveyance of the property, or any transfer of an interest that creates or removes a principal, without HUD's prior written approval. Closing without consent is a violation of that agreement, and the principals who authorize it lose the protection of the non-recourse clause for that act. ## Full TPA or modified TPA | | Full review | Modified review | |---|---|---| | Typical trigger | Sale of the property by deed, including installment and land contracts and wrap-around mortgages | Sale of more than 50% of the owning partnership or corporation without dissolving it | | Also covers | A partnership interest transfer that dissolves the partnership; a passive trust transfer that changes control | Substitution of general partners; change of control of a corporate general partner; any other change of control of the mortgagor | | Process | Preliminary approval, then final approval after recorded documents are reviewed | Limited document set; HUD can apply the full criteria if large sums or real control change hands | | New regulatory agreement | Yes, signed by the new owner | Organizational changes and new principals approved | | Transfer fee | $0.50 per $1,000 of original loan | Charged on the main modified categories | Mergers and corporate restructurings with no change in control fall outside both. The handbook lets HUD treat a transaction as needing a TPA whenever control or a significant sum of money changes hands, however it is structured. ## The application package The application is **form HUD-92266**, signed by the buyer, the seller and normally the lender. If the lender will not sign, the reason goes to HUD in writing. HUD's instructions list 22 classes of documents. The ones that drive the timetable: 1. **Purchaser's letter** describing every dollar flowing to the project and the seller, the funds set aside for operations and repairs, and confirming the mortgage is or will be brought current. 2. **Previous participation filings** for each controlling principal of the buyer (see [the 2530 guide](/learn/previous-participation-2530/)), plus resumes if the buyer is new to that HUD office. 3. **Sources and uses** of all funds. HUD's instructions say there are no exceptions. 4. **The executed but unrecorded sale contract** and a sworn seller and purchaser affidavit that it recites all the consideration. 5. **The new regulatory agreement and the modification or release-and-assumption agreement**, executed but unrecorded. 6. **Any secondary financing documents**, with the first mortgagee's consent if they create a lien. 7. **An interim financial statement and a pro forma balance sheet** showing the project accounts the day after closing. 8. **The lender's statement on escrows and the reserve for replacements.** ## What HUD checks - **The people.** Every controlling participant clears previous participation review under 24 CFR part 200, subpart H. HUD must disapprove anyone suspended or debarred and may disapprove a record that shows significant risk. - **The property.** HUD reviews physical condition and decides whether the reserve for replacements is adequate; it can require repairs or larger deposits as a condition. Under the regulatory agreement the reserve stays with the property and carries over to the buyer. - **The money.** Where the equity comes from, whether the project can carry its debt under the new owner, and whether any secondary financing meets HUD's rules. - **Layered subsidies.** If tax credits or other public funds come with the deal, HUD runs a subsidy layering review, and its preliminary approval can wait on those commitments. ## The two-stage approval and the 45-day clock HUD first issues a **preliminary approval**. The parties may then close and record the documents HUD approved. Under HUD's instructions they must meet every condition and send the recorded final-approval documents within **45 working days** of preliminary approval unless HUD extends in writing, and they agree to reconvey the property if the terms are not met. HUD grants **final approval** after reviewing the recorded set. ## Fees and costs The HUD transfer fee is $0.50 per $1,000 of the loan's **original** face amount (24 CFR 200.40(h)), not the current balance. It is not charged when both parties are nonprofits or when the transfer happens with a Mark-to-Market restructuring. The handbook adds that substituting individual general partners, or assigning a passive land trust interest without a change in control, generally needs no fee. Lender, servicer and legal fees for processing the assumption are set by those parties; HUD does not cap them in the TPA rules. ## Cases that are not a standard TPA - **Risk-share loans (542(b) and 542(c)).** The state housing finance agency or other risk-sharing partner asset-manages these loans under its agreement with HUD (24 CFR part 266). Start with that agency, not a HUD field office. - **Properties with a Section 8 contract.** Assigning a project-based HAP contract is its own consent, and it is a separate trigger for previous participation review. See [Section 8 HAP refinancing](/learn/section-8-hap-refinance/). - **Mark-to-Market debt.** Properties with HUD-held restructuring notes need a waiver of the notes' due-on-sale clause under Notice H 2021-02. - **Use agreements and LIHTC restrictions** run with the land and bind the buyer. See [LIHTC and HUD financing](/learn/lihtc-and-hud/). ## Things buyers miss - **Distributions.** Under Mortgagee Letter 2022-16, a property that changes hands through a TPA needs two full fiscal years after the transfer before it can qualify for monthly surplus cash distributions, even if the loan documents allow them. Until then, distributions follow the annual or semi-annual rule in the [surplus cash guide](/learn/surplus-cash/). - **Refinancing at the same time.** The MAP Guide (18.4.6) lets a TPA application run concurrently with a [223(a)(7)](/programs/223a7/) refinance, so a buyer can assume and then streamline-refinance the same loan. - **Prepayment terms.** They are not on HUD's public file. Read the note's prepayment rider before you price a later exit; see [HUD prepayment](/learn/hud-prepayment/). - **Annual reporting.** The buyer files audited financial statements for the part of the year it owned the property. See [annual financial statements](/learn/annual-financial-statements/). ## About the handbook Chapter 13 of Handbook 4350.1 dates from 1992 and form HUD-92266 from 1991. They are still the documents HUD posts and that the MAP Guide and regulatory agreement point to. Previous participation rules were rewritten in 2016 (24 CFR part 200, subpart H), and those govern who is reviewed. Ask the servicer which HUD office and account executive will handle the file; practice varies by region. ## Questions ### Are HUD apartment loans assumable? Yes. FHA-insured multifamily loans can be assumed by a buyer once HUD approves the transfer through its Transfer of Physical Assets process. The buyer keeps the note rate, balance and remaining term. Risk-share loans insured under Section 542(b) or 542(c) go through the state housing finance agency instead. ### What is a HUD TPA? TPA stands for Transfer of Physical Assets, HUD's name for a change in ownership of a property with a HUD-insured or HUD-held mortgage. In plain terms it is HUD's consent to an assumption. A sale by deed is a full TPA; a transfer of controlling interests in the owning entity is usually a modified TPA. ### What is the HUD TPA fee? HUD charges $0.50 per $1,000 of the original face amount of the mortgage, under 24 CFR 200.40(h). On a loan that was originally $20 million, that is $10,000. The fee is not charged when both parties are nonprofits. Lenders and servicers usually charge their own processing fees on top; those are set by them, not HUD. ### How long does it take to assume a HUD loan? HUD does not publish an end-to-end processing standard for TPAs. The fixed clock in HUD's procedure is after approval in principle, when the parties have 45 working days to close and send the recorded documents back. Build the review into the contract from the start and get a current estimate from the servicer before agreeing a closing date. ### Is the prepayment penalty waived when a HUD loan is assumed? There is nothing to waive. An assumption does not pay the loan off, so the prepayment terms in the note are not triggered. They stay with the loan and bind the buyer for any later payoff. ### Can a buyer get more money than the assumed balance? Not through the assumption itself. The buyer funds the gap between price and loan balance with equity or with secondary financing that HUD and the lender approve. A 241(a) supplemental loan can add HUD-insured debt later, but only for repairs, improvements or additions, not purchase price. ## Sources - [HUD Handbook 4350.1 REV-1, chapter 13, Change in Ownership: Transfer of Physical Assets](https://www.hud.gov/sites/documents/doc_25517.pdf) - [Form HUD-92266, Application for Transfer of Physical Assets, with instructions](https://www.hud.gov/sites/documents/92266.pdf) - [24 CFR 200.40(h), HUD fees: transfer fee](https://www.ecfr.gov/current/title-24/section-200.40) - [24 CFR part 200, subpart H, Participation and Compliance Requirements (previous participation)](https://www.ecfr.gov/current/title-24/subtitle-B/chapter-II/subchapter-A/part-200/subpart-H) - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18), sections 10, 35 and 50](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, section 18.4.6 and glossary](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2022-16, more frequent surplus cash distributions (Sept. 7, 2022)](https://archives.hud.gov/news/2022/2022-17hsgml.pdf) - [HUD Notice H 2021-02, approvals for properties with Mark-to-Market debt (June 30, 2021)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2021-02hsgn.pdf) - [24 CFR part 266, Housing Finance Agency Risk-Sharing Program](https://www.ecfr.gov/current/title-24/part-266) - [HUD, Multifamily FHA insured mortgages, active file (as of Sept. 30, 2026)](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/assumable/ - https://hudmultifamily.loan/learn/hud-prepayment/ - https://hudmultifamily.loan/learn/previous-participation-2530/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/programs/241a/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/secondary-financing/ --- Canonical page: https://hudmultifamily.loan/learn/hud-loan-assumption/ 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 # Prepaying a HUD apartment loan: what the law sets and what the note sets > By statute, a Section 223(f) loan cannot be prepaid in its first five years after endorsement unless HUD agrees, normally on the owner's promise to keep the property as rental housing for the rest of that period; a 223(a)(7) refinance is not barred. Every other prepayment limit, on 223(f) after year five and on other programs, comes from the loan's note and Ginnie Mae security or bond terms, not from HUD. - URL: https://hudmultifamily.loan/learn/hud-prepayment/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Buying and selling ## Key facts | Item | Value | |---|---| | Statutory bar | 223(f) only, 5 years from endorsement | | Main exception | Owner agrees with HUD to keep it rental for the rest of the 5 years | | 223(a)(7) | Not barred by the statute | | Other programs | HUD permits but does not impose restrictions | | Who sets the penalty | Note and Ginnie Mae security or bond terms | | HUD consent clause | Not allowed as a condition of prepayment | | 223(f) loans inside year 5 | 1,726 (HUD file, Sept. 30, 2026) | | Assumption | Does not trigger a penalty | ## Two different sources of prepayment limits People mix up two things that work differently. | | The statute | The note and security | |---|---|---| | Applies to | Section 223(f) loans only | Every HUD loan, any program | | What it does | Bars prepayment for 5 years from endorsement, with exceptions | Sets lockouts and penalties for as long as the borrower agreed | | Set by | Congress, 12 U.S.C. 1715n(f) | Negotiated with the lender when the rate locks | | Can HUD waive it? | Only through the statutory exceptions | HUD is not a party to the penalty | | Survives an assumption? | Yes, the clock runs from the original endorsement | Yes, the buyer takes the loan as written | The MAP Guide (3.1.7) states the rule for everything that is not 223(f): HUD "permits but does not impose" prepayment restrictions, and prepayment clauses may not make HUD's consent a condition of prepayment. ## The five-year rule on 223(f) The National Housing Act prohibits prepaying a 223(f) loan for five years from endorsement, except where at the time of prepayment: 1. the owner agrees with HUD to keep the property as rental housing for the rest of the five years; 2. HUD finds that a conversion to a co-op or condominium is sponsored by a bona fide resident organization representing most households; 3. HUD finds the property is not needed as rental housing for low- and moderate-income residents of the community; or 4. HUD finds that keeping it as rental housing would have an undesirable and harmful effect on the community. The first exception is the one that matters in practice. A sale to another owner who will keep running it as apartments, or a refinance into other rental debt, fits it. A conversion to condos or a teardown inside five years does not, unless one of HUD's findings applies. A 223(a)(7) refinance of the same loan is not barred (MAP 3.7.10.B). A refinance of a 207 loan under 223(f) or 223(a)(7) that is less than five years past final endorsement needs a 223(f) use agreement. **How many loans are still inside the window:** in HUD's September 30, 2026 file, 1,726 active 223(f) loans were endorsed within the previous five years. ## How the penalty usually works (industry practice) HUD loans are funded by selling a Ginnie Mae project loan security or, in bond deals, tax-exempt or taxable bonds. The investors buying those securities are paid for being locked in, so the lender offers a menu of prepayment structures at rate lock: a stronger lockout or penalty buys a lower rate. The structures commonly seen in the market are a period of full lockout followed by a penalty expressed as a percentage of the balance that drops by one point each year until it reaches zero, for example a schedule that starts at 10% or 8% and ends after year ten or eight. These are market conventions, not HUD rules, and nothing stops a borrower from negotiating a shorter or open schedule at a higher rate. On a 223(f) loan the first five years are effectively closed by statute anyway, unless an exception applies. Run your own schedule in the [prepayment calculator](/tools/prepayment-calculator/), with the percentages from your note. ## Why it matters for an exit - **Selling.** A buyer can [assume the loan](/learn/hud-loan-assumption/) instead of paying it off. No penalty is triggered because nothing is prepaid, and the statutory five-year bar does not stop a sale to another rental owner. - **Refinancing.** A [223(a)(7)](/programs/223a7/) streamline is not blocked by the statute, but the existing security's penalty still prices the payoff. Compare the penalty to the payment saved in the [refinance estimator](/refinance-estimator/). - **History.** HUD's terminated-loan file shows that prepayment, not maturity, is how most insured apartment loans have ended: 33,847 records coded as prepayments against 2,974 that reached maturity, through September 2026. ## Properties with Section 8 or use restrictions Prepaying a loan on a property with a project-based Section 8 contract, a use agreement or older subsidy programs can need HUD approval for reasons that have nothing to do with the 223(f) statute. The MAP Guide (14.6.E) tells lenders to send prepayment requests to HUD headquarters well before the firm application. Handbook 4350.1, chapter 22, covers prepayments and voluntary terminations of HUD-insured loans. See [Section 8 HAP refinancing](/learn/section-8-hap-refinance/). ## Defeasance Defeasance is a CMBS and agency mechanism (see [HUD vs Fannie and Freddie](/learn/hud-vs-fannie-freddie/)); HUD loans are normally paid off with a percentage penalty instead. Where defeasance does show up in a HUD deal is on the way in: defeasance of existing bond financing, yield maintenance, swap termination and similar costs on the debt being refinanced count toward a 223(f) loan's eligible costs only up to 10% of the FHA loan amount (MAP 3.7.23.2). Anything above that comes from equity, and only where the loan is at or below 80% of value. ## Questions ### What is the prepayment penalty on a HUD 223(f) loan? HUD does not set one. The statute bars prepayment for the first five years unless HUD agrees, and after that the penalty is whatever the note and its Ginnie Mae security or bond financing say. In the market these are usually percentages of the balance that step down each year, but the exact schedule is negotiated when the rate is locked. ### Can I pay off a 223(f) loan in the first five years? Only if one of the statutory exceptions applies. The common one is an agreement with HUD to keep the property as rental housing for the rest of the five years, which suits a sale or refinance to another rental owner. HUD can also allow it for a resident-sponsored co-op or condo conversion or on certain community findings. Any penalty in the note still applies. ### Does the five-year rule stop a 223(a)(7) refinance? No. The MAP Guide says the statutory restriction is not meant to prohibit a 223(a)(7) refinance, although the Ginnie Mae security or bond terms on the existing loan can still restrict or price the payoff. ### Do 221(d)(4) loans have a prepayment lockout? Not from HUD. For programs other than 223(f), HUD permits but does not impose prepayment restrictions. Any lockout or penalty on a 221(d)(4) comes from the note and the securities sold to fund it. ### Is there a HUD prepayment disclosure? The prepayment terms are written into the note, usually as a prepayment rider, and agreed at rate lock. HUD's public loan file does not show them, so a buyer or refinancing owner needs the loan documents or the servicer to know the current penalty. ### Are HUD loans defeased like CMBS loans? Generally no. Defeasance, where collateral is swapped for securities, is a CMBS and agency feature. HUD-insured loans are usually prepaid by paying off the balance plus any penalty in the note. The MAP Guide deals with defeasance only as a cost of paying off the debt being refinanced: bond defeasance, yield maintenance, swap breakage and similar costs count in a 223(f) loan's cost basis up to 10% of the FHA loan. ## Sources - [12 U.S.C. 1715n(f), Section 223(f) of the National Housing Act, including the prepayment prohibition](https://www.law.cornell.edu/uscode/text/12/1715n) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1.7, 3.7.10, 3.7.23.2 and 14.6.E](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Handbook 4350.1 REV-1, chapter 22, Prepayments and Voluntary Terminations](https://www.hud.gov/sites/documents/doc_35303.pdf) - [HUD, Multifamily FHA insured mortgages, active and terminated files (as of Sept. 30, 2026)](https://www.hud.gov/hud-partners/multifamily-fhasl-active) ## Related - https://hudmultifamily.loan/tools/prepayment-calculator/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ - https://hudmultifamily.loan/refinance-estimator/ - https://hudmultifamily.loan/learn/section-8-hap-refinance/ - https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ --- Canonical page: https://hudmultifamily.loan/learn/hud-prepayment/ 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 # The HUD regulatory agreement: what owners sign at closing and live with after > The regulatory agreement (form HUD-92466M) is the recorded contract between the owner and HUD that comes with every FHA-insured apartment loan. It governs the reserve for replacements, surplus cash and distributions, books and annual audits, management and leases, and the actions that need HUD's prior written approval. It lasts as long as HUD insures or holds the note and ends automatically when the loan is paid off. - URL: https://hudmultifamily.loan/learn/regulatory-agreement/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / After closing ## Key facts | Item | Value | |---|---| | Form | HUD-92466M (6/18 edition in HUD's forms archive) | | Covers | Sections 207, 220, 221(d)(3), 221(d)(4), 223(a)(7), 223(f) and 231 | | Recorded | Yes, against the property, like a deed | | Term | While HUD insures or holds the note; ends at payoff | | Annual audit | Due 90 days after fiscal year end | | Leases | 30 days to 3 years; no transient or hotel use | | Cure period | 30 days after HUD's notice of violation, unless HUD sets another | | Recourse | Non-recourse except the Section 50 carve-outs | ## What it is Every FHA-insured apartment loan closes with a **regulatory agreement** between the borrower and HUD, recorded against the property with the same formalities as a deed. The current form, HUD-92466M, covers loans under Sections 207, 220, 221(d)(3), 221(d)(4), 223(a)(7), 223(f) and 231, processed under MAP or TAP. It replaced several older forms (HUD-92465, HUD-92466, FHA-1730 and 1733), so loans closed decades ago carry older wording. Read the agreement recorded on your property, not a generic copy. The agreement runs as long as HUD owns, holds or insures the note and **terminates automatically when the note is satisfied**, although the owner stays responsible for violations that happened before then. ## What it controls, section by section | Area | What the agreement requires (form HUD-92466M, 6/18) | |---|---| | Reserve for replacement (s. 10) | Fund it monthly; held by the lender; draws only with HUD consent; reserve use analysis at least every 10 years. See [replacement reserves](/learn/replacement-reserves/) | | Project funds (s. 11) | All rents and receipts in the project's name; spent only on reasonable operating expenses, permitted distributions and approved items; no other business | | Security deposits (s. 12) | Kept separate, in interest-bearing trust accounts where state law requires, fully funded | | Surplus cash (s. 13) | Calculated at fiscal year end, and mid-year if allowed. See [surplus cash](/learn/surplus-cash/) | | Distributions (s. 14) | Only from surplus cash; none in default, under forbearance or with unresolved repair notices | | Owner advances (s. 15) | Repaid only with HUD approval or from surplus cash | | Books (s. 16-17) | Posted at least monthly, open to HUD; undocumented expenses are ineligible | | Annual report (s. 18) | Audited statement within 90 days of year end. See [annual financial statements](/learn/annual-financial-statements/) | | Condition (s. 19) | No waste; repair promptly; keep the property decent, safe, sanitary and in good repair. See [NSPIRE inspections](/learn/nspire-inspections/) | | Management (s. 21) | A management agreement acceptable to HUD; HUD's rights prevail; HUD can require a change of manager | | Contracts (s. 22) | Goods and services at reasonable, customary cost | | Leases (s. 26-27) | Residential leases of 30 days to 3 years, no transient or hotel use; commercial leases need HUD approval | | Prior approvals (s. 35) | Listed below | | Enforcement (s. 36-39) | Notice, cure period, default and remedies | | Non-recourse (s. 50) | The Section 50 addendum | ## Actions that need HUD's prior written approval Section 35 lists what the owner may not do without HUD's written consent. The ones that come up most: - **Selling or encumbering** the property or any interest in it, or transferring an interest in the owner that creates or removes a principal. This is the [Transfer of Physical Assets](/learn/hud-loan-assumption/) process. Foreclosure, bankruptcy by operation of law and inheritance are carved out. - **Borrowing** or taking on liabilities other than for reasonable operating expenses. - **Paying principals** any compensation except from permitted surplus cash. - **Management**: entering into or changing management agreements except as program rules allow. - **Physical changes**: remodeling, adding, demolishing or reconstructing, other than replacing worn items with equal or better ones and minor alterations that do not hurt the security. - **Use**: any use other than the one approved, more commercial space, a zoning change that alters permitted use, a condo or co-op regime, or a change in unit configuration or count. - **Organizational documents**: material amendments, including adding a member who triggers [previous participation review](/learn/previous-participation-2530/) or changing who can bind the owner. Executed amendments go to HUD within ten days. ## Violation, default and remedies Any breach of the agreement, fraud or material misstatement in reports to HUD, or a forfeiture action against the property is a violation. HUD sends written notice; if the owner has not fixed it to HUD's satisfaction within **30 days** (or the period in the notice), HUD may declare a default. To protect tenants' health and safety, HUD may declare a default at any time without prior notice. After a default HUD can require the lender to accelerate the loan and foreclose or assign it to HUD, collect rents and pay the property's obligations, take possession and operate it, ask a court for specific performance, an injunction or a receiver, and recover attorney fees. HUD's forbearance is not a waiver. ## Where recourse comes in HUD loans are non-recourse, and the **Section 50 addendum** spells out the exceptions. The named individuals and entities are not personally liable for payments on the note and mortgage, for reserve deposits, or for matters outside their control. They are personally liable for: 1. project funds or property that come into their hands which they are not entitled to keep; 2. authorizing a sale, transfer, pledge or encumbrance of the property or an interest in it without HUD's approval; and 3. their own acts, or acts they authorize, in violation of the addendum. Those obligations survive foreclosure, a deed in lieu, termination of the agreement and release of the mortgage. ## Monthly distribution election Loans endorsed after Mortgagee Letter 2022-16 (September 7, 2022) can carry an election, inserted near the front of the agreement, for monthly surplus cash distributions, with a replacement section 13. Only owners with no project-based Section 8 contract or HUD-held note can elect it, and HUD will not amend agreements on loans closed before the letter. The conditions are in the [surplus cash guide](/learn/surplus-cash/). ## Other documents that ride alongside The regulatory agreement is not the only recorded restriction a HUD property may carry. LIHTC land use restriction agreements, RAD use agreements, Section 8 HAP contracts, 223(f) use agreements and Mark-to-Market notes each have their own terms and may outlast the insured loan. See [LIHTC and HUD](/learn/lihtc-and-hud/), [RAD](/learn/rad-and-hud/) and [Section 8 HAP refinancing](/learn/section-8-hap-refinance/). ## Questions ### What is a HUD regulatory agreement for a multifamily property? It is the recorded agreement between the borrower and HUD, signed at closing in exchange for HUD insuring the loan. It sets the rules for how the property's money, management, leases and physical condition are handled for as long as the loan is insured, and it is enforceable by HUD directly, not only through the lender. ### How do you get a release of a HUD regulatory agreement? The agreement says it continues while HUD owns, holds or insures the note and terminates automatically when the note is satisfied. In practice that happens with the payoff; ask the lender and the title company what needs to be recorded in your county to clear it from title. Use agreements, LIHTC restrictions or Section 8 contracts are separate documents and may survive. ### Are HUD apartment loans non-recourse? Yes, with carve-outs. The Section 50 addendum says the named parties are not personally liable for the note, the mortgage or reserve deposits. They are personally liable for project funds they receive and are not entitled to keep, for authorizing a transfer of the property or an interest without HUD's approval, and for their own acts in violation of the addendum. ### What needs HUD's prior written approval under the regulatory agreement? Among others, selling or encumbering the property or an interest that changes a principal, borrowing other than for reasonable operating expenses, paying principals except from surplus cash, entering or changing management agreements, remodeling or demolishing (beyond like-for-like replacement and minor alterations), changing the use or the number of units, creating a condo or co-op regime, and material amendments to the owner's organizational documents. ### What happens if an owner breaks the regulatory agreement? HUD sends written notice. If the violation is not fixed within 30 days, or another period HUD sets, HUD may declare a default. It can then have the lender accelerate the loan, collect rents, take possession, seek a receiver or an injunction, and recover attorney fees. To protect tenants' health and safety, HUD may declare a default without prior notice. ## Sources - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18)](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) - [HUD Mortgagee Letter 2022-16, modification of section 13 for monthly surplus cash distributions (Sept. 7, 2022)](https://archives.hud.gov/news/2022/2022-17hsgml.pdf) - [24 CFR 5.801, Uniform financial reporting standards](https://www.ecfr.gov/current/title-24/section-5.801) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, section 3.1.3 (non-recourse)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Handbook 4350.1 REV-1, chapter 13, Transfer of Physical Assets](https://www.hud.gov/sites/documents/doc_25517.pdf) ## Related - https://hudmultifamily.loan/learn/surplus-cash/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/learn/annual-financial-statements/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ - https://hudmultifamily.loan/learn/previous-participation-2530/ - https://hudmultifamily.loan/learn/nspire-inspections/ - https://hudmultifamily.loan/learn/glossary/ - https://hudmultifamily.loan/learn/secondary-financing/ - https://hudmultifamily.loan/learn/hud-property-insurance-requirements/ --- Canonical page: https://hudmultifamily.loan/learn/regulatory-agreement/ 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 # HUD surplus cash: the calculation, the timing and what blocks a distribution > Surplus cash is the project cash left after everything the property owes in the next month and the next 30 days, plus required reserves and tenant deposits, is set aside. An owner of a HUD-insured property may take distributions only from surplus cash, computed at fiscal year end (and at mid-year if allowed), or monthly for eligible unassisted loans endorsed after Mortgagee Letter 2022-16. - URL: https://hudmultifamily.loan/learn/surplus-cash/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / After closing ## Key facts | Item | Value | |---|---| | Defined in | Regulatory agreement HUD-92466M, section 13 | | Worksheet | Form HUD-93486 | | Standard timing | Fiscal year end; mid-year if permitted | | Monthly option | Eligible unassisted loans endorsed after ML 2022-16 (Sept. 7, 2022) | | Excluded from cash | Reserve for replacement and other HUD-required reserves | | No distributions when | In default, under forbearance, or with unresolved repair notices | | Unauthorized distributions | Must be repaid; can bring civil and criminal penalties | ## The formula Surplus cash is defined in section 13 of the regulatory agreement every owner signs at closing (form HUD-92466M). It is a balance-sheet test on a single date, not a measure of the year's profit. | Add | Subtract | |---|---| | Project cash and cash equivalents, **excluding** the reserve for replacement and other HUD-required reserves | All sums due in the calendar month after the calculation date under the note and mortgage: principal, interest, MIP, reserve deposits, tax and insurance escrows | | Short-term investments | Tenant security deposits and any other funds that must be segregated or held for tenants | | Project-based Section 8 payments earned but not yet received | All other project obligations payable in the next 30 days, unless deferred with HUD's approval or paid only from surplus cash | | Reserve or escrow withdrawals approved but not yet drawn | | If the result is positive, that is the most the owner may distribute for the period. If it is zero or negative, nothing can be taken. ### A worked example (illustrative numbers) A 120-unit property closes its fiscal year with $410,000 in operating cash and $60,000 in a money market account. A $25,000 replacement reserve draw has been approved but not yet funded. Next month's mortgage payment, MIP and reserve and escrow deposits total $118,000; tenant security deposits are $72,000; payables due within 30 days are $96,000. Surplus cash = $410,000 + $60,000 + $25,000 − $118,000 − $72,000 − $96,000 = **$209,000**. The [surplus cash calculator](/tools/surplus-cash-calculator/) runs the same lines with your figures. ## When distributions can be taken | Track | Calculation dates | Who qualifies | |---|---|---| | Annual | Last day of the fiscal year (required for everyone) | All profit-motivated owners whose agreement allows distributions | | Semi-annual | Also the last day of the sixth month | If the regulatory agreement and HUD's program rules permit it | | Monthly | Month end before each distribution, plus the required year-end calculation | Eligible owners under ML 2022-16 who elected it at closing | Two timing rules apply on every track. Surplus cash generated as of one period end is distributed in the next period: Handbook 4370.2 gives the example that distributions early in a fiscal year cannot exceed surplus cash as of the end of the prior year. And under section 14(d) of the regulatory agreement, a distribution must be taken in the accounting period right after the calculation and before the next one; money not taken in that window stays project property. If an owner takes a mid-year distribution, the semi-annual HUD-93486 computation goes in with the annual financial statement along with the year-end one. See [annual financial statements](/learn/annual-financial-statements/). ## Monthly distributions under ML 2022-16 In September 2022 HUD allowed eligible borrowers to modify section 13 of the regulatory agreement and take distributions as often as monthly. The formula did not change. The conditions in the letter: - **Property type:** no project-based Section 8 contract and no HUD-held note. - **Timing:** only loans endorsed after the letter, with the election box checked in the regulatory agreement. HUD will not amend agreements on loans already closed. - **Track record:** compliance with HUD business agreements, with no outstanding financial reporting violations and no more than one instance of non-compliance in the prior three fiscal years. - **Coverage:** the property meets the program's minimum debt service coverage on its latest annual statement. - **Physical condition:** latest inspection score of 80 or above and none below 60 in the prior three fiscal years. - **Seasoning:** two full fiscal years after final endorsement for new construction and substantial rehab, and after a transfer of ownership; one full fiscal year for a new 223(f), which experienced HUD owners can shorten. - **Paperwork:** a signed monthly calculation with HUD's false-statement warning, kept for inspection. - **True-up:** if the year-end calculation is negative, the owner repays monthly distributions taken that year within 60 days of year end. A violation can make the owner ineligible for monthly distributions for up to three fiscal years and can be referred to HUD's enforcement center. ## What blocks a distribution Section 14 of the regulatory agreement bars distributions, whatever the surplus cash figure, when: - they would come from borrowed funds, or the project is not yet complete; - HUD has given notice of a violation of the agreement, or an event of default has occurred under the note or mortgage; - the project is under a forbearance agreement; - required services such as utilities, trash removal or security are not being provided; - notices of physical deficiencies or code violations from HUD or local government remain unresolved, or the owner has been told of repairs it has not fixed. HUD can let an owner place a distribution in escrow until a reinspection passes, and can allow distributions over minor or contested code issues case by case. Handbook 4370.2 adds that the first year's distribution waits until required cost certifications are filed, and that distributions are allowed only while the owner complies with the whole agreement, including keeping the property in good repair. Physical condition is scored under [NSPIRE](/learn/nspire-inspections/). ## What counts as a distribution A distribution is any withdrawal of project cash or assets other than for reasonable operating expenses. Handbook 4370.2 lists supervisory fees to general partners and salaries or fees to the owner or sponsor, unless HUD approved them as necessary to run the property. Equity contributions cannot be paid back from project accounts without HUD's written approval (section 14(e)), and owner advances may only be repaid with HUD's approval or from surplus cash when distributions are allowed (section 15). ## Nonprofit and limited-dividend owners Under Handbook 4370.2, profit-motivated owners may distribute all available surplus cash. Older and subsidized properties can differ. Under Handbook 4370.2, nonprofit owners generally may not take distributions and deposit surplus cash into a residual receipts account; limited-dividend owners are capped at an annual amount and deposit the rest. Read the property's own regulatory agreement and any subsidy contract before assuming the market-rate rules apply. ## Questions ### How is HUD surplus cash calculated? Add project cash and cash equivalents (not counting the reserve for replacement or other HUD-required reserves), short-term investments, Section 8 payments earned but not received, and any approved reserve withdrawals not yet taken. Subtract everything due next month under the note and mortgage, all tenant security deposits and other segregated funds, and all other project bills payable in the next 30 days. A positive result is surplus cash. ### How often can I take surplus cash distributions on a HUD loan? Under the standard regulatory agreement, once after fiscal year end and, if the agreement permits, once after the sixth month. Mortgagee Letter 2022-16 allows up to monthly distributions for eligible properties that have no project-based Section 8 contract or HUD-held note, but only for loans endorsed after that letter and with the election made in the regulatory agreement at closing. ### What is form HUD-93486? It is HUD's worksheet titled Computation of Surplus Cash, Distributions and Residual Receipts. Handbook 4370.2 requires it to compute distributions, and the completed computations are audited and included with the annual financial statement. ### Can I repay my own advances to the property from operating cash? Only with HUD's prior written approval, or out of surplus cash at a time when distributions are allowed. Owner advances and their interest are repaid on the same terms as distributions unless HUD approves otherwise. ### What is a surplus cash note? A note, usually subordinate debt, whose payments may be made only from surplus cash, so it never competes with the insured mortgage for operating cash. Mortgagee Letter 2022-16 says more frequent distributions do not relieve an owner of obligations under any surplus cash notes. ### What happens if an owner takes a distribution without surplus cash? The regulatory agreement requires it to be returned to the project immediately. Handbook 4370.2 warns of civil and criminal penalties, and HUD's previous participation guide places flags on principals for unauthorized distributions, which can follow them into future HUD deals. ## Sources - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18), sections 1, 13, 14 and 15](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) - [HUD Mortgagee Letter 2022-16, Increase in Frequency of the Distribution of Surplus Cash for Non-Assisted HUD Insured Properties (Sept. 7, 2022)](https://archives.hud.gov/news/2022/2022-17hsgml.pdf) - [HUD Handbook 4370.2 REV-1, chapter 2, paragraphs 2-8 and 2-10 (surplus cash, residual receipts, distributions)](https://www.hud.gov/sites/documents/43702c2hsgh.pdf) - [HUD Notice H 2016-15, previous participation processing guide (flags for unauthorized distributions)](https://www.hud.gov/sites/documents/16-15hsgn.pdf) ## Related - https://hudmultifamily.loan/tools/surplus-cash-calculator/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/annual-financial-statements/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/learn/nspire-inspections/ - https://hudmultifamily.loan/learn/previous-participation-2530/ - https://hudmultifamily.loan/learn/secondary-financing/ --- Canonical page: https://hudmultifamily.loan/learn/surplus-cash/ 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 # The reserve for replacements on a HUD loan: how it is sized and how you draw it > Every HUD-insured apartment loan carries a reserve for replacements, an escrow held by the lender for replacing major building components. Deposits come from a 20-year capital plan built in HUD's CNA e-Tool, with a first-year deposit of at least $250 per unit, a new capital needs assessment at least every 10 years, and draws only with HUD's consent. - URL: https://hudmultifamily.loan/learn/replacement-reserves/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / After closing ## Key facts | Item | Value | |---|---| | Required on | Every insured mortgage (MAP 3.1.28) | | Held by | The lender or its designated depository | | Minimum first-year deposit | $250 per unit (MAP A.5.7.4.3) | | Planning period | Lesser of 20 years or loan term plus 2 | | Minimum balance | About one year's average capital need (1/20 of 20-year needs) | | Capital needs update | At least every 10 years | | Draws | Only with HUD consent or as program rules allow | | On sale | Stays with the property | | At payoff | Remaining balance goes to the owner | ## What the reserve is Section 10 of the regulatory agreement requires every owner to keep a **reserve for replacement** to cover replacing major structural elements and mechanical equipment. It is deposited with the lender, or a depository the lender designates, in federally insured accounts. The owner carries it on its books as a restricted asset, interest stays in the account, and HUD decides what it can be spent on. It is excluded from cash when [surplus cash](/learn/surplus-cash/) is calculated. ## How the deposit is set The deposit is not a flat HUD number. It comes from the **capital needs assessment** (CNA) prepared in HUD's CNA e-Tool for the loan (see [third-party reports](/learn/third-party-reports/)). The MAP Guide's Appendix 5 sets the rules the lender's financial plan must meet: | Rule | What it says | |---|---| | Planning period | The lesser of 20 years or 2 years plus the remaining loan term | | Initial deposit | Any balance carried over from an existing reserve, plus any lump sum HUD requires at endorsement | | First-year annual deposit | Set per unit; **never less than $250 per unit** | | Growth in deposits | Lender may step deposits up each year, but not faster than the inflation rate used for capital costs, and must show coverage still meets underwriting after the increase | | Minimum balance | 1/20 of total uninflated needs over the period, about one average year of capital need | | Years 1-2 | A positive balance is required, the minimum is not | | Years 3-10 | Year-end balance must meet the minimum | | Years 11-20 | A shortfall below the minimum is allowed if it is no more than 50% of the loan's cumulative amortization that year | HUD encourages graduated deposits that rise over time rather than a fixed amount for the life of the loan, because fixed deposits rarely match how buildings age. The regulatory agreement lets HUD raise or lower the monthly deposit by written direction, without amending the recorded agreement. ## Ten-year updates A new CNA is required at intervals of no more than ten years. HUD applied that to every 223(f) loan from the first MAP Guide in 2002, and to 220, 221, 223(a)(7) and 231 loans from Mortgagee Letter 2010-21. The regulatory agreement also requires the owner to submit, at least every ten years, an analysis of how the reserve was used and how it will be used. These updates are hired by the servicing lender, prepared by an independent needs assessor and reviewed by HUD asset management. They are the usual moment deposits get reset. ## Drawing on the reserve Under section 10(d), money leaves the reserve only with HUD's written consent or as HUD's program rules allow. Handbook 4350.1 (chapter 4) describes the long-standing practice: - Put requests in writing with a description of the work and where it is, so it can be inspected. - For a reimbursement, attach paid invoices. For an advance, attach bids, normally at least three, and explain any choice of a higher bidder. - Talk to HUD before large draws (the handbook uses $20,000 or more than 20% of the balance as the example) and agree how the fund will be rebuilt. - Request no more often than quarterly unless there is an emergency, and in the same fiscal year as the spending. The handbook also notes that 223(f) properties, unlike new construction, may need and be eligible for draws at any time after final endorsement. Your servicer runs the process day to day and will have its own forms; follow its instructions. ## Sales, refinances and payoff - **On a sale with assumption**, the reserve stays with the property and the new owner's regulatory agreement picks up the balance and the deposit schedule (section 10(e)). HUD reviews its adequacy in the [TPA](/learn/hud-loan-assumption/). - **On a refinance or payoff**, once every HUD obligation is satisfied the owner receives the remaining balance (section 10(f)). Large capital work on an insured property can also be financed with a [241(a) supplemental loan](/programs/241a/). - **In default**, HUD may direct the reserve to be applied to the accelerated debt. ## Older loans Handbook 4350.1's 1992 guidance, still posted, recommended but did not require a target balance of the greater of 144 months of the original deposit or $1,000 per unit, and allowed deposits to be suspended on seasoned, well-funded properties. Older loans may still be administered that way. Loans underwritten under the 2020 MAP Guide follow the CNA e-Tool plan above. ## Questions ### What are the HUD replacement reserve requirements? Every insured loan must fund a reserve for replacements held by the lender. The amount comes from the capital needs assessment's financial plan in HUD's CNA e-Tool. The first-year annual deposit cannot be less than $250 per unit, the plan must keep a minimum balance in years 3 through 10, and an initial lump-sum deposit can be required at closing. ### What can the replacement reserve pay for? The regulatory agreement describes it as an account for replacing major structural elements and mechanical equipment, or any other purpose HUD approves. In practice that means capitalized components in the capital needs assessment, such as roofs, HVAC, windows, appliances and paving, rather than routine maintenance paid from operations. ### How do I request a replacement reserve withdrawal? Through the loan servicer, which forwards the request for HUD's consent. HUD's handbook asks for a written description of the work and its location, paid invoices for reimbursements or bids for advances, and says requests should generally be no more often than quarterly unless there is an emergency. Check the servicer's current form and process. ### Is there a minimum balance in the replacement reserve? For new loans, yes in the planning sense. The CNA e-Tool sets a minimum balance equal to one year's average capital need, which the plan must meet in each of the first 10 years. HUD says it is a planning floor and a trigger for review, not a cap on draws when work is actually needed. ### What happens to the reserve when the property is sold or refinanced? On a HUD-approved sale with the loan assumed, the reserve stays with the property for the new owner. When all HUD obligations are satisfied, such as at payoff, the regulatory agreement says the owner receives whatever remains. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1.28, 3.7.16 and Appendix 5, A.5.7 (Capital Needs Assessments)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18), section 10, Reserve for Replacement](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) - [HUD Handbook 4350.1 REV-1, chapter 4, Reserve Fund for Replacements](https://www.hud.gov/sites/documents/doc_35335.pdf) - [HUD Handbook 4370.2 REV-1, chapter 2, paragraph 2-7 (replacement reserve accounting)](https://www.hud.gov/sites/documents/43702c2hsgh.pdf) ## Related - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/surplus-cash/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ - https://hudmultifamily.loan/programs/241a/ - https://hudmultifamily.loan/programs/223f/ --- Canonical page: https://hudmultifamily.loan/learn/replacement-reserves/ 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 # HUD annual audited financial statements: what is due, when and how > Owners of HUD-insured apartment properties must file an annual financial statement within 90 days after fiscal year end, prepared under GAAP and audited by an independent CPA under generally accepted auditing standards and Government Auditing Standards. It is filed electronically under 24 CFR 5.801 with the surplus cash computation; late filing is flagged against the owner's principals. - URL: https://hudmultifamily.loan/learn/annual-financial-statements/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / After closing ## Key facts | Item | Value | |---|---| | Due | 90 days after fiscal year end (24 CFR 5.801(c)(2)) | | Basis | GAAP | | Audit standards | GAAS and Government Auditing Standards (GAGAS) | | Auditor | Independent, licensed CPA | | Also required | Agreed-upon procedures tying the electronic template to the audit | | Filed | Electronically to HUD | | Includes | Form HUD-93486 surplus cash computation(s) | | If missed | Previous participation flag; HUD may order a forensic audit | ## What is required Two documents set the rule. HUD's **uniform financial reporting standards** (24 CFR 5.801) require owners of multifamily projects with HUD-insured, coinsured or HUD-held mortgages, under Sections 207, 213, 220, 221(d)(4), 231, 241 and others, to give HUD annual financial information prepared under GAAP, submitted electronically, in the form HUD prescribes. And **section 18 of the regulatory agreement** turns that into a specific obligation for each property. | Requirement | Source | |---|---| | Annual financial report for the fiscal year, based on the books and records, under GAAP | 24 CFR 5.801(b); regulatory agreement s. 18(a) | | Due within 90 days after fiscal year end, or another period HUD sets in writing | 24 CFR 5.801(c)(2); s. 18(a) | | Audit by an independent, licensed CPA under GAAS and Government Auditing Standards | s. 18(b)(i) | | Agreed-upon procedures comparing the electronic data submitted to HUD with the audited report | s. 18(b)(ii) | | Submission electronically, in the form HUD specifies | 24 CFR 5.801(b)(2); s. 18(b)(iii) | | Surplus cash computation on form HUD-93486, audited and included | Handbook 4370.2, ch. 2 | Certain nonprofit owners may have the audit requirement waived or modified under federal audit rules; the regulatory agreement says that waiver does not relieve them of anything else in section 18. ## Books all year The audit is only as good as the books behind it. Section 16 of the regulatory agreement requires books that are complete, accurate and current, posted to the ledger at least monthly, with year-end adjustments posted promptly, and open to HUD on reasonable notice. Any expense without enough documentation to identify its basis is an **undocumented expense** and becomes ineligible, as does an undocumented distribution. Books kept by a management agent follow the same rules and stay with the owner if the agent is replaced (section 17). Handbook 4370.2 sets HUD's chart of accounts and its rules for operating, reserve, security deposit and residual receipts accounts. The auditor confirms balances directly with the bank and the lender and checks support for disbursements. ## What a late or missing statement costs | Problem | Consequence | |---|---| | Statement overdue | Automatic Tier 3 previous participation flag; removed when filed or after five years | | Three or more missed filings in seven years | Tier 2 flag, kept until five years pass with no missed filing | | Repeated unresolved audit findings | Tier 2 flag for five years | | Any failure to perform under section 18 | HUD may start a forensic audit of the owner's books without first giving notice of violation | | Reporting violations outstanding | Not eligible for monthly surplus cash distributions under ML 2022-16 | Flags travel with the people, not the property, and are reviewed whenever those people apply for a new HUD loan or approval. See [previous participation](/learn/previous-participation-2530/). ## Practical points - **Engage the auditor early.** The 90-day clock is short for a property with a mid-year sale, a large reserve draw or construction cost certification in the same year. - **Mid-year distributions.** If you took a semi-annual distribution, the mid-year HUD-93486 goes in with the annual package. See [surplus cash](/learn/surplus-cash/). - **After a sale.** The buyer reports from the date it took financial responsibility; the seller reports the stub period ending at the HUD-approved transfer. See [buying with a HUD loan](/learn/hud-loan-assumption/). - **Portfolio purchases.** HUD's previous participation guide acknowledges that its financial assessment system can misread a new owner of a portfolio as having missed filings, and tells staff not to flag in that case. If it happens, raise it with the account executive. ## Questions ### When is the HUD annual financial statement due? Within 90 days after the end of the owner's fiscal year. That deadline is set both by HUD's uniform financial reporting rule (24 CFR 5.801(c)(2)) for owners of multifamily projects with HUD-insured mortgages and by section 18 of the regulatory agreement, unless HUD sets a different period in writing. ### What are HUD's annual audit requirements for an insured apartment property? The owner prepares a GAAP financial report for the fiscal year. An independent licensed CPA audits it under both generally accepted auditing standards and Government Auditing Standards, and separately performs agreed-upon procedures comparing the electronic financial data template submitted to HUD with the audited report. The audit report and related reports go to HUD electronically. ### Does the audit include the surplus cash calculation? Yes. Handbook 4370.2 says the HUD-93486 surplus cash computations are audited and included in the annual report, including any mid-year computation if the owner took a semi-annual distribution. ### What happens if a HUD annual financial statement is filed late? An overdue statement is automatically a Tier 3 flag on the owner's principals in HUD's previous participation system, removed when it is filed. Three or more missed filings in seven years is a Tier 2 flag kept until five years pass with no missed filings. The regulatory agreement also lets HUD order a forensic audit without first declaring a violation. ### Does a new buyer file a full-year audit? The regulatory agreement requires a report for the part of the fiscal year after the buyer took financial responsibility. The seller reports the part of the year that ended with the HUD-approved transfer. ## Sources - [24 CFR 5.801, Uniform financial reporting standards](https://www.ecfr.gov/current/title-24/section-5.801) - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18), sections 16 to 18](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) - [HUD Handbook 4370.2 REV-1, Financial Operations and Accounting Procedures for Insured Multifamily Projects, chapter 2](https://www.hud.gov/sites/documents/43702c2hsgh.pdf) - [HUD Notice H 2016-15, previous participation flags for financial statement failures](https://www.hud.gov/sites/documents/16-15hsgn.pdf) - [HUD Mortgagee Letter 2022-16, financial reporting conditions for monthly distributions](https://archives.hud.gov/news/2022/2022-17hsgml.pdf) ## Related - https://hudmultifamily.loan/learn/surplus-cash/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/previous-participation-2530/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ --- Canonical page: https://hudmultifamily.loan/learn/annual-financial-statements/ 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 # NSPIRE inspections on HUD-insured apartments: standards, scores and what follows > NSPIRE (National Standards for the Physical Inspection of Real Estate) replaced HUD's old REAC inspection protocol. FHA-insured apartment properties are inspected and scored out of 100: 90 or more means the next inspection is in three years, 80 to 89 in two, under 80 every year. Below 60 is a failing score, and life-threatening and severe deficiencies must be fixed within 24 hours. - URL: https://hudmultifamily.loan/learn/nspire-inspections/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / After closing ## Key facts | Item | Value | |---|---| | Rule | 88 FR 30442 (May 11, 2023), 24 CFR part 5, subpart G | | Multifamily changes effective | Oct. 1, 2023 (24 CFR part 200 amendments) | | Covers | Sections 207, 213, 220, 221(d)(4), 231, 241, 542(c) and others | | Score 90+ | Inspected every 3 years | | Score 80-89 | Every 2 years | | Score under 80 | Every year | | Failing score | Below 60 | | Life-threatening / severe | Fix within 24 hours | | Moderate / low | 30 / 60 days | | Technical review | Request within 45 days | ## What changed HUD's NSPIRE rule, published May 11, 2023, replaced the old REAC inspection standards with one set of standards for HUD-assisted and HUD-insured housing. Most of the rule took effect July 1, 2023; its amendments to HUD's multifamily mortgage insurance regulations (24 CFR part 200) took effect **October 1, 2023**. The inspection standards and the scoring method were published as separate Federal Register notices in June and July 2023. HUD has proposed a revised scoring notice (September 29, 2026), with comments due November 30, 2026; until HUD finalizes it, the 2023 scoring notice applies. The standards cover HUD-insured apartment loans under Sections 207, 213, 220, 221(d)(3) and (d)(4), 231, 234(d), 236 and 241, and Section 542(c) risk-share loans, among others (24 CFR 5.701). Where a property has two HUD-insured loans, only the first mortgage lender's inspection is required. ## What inspectors look at Every inspection covers three areas: **inside** (common areas and building systems), **outside** (site, building exterior and outside systems) and **units**. Items must be functionally adequate, operable and free of health and safety hazards. The rule also writes in some fixed requirements, including working smoke detectors on every level, GFCI protection for outlets within six feet of water, guardrails at drops of 30 inches or more, permanent light fixtures in kitchens and bathrooms, and no unvented fuel-burning space heaters. Each deficiency is classed as **life-threatening, severe, moderate or low**. ## Fix-it deadlines | Deficiency | Deadline (24 CFR 5.711) | |---|---| | Life-threatening | 24 hours from notice | | Severe | 24 hours from notice, unless the standard says otherwise | | Moderate | 30 days | | Low | 60 days | For life-threatening and severe items the owner certifies the fix electronically, with evidence, within two business days after the deadline. If a permanent repair will take longer, the owner can block the hazard and give HUD a schedule for approval. ## Scores and inspection cycles | Score | Designation | Next inspection | |---|---|---| | 90-100 | Standard 1 performer | Every 3 years | | 80-89 | Standard 2 performer | Every 2 years | | 60-79 | Standard 3 performer | Every year | | Below 60 | Fails; owner must survey the whole property and report to HUD | Every year | | 30 or below | Automatic enforcement referral | Every year | Inspections are due within three months either side of the anniversary of the last one. The same cycle rule applies across the HUD housing the rule covers. ## Why owners and buyers should care - **Distributions.** Section 14 of the regulatory agreement bars distributions while HUD or local repair notices are open. Monthly distributions under ML 2022-16 require a latest score of 80 or above and none below 60 in the prior three fiscal years. See [surplus cash](/learn/surplus-cash/). - **Your track record.** A score below 30, two consecutive scores below 60, or repeated scores below 60 is a Tier 2 flag in HUD's previous participation system; a latest score below 60 with another below 60 in the past seven years is a Tier 3 flag. These follow principals into their next HUD deal. See [previous participation](/learn/previous-participation-2530/). - **Buying.** In a [TPA](/learn/hud-loan-assumption/), HUD reviews condition and can require repairs or higher reserve deposits. A recent low score is a pricing point in the purchase contract. - **Capital planning.** Deficiencies often point to components already in the capital plan. See [replacement reserves](/learn/replacement-reserves/). ## Disputing a score A **technical review** request must reach the inspecting entity by the 45th calendar day after the report is provided. The owner carries the burden of showing an objectively verifiable, material error, such as the wrong building being inspected, or adverse conditions beyond its control, that would significantly improve the score. HUD presumes the inspection was accurate. Photos and statements from an objective expert (a fire marshal, code official, architect or engineer) are the kinds of evidence the rule lists. Repairs made after the inspection are not grounds for a review. ## Questions ### What is NSPIRE? NSPIRE, the National Standards for the Physical Inspection of Real Estate, is HUD's single inspection standard for public housing, project-based Section 8, voucher housing and HUD-insured multifamily properties. It was adopted by a final rule published May 11, 2023, and replaced the Uniform Physical Condition Standards used in REAC inspections. ### How often are HUD-insured apartment properties inspected? It depends on the last score. Under 24 CFR 5.705, a property scoring 90 or more is a standard 1 performer inspected every three years, 80 to 89 every two years, and under 80 every year. Inspections fall within three months either side of the anniversary of the previous one, and HUD can grant extensions for good cause. ### What NSPIRE score is failing? HUD's scoring notice sets failure at less than 60 points, and a score of 30 or less is an automatic enforcement referral. A property that scores below 60 must survey every unit, inside area and outside area for deficiencies and send HUD the results. ### Where can I find a property's REAC or NSPIRE inspection score? HUD publishes multifamily physical inspection scores by property on its inspection scores page, as a downloadable file that HUD updates as inspections are released. Property records on this site are drawn from HUD's insured loan file. ### How do NSPIRE scores affect a HUD loan? In several ways. Low scores lead to flags in HUD's previous participation system that can delay future deals, the regulatory agreement bars distributions while HUD or local government repair notices are unresolved, and monthly surplus cash distributions under ML 2022-16 require a latest score of 80 or above with none below 60 in the prior three years. ### Can an NSPIRE score be appealed? The owner can request a technical review within 45 calendar days after receiving the report, with evidence of an objectively verifiable, material error or of adverse conditions beyond its control that would significantly raise the score. Conditions fixed after the inspection do not count. HUD can reinspect, correct the report or issue a new score. ## Sources - [Final rule, Implementation of the National Standards for the Physical Inspection of Real Estate (NSPIRE), 88 FR 30442 (May 11, 2023)](https://www.federalregister.gov/documents/2023/05/11/2023-09693/economic-growth-regulatory-relief-and-consumer-protection-act-implementation-of-national-standards) - [24 CFR 5.701-5.711, National Standards for the Physical Inspection of Real Estate](https://www.ecfr.gov/current/title-24/subtitle-A/part-5/subpart-G) - [NSPIRE Inspection Standards notice, 88 FR 40832 (June 22, 2023)](https://www.federalregister.gov/documents/2023/06/22/2023-13293/national-standards-for-the-physical-inspection-of-real-estate-inspection-standards) - [NSPIRE Scoring Notice, 88 FR 43371 (July 7, 2023)](https://www.federalregister.gov/documents/2023/07/07/2023-14362/national-standards-for-the-physical-inspection-of-real-estate-and-associated-protocols-scoring) - [Proposed revised NSPIRE Scoring Notice, 91 FR 61432 (Sept. 29, 2026), comments due Nov. 30, 2026](https://www.federalregister.gov/documents/2026/09/29/2026-19881/national-standards-for-the-physical-inspection-of-real-estate-scoring-notice) - [HUD Mortgagee Letter 2022-16, inspection score conditions for monthly distributions (Sept. 7, 2022)](https://archives.hud.gov/news/2022/2022-17hsgml.pdf) - [HUD Notice H 2016-15, previous participation flags for physical condition](https://www.hud.gov/sites/documents/16-15hsgn.pdf) - [HUD, Multifamily physical inspection scores (data file)](https://www.hud.gov/stat/mfh/inspection-scores) ## Related - https://hudmultifamily.loan/learn/surplus-cash/ - https://hudmultifamily.loan/learn/previous-participation-2530/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/learn/third-party-reports/ - https://hudmultifamily.loan/data/ --- Canonical page: https://hudmultifamily.loan/learn/nspire-inspections/ 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 # HUD Form 2530 and previous participation review, explained > Before HUD insures a loan, approves a sale or lets a new principal in, it reviews the track record of every controlling participant: owners, borrowers, managing agents, general contractors and anyone controlling them, including holders of 25% or more. They certify their history on HUD-insured and assisted properties in HUD's APPS system or on paper Form HUD-2530, under 24 CFR part 200, subpart H. - URL: https://hudmultifamily.loan/learn/previous-participation-2530/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / After closing ## Key facts | Item | Value | |---|---| | Rule | 24 CFR 200.210-200.222 (subpart H), since 2016 | | Processing guide | Housing Notice H 2016-15 | | How to file | APPS (electronic) or Form HUD-2530 (paper), not both | | Ownership threshold | 25% or more of a specified capacity | | Excluded | Passive LIHTC investors, lenders, PHAs, non-executive nonprofit board members | | Must disapprove | Anyone suspended or debarred | | Flags | Three tiers, by risk | | Reconsideration | Request in writing within 30 days | ## Why HUD reviews the people The regulation states the policy directly: HUD wants participants in its housing programs to be responsible people and organizations who honor their legal, financial and contractual obligations. So before it insures a loan or approves a change, HUD looks at how each controlling participant has handled other HUD properties. A bad history on one deal can hold up a [sale](/learn/hud-loan-assumption/), a refinance or a new loan on an unrelated property. The current framework is the 2016 rule, codified at 24 CFR 200.210 to 200.222, with Housing Notice H 2016-15 as the processing guide. That notice replaced the old previous participation handbook (4065.1). ## What triggers a review Under 24 CFR 200.218, a **triggering event** is any of: 1. an application for FHA mortgage insurance, including a 223(f), 221(d)(4) or [223(a)(7)](/programs/223a7/); 2. an application for other Office of Housing funds, such as a [supplemental loan](/programs/241a/); 3. a request to change a controlling participant where HUD's consent is required, such as a TPA or a new managing member; and 4. a request to assign a project-based Section 8 HAP contract or similar funding contract. The MAP Guide adds a sequencing rule for streamlined refinances: ownership changes since the loan closed must already be cleared through previous participation review before a 223(a)(7) application goes in. And the regulatory agreement (section 35(i)) bars amending the owner's organizational documents in a way that brings in a new party needing review without HUD's approval. ## Who is a controlling participant | Included | Excluded | |---|---| | The owner and the borrower of a covered project | Passive investors with limited liability in tax credit deals, including syndicators | | The management agent | Anyone HUD finds does not exercise financial or operational control | | The general contractor | Non-executive board members of nonprofits | | A master tenant | Mortgagees acting as lenders | | Anyone who directs day-to-day operations of one of the above | Public housing agencies | | Anyone owning **25% or more** of one of the above, or of an entity that controls it | | Covered projects include FHA-insured and HUD-held loans, 202 and 811 housing, risk-share loans, properties under HUD use agreements, and properties where 20% or more of units receive certain subsidies, including project-based Section 8. ## What to file - **The certification**, in APPS or on paper Form HUD-2530. HUD strongly encourages APPS, which accepts electronic signatures and uploaded packages. - **An organization chart for each specified capacity** (borrower, management agent and so on) showing every tier of ownership, percentages that add to 100%, roles, and at least one natural person. Holders under 10% can be grouped when there are more than ten. Executive officers and directors of each entity must be shown even if they do not file. - **Disclosure of history**, including any project that was ever in default, claims, and any suspension, debarment or limited denial of participation. The review runs at the same time as the loan or approval it relates to, so an incomplete filing holds up the whole transaction. Each filer is responsible for the accuracy of what it certifies. ## The flag system HUD records risk as flags in APPS. A flag does not automatically exclude anyone; it is a risk factor to mitigate. HUD places flags only on participants who contributed to the problem or failed to step in, not on someone who joined later to fix it. | Tier | Meaning | Examples from Notice H 2016-15 | How long it stays | |---|---|---|---| | Tier 1 | Elevated, long-term risk | Mortgage assigned or title conveyed to HUD; FHA insurance claim; HUD property disposition | Permanent consideration | | Tier 2 | Ongoing compliance risk | Repeated failure to file annual financial statements; 60+ days delinquent; inspection score below 30 or repeated scores below 60; repeated unauthorized distributions; repeated unresolved audit findings | Typically five years from placement or of clean history | | Tier 3 | Single, curable issue | Late annual financial statement; three or more late payments in a year; a latest score below 60 plus another in the past seven years; one unauthorized distribution; unsatisfactory management review | Removed when cured, or after five years | Tier 3 flags must be cleared before or at closing; for an FHA loan, anything open at firm commitment becomes a special condition. Annual statement problems are the most avoidable flags. See [annual financial statements](/learn/annual-financial-statements/), [NSPIRE inspections](/learn/nspire-inspections/) and [surplus cash](/learn/surplus-cash/). ## Outcomes and reconsideration HUD may approve, disapprove, or condition or limit a participant's role. Instead of disapproving, it can hold the decision to gather information or require the participant to fix outstanding violations. It **must** disapprove a participant who is suspended, debarred or similarly restricted under 2 CFR parts 180 or 2424, and **may** disapprove for other material restrictions or a record showing significant risk. A participant can ask for reconsideration in writing within **30 days** of the notice. Someone other than the original reviewer decides, after at least seven business days' notice and a chance to submit evidence, and may affirm, modify or reverse. ## Questions ### What is HUD Form 2530? Form HUD-2530, the Previous Participation Certification, is the paper version of the record each controlling participant gives HUD of their involvement in HUD-insured and assisted properties, including defaults, claims and other problems. Most filers now use HUD's electronic Active Partners Performance System (APPS) instead. HUD says to use one or the other, not both. ### Who has to file a 2530? Controlling participants of a covered project. That means whoever serves as owner, borrower, management agent, general contractor or master tenant, plus the individuals and entities that control them, including anyone who owns 25% or more of one of those entities and anyone who directs its day-to-day operations. Passive tax credit investors, lenders acting as lenders, public housing agencies and non-executive nonprofit board members are excluded. ### When is a 2530 review required? At a triggering event, which the regulation lists as an application for FHA mortgage insurance, an application for other HUD Office of Housing funds such as a supplemental loan, a request to change a controlling participant that needs HUD's consent, and a request to assign a Section 8 HAP contract. HUD can also require it for buyers in loan sales and other dispositions. ### What is 2530 clearance? Informal shorthand for HUD's approval of the participants after review. HUD may approve, disapprove, or approve with conditions or limits, and it can hold the decision to gather information or require past violations to be fixed first. It must disapprove anyone suspended, debarred or under a similar federal restriction. ### Can a 2530 decision be appealed? Yes. A participant who is disapproved, limited or conditioned may ask in writing for reconsideration within 30 days of HUD's notice. A different reviewer or committee decides, with at least seven business days' notice of the review and the chance to submit supporting material. ## Sources - [24 CFR part 200, subpart H, Participation and Compliance Requirements (sections 200.210-200.222)](https://www.ecfr.gov/current/title-24/subtitle-B/chapter-II/subchapter-A/part-200/subpart-H) - [HUD Notice H 2016-15, Processing Guide for Previous Participation Reviews of Prospective Multifamily Housing and Healthcare Programs' Participants (Oct. 20, 2016)](https://www.hud.gov/sites/documents/16-15hsgn.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, section 18.4.6 (previous participation before a 223(a)(7))](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18), section 35(i)](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) ## Related - https://hudmultifamily.loan/learn/hud-loan-assumption/ - https://hudmultifamily.loan/learn/regulatory-agreement/ - https://hudmultifamily.loan/learn/annual-financial-statements/ - https://hudmultifamily.loan/learn/nspire-inspections/ - https://hudmultifamily.loan/learn/surplus-cash/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ --- Canonical page: https://hudmultifamily.loan/learn/previous-participation-2530/ 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 # HUD 223(f) vs Fannie Mae and Freddie Mac: which permanent loan fits > HUD 223(f) lends more (87% of value at 1.15x for market-rate deals) for longer (up to 35 years, fully amortizing) than the agencies' standard fixed-rate products (Freddie Mac's April 2026 term sheet: up to 80% at 1.25x, 30-year amortization, 5- to 10-year terms ending in a balloon). HUD adds a 0.25% annual MIP, a five-year statutory prepayment bar on 223(f) and slower processing. Fannie and Freddie are not HUD. - URL: https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Compare ## Key facts | Item | Value | |---|---| | Max leverage | HUD 87% / agencies 80% | | Min coverage | HUD 1.15x / agencies 1.25x | | Amortization | HUD up to 35 yrs, full / agencies up to 30 yrs | | Balloon | HUD none / agencies at term | | Recourse | Non-recourse with carve-outs, all three | | Insurance premium | HUD 0.25% upfront + 0.25% a year | | Construction lending | HUD yes, 221(d)(4) | | Assumable | HUD: yes, through a TPA | ## The short version All three are long-term, fixed-rate, non-recourse apartment loans backed in some way by the federal government. HUD stretches further on leverage and term; Fannie Mae and Freddie Mac move faster and give more structuring options. Most sponsors decide on three questions: how much proceeds the deal needs, how long they will hold, and how much time they have. ## Side by side | Term | HUD 223(f) | Fannie Mae fixed-rate | Freddie Mac Optigo fixed-rate | |---|---|---|---| | What it is | FHA mortgage insurance on a lender's loan | Loan bought or guaranteed by Fannie Mae | Loan bought by Freddie Mac | | Max LTV, market rate | 87% (90% affordable) | 80% | 75% for 5 to under 7 years; 80% for 7 years or more (amortizing) | | Min DSCR | 1.15x (1.11x affordable) | 1.25x | 1.25x (amortizing) | | Term | Up to 35 years, at least 10 | 5 to 30 years | 5 to 10 years (up to 30 if not securitized) | | Amortization | Fully amortizing over the term, level payments | Up to 30 years | Up to 30 years | | Interest-only | Not permitted | See current term sheet | Partial or full-term, at lower leverage | | Balloon | None | At maturity unless fully amortizing | At maturity | | Minimum loan | No HUD minimum | See current term sheet | $10 million | | Recourse | Non-recourse, bad-acts carve-outs | Non-recourse with carve-outs | Non-recourse with standard carve-outs | | Insurance or guarantee cost | 0.25% upfront and 0.25% a year MIP | In the rate | In the rate | | Prepayment | No prepayment for 5 years by statute (exceptions), then the note's schedule | Yield maintenance or prepayment premium | Yield maintenance, 2-year lockout after securitization, then defeasance; open last 90 days | | Borrower entity | Single-asset entity; no TICs as borrower | See current term sheet | SPE; TIC with up to 10 tenants in common allowed | | Construction version | Yes, 221(d)(4) | No (standard products) | No (standard products) | | Assumable | Yes, with HUD TPA approval | Per loan documents | Per loan documents | HUD figures: Mortgagee Letter 2025-03, the MAP Guide and the 2025 MIP notice. Freddie Mac figures: its Optigo fixed-rate term sheet dated April 2026. Fannie Mae figures: its published fixed-rate term sheet, which blocks automated requests and could not be re-read for our October 31, 2026 check, so treat that column as indicative. Agency terms change without notice and are adjusted by property and market; confirm with a lender before relying on them. ## Where HUD wins - **Proceeds.** On a coverage-constrained deal, 1.15x against 1.25x lets the same income support about 8% more annual debt service, before differences in rate and HUD's MIP. On a value-constrained deal, 87% against 80% is seven points of leverage. Run the [223(f) sizer](/tools/223f-loan-sizer/) to see which test binds. - **No refinance risk.** A HUD loan amortizes to zero over as long as 35 years. Agency loans balloon at the end of their term, so the owner takes interest rate risk at maturity. - **Assumability as an asset.** A long, fixed, fully amortizing HUD loan at a good rate can be worth money to the next buyer. See [assuming a HUD loan](/learn/hud-loan-assumption/). - **One program for build and hold.** A developer can use [221(d)(4)](/programs/221d4/) through construction and keep the same loan for 40 years. ## Where Fannie and Freddie win - **Speed and certainty of timing.** HUD does not publish an end-to-end processing time, and HUD files move through more review stages. See the [timeline guide](/learn/hud-loan-timeline/). - **Exit flexibility.** No statutory five-year bar, and shorter terms suit a business plan with a sale in view. See [HUD prepayment](/learn/hud-prepayment/). - **Structure.** Freddie Mac's fixed-rate term sheet offers partial and full-term interest-only and supplemental loans; neither is available on a HUD loan, where a 241(a) supplemental is limited to repairs and additions. - **No MIP line item.** HUD's 0.25% annual premium is the statutory floor, but it is still on top of the note rate. Compare all-in costs; recent HUD note rates by program are on the [rates page](/rates/). ## How to choose 1. **Size all three.** Leverage and coverage decide most deals; let the lowest test pick the loan. 2. **Price all-in.** HUD note rate plus 0.25% MIP, plus HUD's 0.30% application fee and third-party reports, against the agency coupon and fees. 3. **Match the hold.** If you may sell or refinance inside five years, a 223(f) is usually the wrong tool unless a buyer will assume it. 4. **Match the calendar.** If a purchase contract has a fixed closing date, ask each lender for a realistic schedule in writing. Also compare HUD with [CMBS](/learn/hud-vs-cmbs/) and with [bridge loans](/learn/hud-vs-bridge/). ## Questions ### Is Fannie Mae a HUD loan? No. Fannie Mae and Freddie Mac are government-sponsored companies that buy or guarantee apartment loans made by their approved lenders. HUD, through FHA, insures loans made by HUD-approved MAP lenders and often funded through Ginnie Mae securities. They are separate programs with separate rules, though the same lender often offers all three. ### Which is better, HUD or Fannie Mae, for an apartment refinance? HUD wins on leverage and term when the deal is coverage- or value-constrained and the owner plans to hold: up to 87% of value at 1.15x, fixed and fully amortizing for up to 35 years. Fannie or Freddie wins on speed and flexibility: faster closings, interest-only options, shorter terms and no five-year statutory prepayment bar. Run both sizings before choosing. ### Do Fannie and Freddie loans have mortgage insurance like HUD? Not as a separate premium. HUD charges a 0.25% upfront and 0.25% annual MIP on every FHA multifamily program. Fannie and Freddie price their guarantee into the rate. Compare all-in cost, meaning note rate plus MIP for HUD, against the agency coupon. ### Can I prepay a Fannie or Freddie loan more easily than a HUD 223(f)? The mechanics differ. Freddie's fixed-rate term sheet uses yield maintenance, a two-year lockout after securitization and then defeasance, with the last 90 days open. Fannie's uses yield maintenance or a prepayment premium. HUD 223(f) has a five-year statutory bar, then a declining percentage penalty set in the note. Which is cheaper depends on rates at payoff. ### Do Fannie Mae or Freddie Mac finance apartment construction? Their standard fixed-rate products are for acquisitions and refinances of existing properties. HUD's 221(d)(4) program insures a single loan through construction and up to 40 years of permanent debt, which the agencies' standard fixed-rate products do not offer. ## Sources - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1.2-3.1.7, 3.7.10, 3.7.20](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [Freddie Mac Multifamily, Optigo Fixed-Rate Loans term sheet (4/26)](https://mf.freddiemac.com/docs/product/fixed_rate.pdf) - [Fannie Mae Multifamily, Fixed-Rate Mortgage Loans term sheet](https://multifamily.fanniemae.com/financing-options/fixed-rate-mortgage-loans-term-sheet) - [12 U.S.C. 1715n(f), Section 223(f) prepayment prohibition](https://www.law.cornell.edu/uscode/text/12/1715n) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ - https://hudmultifamily.loan/learn/hud-prepayment/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-vs-cmbs/ - https://hudmultifamily.loan/learn/hud-vs-bridge/ - https://hudmultifamily.loan/rates/ --- Canonical page: https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ 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 # 223(f) or 221(d)(4): existing property or construction > 223(f) is for buying or refinancing an existing, stabilized apartment property; 221(d)(4) is for building or substantially rehabilitating one. Both lend up to 87% at 1.15x for market rate and 90% at 1.11x for affordable, but 221(d)(4) measures against cost, covers construction, runs up to 40 years after completion and requires Davis-Bacon wages. 223(f) measures against value and runs up to 35 years. - URL: https://hudmultifamily.loan/learn/223f-vs-221d4/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Compare ## Key facts | Item | Value | |---|---| | 223(f) | Existing property, purchase or refinance | | 221(d)(4) | New construction or substantial rehab | | Leverage test | 223(f) on value; 221(d)(4) on cost | | Ratios, market rate | 87% / 1.15x for both | | Ratios, affordable | 90% / 1.11x for both | | Max term | 35 years vs 40 years after construction | | Davis-Bacon | No vs yes | | Dividing line | Substantial rehab: $20,406/unit base (2026) x high cost % | ## Which one is your deal? If the building exists, is leased up and needs no more than moderate repairs, it is a **223(f)**. If you are building it, or the renovation crosses HUD's substantial rehabilitation line, it is a **221(d)(4)**. Everything else follows from that. ## Side by side (2026) | Term | 223(f) | 221(d)(4) | |---|---|---| | Use | Purchase or refinance of an existing property | New construction or substantial rehabilitation | | Leverage basis | Appraised value | Total development cost | | Max ratio, market rate | 87% LTV | 87% LTC | | Max ratio, affordable or 90%+ assisted | 90% LTV | 90% LTC | | Middle Income tier | Not available | 90% LTC at 1.11x (ML 2026-01) | | Min DSCR | 1.15x market, 1.11x affordable | Same | | Term | Up to 35 years, at least 10 | Construction period plus up to 40 years | | Rate | Fixed, locked before endorsement | Fixed through construction and permanent | | MIP | 0.25% upfront, 0.25% a year | 0.25% a year; upfront covers each construction year | | Cash-out | Allowed, capped at the greater of 80% of value or actual refinance cost | Not applicable | | Davis-Bacon wages | Does not apply | Applies | | Pre-application stage | No, firm application only | Yes, unless HUD lets the lender skip it | | Prepayment | No prepayment for 5 years by statute (exceptions) | HUD imposes no restriction; note terms govern | | Working capital escrow | No | 4% of loan for new construction, 2% for rehab | | Cost certification | Repairs only | Full CPA-certified cost certification | | Commercial space | 25% of area, 20% of income | 25% of area, 15% of income | | HUD application fee | 0.30%, all at firm application | 0.30%, half at pre-application for market rate | Ratios: ML 2025-03 and ML 2026-01. Everything else: the 2020 MAP Guide, chapter 3, and the 2025 MIP notice. Loans of $130 million or more (the 2026 large-loan threshold) are sized more conservatively under both programs. ## The substantial rehabilitation line This is where most "which program" questions get settled. Under MAP Guide 5.1.2, a renovation is substantial rehabilitation, and needs 221(d)(4), when its aggregate cost exceeds HUD's limit: a base of **$20,406 per unit for 2026** (ML 2026-05), times the area's high cost percentage, times the number of units. Aggregate cost includes general contractor and architect fees and whatever is spent from contingency and completion escrows, so HUD tells lenders to judge it conservatively rather than close to the line. The higher 315% high cost area multiplier cannot be used to raise this threshold. Below that, 223(f) handles it: critical life-safety repairs are done before closing, and other repairs can be escrowed at 120% and finished after. Check your local high cost percentage on the [statutory limits page](/learn/statutory-limits/). ## What the choice means in practice - **Davis-Bacon.** 221(d)(4) jobs pay federal prevailing wages and file weekly certified payrolls. That changes the construction budget and the general contractor pool. 223(f) repairs are not covered. See [Davis-Bacon](/learn/davis-bacon/). - **Timing.** 223(f) goes straight to a firm application. A 221(d)(4) normally runs two stages (pre-application, invitation letter, firm application); the MAP Guide lets a lender ask to skip the pre-application only for strong markets, experienced teams and sites with no environmental issues, with the borrower accepting in writing that the fee is at risk. Either way construction comes before the permanent loan begins. - **Leverage in practice.** 87% of cost on a new building and 87% of value on an existing one are not the same dollars. A developer who builds below value can get more from a later 223(f) refinance than from the original construction loan; one who builds above value cannot. - **Exit.** 223(f) is locked for five years by statute (with exceptions). 221(d)(4) has no statutory bar, but its Ginnie Mae securities usually carry a penalty schedule. See [HUD prepayment](/learn/hud-prepayment/). ## A common sequence Some sponsors build with a bank construction loan, lease up, then refinance into 223(f) once the property is stabilized. Others use 221(d)(4) from the start to lock long-term, non-recourse, fixed-rate debt before breaking ground. The trade-offs are on [HUD vs bank construction loans](/learn/hud-vs-bank-construction/). Size both with the [223(f) sizer](/tools/223f-loan-sizer/) and the [221(d)(4) sizer](/tools/221d4-loan-sizer/). ## Questions ### What is the difference between HUD 223(f) and 221(d)(4) loans? 223(f) insures a loan to buy or refinance an existing apartment property that needs no more than moderate repairs. 221(d)(4) insures a loan to build a new property or substantially rehabilitate one, covering construction and then a long permanent term in a single loan. The leverage and coverage ratios are now the same; what differs is the basis (value against cost), the term, Davis-Bacon and the process. ### Can a 223(f) loan fund renovations? Yes, up to the point where the work counts as substantial rehabilitation. Critical repairs are finished before closing and other repairs can be escrowed and finished after. Once the total cost of the work exceeds the substantial rehab threshold (for 2026, a base of $20,406 per unit multiplied by the local high cost percentage and the number of units), the deal moves to 221(d)(4). ### Which is faster, 223(f) or 221(d)(4)? 223(f), because it goes straight to a firm application with no pre-application option and has no construction period. HUD does not publish end-to-end processing times for either program. ### Can a new building use 223(f) instead of 221(d)(4)? A recently completed building can refinance with 223(f), but generally needs a certificate of occupancy at least three years old, or must already be at the program's debt service coverage, with extra conditions such as holding back half of any cash-out. Build-to-rent communities with a certificate of occupancy under three years old are eligible under ML 2026-12. ### Which program does HUD insure more of? 223(f). HUD's FY2026 production summary shows $8.16 billion across 331 223(f) endorsements, against $5.88 billion across 160 new construction and substantial rehab loans. ## Sources - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, chapter 3 (3.1, 3.2, 3.3, 3.7)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2026-05, CY2026 high cost percentages, sub-rehab and large-loan thresholds](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [HUD Mortgagee Letter 2026-01, Middle Income Housing option for 221(d)(4) (Jan. 22, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [HUD Mortgagee Letter 2026-12, build-to-rent underwriting eligibility](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [12 U.S.C. 1715n(f), Section 223(f) prepayment prohibition](https://www.law.cornell.edu/uscode/text/12/1715n) - [HUD Firm Commitments and Initial Endorsements database and FY2026 production summary](https://www.hud.gov/hud-partners/multifamily-data) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ - https://hudmultifamily.loan/tools/221d4-loan-sizer/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/learn/hud-prepayment/ - https://hudmultifamily.loan/learn/hud-vs-bank-construction/ --- Canonical page: https://hudmultifamily.loan/learn/223f-vs-221d4/ 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 # HUD 221(d)(4) or a bank construction loan: the trade-offs > A HUD 221(d)(4) loan is one fixed-rate, non-recourse loan that covers construction and then up to 40 years of permanent debt at up to 87% of cost (90% for affordable). A bank construction loan is usually floating-rate, shorter, lower-leverage and recourse, and has to be refinanced once the building leases up. HUD costs time up front and Davis-Bacon wages; the bank costs refinance risk at the end. - URL: https://hudmultifamily.loan/learn/hud-vs-bank-construction/ - Updated: 2026-10-31 (first published 2026-10-30) - Section: learn / Compare ## Key facts | Item | Value | |---|---| | HUD leverage | 87% LTC market, 90% affordable or Middle Income | | HUD rate | Fixed from closing through the permanent term | | HUD term | Construction plus up to 40 years | | HUD recourse | Non-recourse, bad-acts carve-outs | | HUD wages | Davis-Bacon applies | | HUD MIP | 0.25% a year; upfront covers construction years | | Bank loan | Terms vary by lender; generally needs a takeout | ## Two different products A bank construction loan finances the build and then expects to be paid off by permanent debt once the property stabilizes. A **221(d)(4)** is the permanent debt from day one: HUD insures the loan through construction and the same note carries on for up to 40 years after completion. That single difference drives most of the comparison. ## Side by side | Term | HUD 221(d)(4) | Typical bank construction loan | |---|---|---| | Leverage | Up to 87% of cost (90% affordable, assisted or Middle Income) | Lower; set by the bank's credit policy | | Coverage test | 1.15x market, 1.11x affordable, on stabilized income | Bank-specific | | Rate | Fixed, locked before initial endorsement, through construction and permanent | Usually floating during construction | | Term | Construction plus up to 40 years, fully amortizing | Construction plus a short extension period | | After lease-up | Nothing to refinance | Refinance into permanent debt (agency, HUD 223(f), life company, CMBS) | | Recourse | Non-recourse, bad-acts carve-outs | Usually recourse or a completion and repayment guarantee | | Prevailing wages | Davis-Bacon applies | No, unless other federal funds are involved | | Insurance premium | 0.25% a year; upfront MIP for each construction year | None | | Up-front HUD costs | 0.30% application fee, 0.5% inspection fee, third-party reports | Bank fees and reports | | Required escrows | Working capital 4% of loan (2% rehab), assurance of completion | Bank-specific | | Cost certification | Independent CPA certifies costs | Bank draw process | | Processing | HUD review, often two-stage, before closing | Bank credit approval | HUD terms: ML 2025-03, ML 2026-01, MAP Guide chapter 3 and the 2025 MIP notice. Bank terms vary by lender and market; this column describes common features, not a specific offer. ## What HUD buys you - **No takeout risk.** The rate is fixed before the first shovel. If rates rise during a two-year build, a bank borrower refinances into the higher market; a 221(d)(4) borrower does not. - **Leverage.** 87% of cost is higher than most construction lenders offer, which can reduce or replace mezzanine or preferred equity. - **Non-recourse.** Personal liability is limited to the carve-outs in the regulatory agreement's Section 50 addendum, not repayment. - **New categories.** ML 2026-01 added a Middle Income tier at 90% and 1.11x, and ML 2026-12 made build-to-rent communities of detached houses, duplexes and triplexes eligible under 221(d)(4). ## What it costs you - **Time before closing.** HUD reviews plans, costs, market and environmental reports before it issues a firm commitment. HUD does not publish an end-to-end processing time. See the [timeline guide](/learn/hud-loan-timeline/). - **Davis-Bacon.** Prevailing wages and certified payrolls change the general contractor pool and the budget. See [Davis-Bacon](/learn/davis-bacon/). - **Process during construction.** HUD construction inspections, HUD-approved draws and change orders, and a final cost certification by an independent CPA. - **Less exit flexibility.** No statutory prepayment bar on 221(d)(4), but the Ginnie Mae securities funding it usually carry a penalty schedule. See [HUD prepayment](/learn/hud-prepayment/). ## The middle path Many sponsors build with a bank, stabilize, then refinance into a [HUD 223(f)](/programs/223f/), sized on value rather than cost and without Davis-Bacon. That works when the building ends up worth more than it cost and rates cooperate at lease-up. If either fails, the owner is refinancing from weakness. [223(f) vs 221(d)(4)](/learn/223f-vs-221d4/) covers the choice in detail. ## Questions ### Is a HUD 221(d)(4) loan better than a bank construction loan? For a sponsor who plans to hold, 221(d)(4) usually offers more leverage, a fixed rate locked before construction, non-recourse terms and no refinance at lease-up. A bank loan usually wins when speed matters, when the sponsor wants to sell or refinance soon after stabilization, or when Davis-Bacon wages would hurt the budget. The right answer depends on the deal. ### Does a HUD construction loan require Davis-Bacon wages? Yes. Davis-Bacon prevailing wages apply to 221(d)(4) whether HUD insures advances during construction or insures the loan on completion, with weekly certified payrolls. Off-site work and work finished before the federal nexus are excepted. A conventional bank construction loan with no federal funds carries no such requirement. ### Is a 221(d)(4) loan recourse during construction? The loan itself is non-recourse, with personal liability only for the bad acts listed in the regulatory agreement. HUD does require an assurance of completion, such as payment and performance bonds, cash or a letter of credit, and a working capital escrow, which put real money at risk during construction. ### How much can a HUD construction loan cover? Up to 87% of total development cost for a market-rate deal at a 1.15x coverage test, and 90% at 1.11x for affordable, 90%-assisted or Middle Income deals, subject also to the statutory per-unit limit. Loans of $130 million or more are sized more conservatively. ## Sources - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD Mortgagee Letter 2026-01, Middle Income Housing option for 221(d)(4) (Jan. 22, 2026)](https://www.hud.gov/sites/default/files/hudclips/documents/2026-01hsgml.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1, 3.2 and 3.3](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD Mortgagee Letter 2026-12, build-to-rent underwriting eligibility](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [Form HUD-92466M, Regulatory Agreement for Multifamily Projects (6/18), Section 50 addendum](https://archives.hud.gov/offices/adm/hudclips/forms/2018-92466M.pdf) ## Related - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/tools/221d4-loan-sizer/ - https://hudmultifamily.loan/learn/223f-vs-221d4/ - https://hudmultifamily.loan/learn/davis-bacon/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/hud-vs-bridge/ - https://hudmultifamily.loan/programs/220/ - https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/ --- Canonical page: https://hudmultifamily.loan/learn/hud-vs-bank-construction/ 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 # HUD 223(f) vs a CMBS conduit loan on an apartment property > A HUD 223(f) loan amortizes fully over up to 35 years at up to 87% of value, with a 0.25% annual MIP, a five-year statutory prepayment bar and HUD approval for any sale. A CMBS conduit loan is pooled into a bond trust, usually ends in a balloon, often allows interest-only, prepays by defeasance or yield maintenance and is run by master and special servicers. - URL: https://hudmultifamily.loan/learn/hud-vs-cmbs/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Compare ## Key facts | Item | Value | |---|---| | HUD leverage | 87% LTV at 1.15x (market rate) | | HUD term | Up to 35 years, fully amortizing, no balloon | | HUD prepayment | 5-year statutory bar, then the note's schedule | | HUD MIP | 0.25% upfront and 0.25% a year | | CMBS structure | Loan sold into a securitization trust | | CMBS prepayment | Commonly defeasance or yield maintenance | | Property types | HUD: apartments only; CMBS: all commercial | ## The core difference A HUD 223(f) loan is a lender's loan with FHA insurance, usually funded by a Ginnie Mae security, and governed for its whole life by a recorded HUD regulatory agreement. A CMBS (commercial mortgage-backed securities) conduit loan is made by a lender to be sold, with many other loans, into a trust that issues bonds; after closing the borrower deals with the trust's servicers, whose job is to protect bondholders under the trust's servicing agreement. ## Side by side | Term | HUD 223(f) | CMBS conduit loan (general features) | |---|---|---| | Property types | Apartments, 5+ units; commercial space capped at 25% of area and 20% of income | Any income-producing commercial property, including mixed use | | Leverage | Up to 87% of value, 90% affordable | Set by the lender and rating agencies; typically lower than HUD | | Coverage | 1.15x market, 1.11x affordable, including MIP | Lender- and market-specific | | Term | Up to 35 years, at least 10 | Shorter fixed terms ending in a balloon | | Amortization | Fully amortizing, level payments; no interest-only | Often partial or full interest-only | | Insurance premium | 0.25% upfront and 0.25% a year | None; pricing in the spread | | Prepayment | Barred 5 years by statute (exceptions), then the note's penalty schedule | Commonly defeasance or yield maintenance, with an open period near maturity | | Recourse | Non-recourse, bad-acts carve-outs in the regulatory agreement | Non-recourse with carve-out guarantees | | Servicing | HUD-approved lender or servicer, HUD asset management for approvals | Master servicer, then special servicer if troubled | | Sale of the property | HUD Transfer of Physical Assets approval | Servicer consent under the loan documents | | Ongoing HUD rules | Surplus cash limits on distributions, replacement reserve, audited statements, NSPIRE inspections | Lender reserves and reporting per the loan agreement | HUD terms come from ML 2025-03, the MAP Guide, the 2025 MIP notice and the statute. The CMBS column describes general market features, not a particular loan; terms vary widely by lender, property and market. ## When HUD is the better fit - **Long hold, stabilized apartments.** Full amortization over as long as 35 years removes balloon risk, and a long fixed rate can be [assumed](/learn/hud-loan-assumption/) by a buyer. - **Leverage.** 87% of value at 1.15x is hard for conduit lenders to match on apartments. - **Refinancing out of a CMBS maturity.** HUD can take out a maturing conduit loan if the property qualifies, with the prepayment costs on the old debt eligible up to 10% of the new loan. ## When CMBS is the better fit - **Mixed use or non-apartment income** above HUD's commercial caps. - **Interest-only payments** to maximize cash flow on a shorter hold. - **A sale or refinance planned within five years**, where the 223(f) statutory bar would be in the way. See [HUD prepayment](/learn/hud-prepayment/). - **Tight closing dates** HUD's review cannot meet. ## What owners notice after closing HUD's regulatory agreement limits distributions to [surplus cash](/learn/surplus-cash/), requires a [replacement reserve](/learn/replacement-reserves/) and an [audited annual statement](/learn/annual-financial-statements/), and subjects the property to [NSPIRE inspections](/learn/nspire-inspections/). CMBS loans have their own cash management and reserve provisions, but no federal regulatory agreement. Sponsors who dislike HUD's oversight usually dislike it for these reasons; sponsors who like HUD usually value the long, fixed, amortizing debt more. Also compare HUD with [Fannie Mae and Freddie Mac](/learn/hud-vs-fannie-freddie/) and [bridge loans](/learn/hud-vs-bridge/). ## Questions ### Is a HUD loan better than a CMBS loan for an apartment building? For a long hold of a stabilized apartment property, HUD 223(f) usually gives more leverage, a longer fixed term and full amortization, so there is no balloon to refinance. CMBS can suit a shorter hold, a borrower who wants interest-only payments, a mixed-use property with more commercial space than HUD allows, or a closing date HUD cannot meet. ### Can I refinance a CMBS loan into a HUD loan? Yes, an existing CMBS-financed apartment property can refinance into a 223(f) if it meets HUD's eligibility and sizing tests. The CMBS loan's own prepayment terms, usually defeasance or yield maintenance, still apply to the payoff. Under MAP Guide 3.7.23.2, defeasance, yield maintenance and similar costs on existing debt count toward the 223(f) loan's eligible costs only up to 10% of the new FHA loan. ### Who services a HUD loan compared with a CMBS loan? A HUD loan is serviced by the HUD-approved lender or its servicer, with HUD's asset management staff approving major actions under the regulatory agreement. A CMBS loan is serviced by a master servicer while performing and handed to a special servicer if it gets into trouble, acting for the bondholders under the trust's servicing agreement. ### Are CMBS loans assumable like HUD loans? Many CMBS loans allow an assumption with the servicer's consent and a fee, under the loan documents and the trust's servicing rules. A HUD loan is assumed through HUD's Transfer of Physical Assets process with a transfer fee of $0.50 per $1,000 of the original loan, plus lender and servicer costs. ## Sources - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1.2-3.1.7, 3.7.10, 3.7.20 and 3.7.23.2](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [12 U.S.C. 1715n(f), Section 223(f) prepayment prohibition](https://www.law.cornell.edu/uscode/text/12/1715n) - [HUD Handbook 4350.1 REV-1, chapter 13, Transfer of Physical Assets](https://www.hud.gov/sites/documents/doc_25517.pdf) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ - https://hudmultifamily.loan/learn/hud-vs-bridge/ - https://hudmultifamily.loan/learn/hud-prepayment/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ --- Canonical page: https://hudmultifamily.loan/learn/hud-vs-cmbs/ 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 # Bridge loan or HUD 223(f): and how bridge-to-HUD works > A bridge loan is short-term, usually floating-rate, often interest-only debt for a property not ready for permanent financing: in lease-up, mid-renovation or below its income potential. HUD 223(f) is long-term, fixed, fully amortizing debt for a stabilized property. The usual pattern is bridge-to-HUD: bridge while the property stabilizes, then refinance into 223(f). - URL: https://hudmultifamily.loan/learn/hud-vs-bridge/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Compare ## Key facts | Item | Value | |---|---| | Bridge loan | Short term, usually floating, often interest-only | | HUD 223(f) | Up to 35 years, fixed, fully amortizing | | 223(f) occupancy | 85% stable occupancy | | 223(f) age | Certificate of occupancy 3+ years, or at program DSCR | | Newer properties | 50% of cash-out held until 6 months at DSCR | | Cash-out cap | Greater of 80% of value or actual refinance cost | | Prepaying the bridge | Bridge loan's own terms; HUD counts payoff costs up to 10% of new loan | ## Two tools for two moments A **bridge loan** is temporary. Lenders size it on the business plan, often fund renovation dollars over time, and expect to be repaid by a sale or a permanent loan within a few years. A **HUD 223(f)** loan is the opposite: fixed for up to 35 years, fully amortizing, non-recourse, and sized on what the property earns today. Most owners who use both use them in sequence. ## Side by side | Term | Bridge loan (general features) | HUD 223(f) | |---|---|---| | Purpose | Lease-up, renovation, repositioning, quick acquisition | Purchase or refinance of a stabilized property | | Property condition | Can be vacant or mid-renovation | 85% stable occupancy; only moderate repairs | | Sizing | Business plan, often on future value | Lowest of 87% LTV, 1.15x DSCR (market), statutory limit, cost tests | | Rate | Usually floating | Fixed, locked before endorsement | | Payments | Often interest-only | Level, fully amortizing; no interest-only | | Term | Short, with extension options | Up to 35 years, at least 10 | | Recourse | Varies; often carve-outs or guarantees | Non-recourse, bad-acts carve-outs | | Speed | Fast | Slower; HUD review, no published end-to-end time | | Prepayment | Per the bridge note | 5-year statutory bar (exceptions), then the note's schedule | The bridge column describes common features in the market, not a specific product; terms vary widely. ## What the property needs before the HUD takeout From the MAP Guide (3.7.2 to 3.7.5) and ML 2025-03: 1. **Stable occupancy of at least 85%.** 2. **Age.** A certificate of occupancy issued at least three years before the application. Newer properties can qualify once they have reached the program's debt service coverage for a month, with three consecutive months before endorsement, and with half of any cash-out held back until six months at coverage. Recently built build-to-rent communities are eligible under ML 2026-12. 3. **Repairs within limits.** Critical life-safety repairs done before closing; non-critical repairs can be escrowed and finished after. Total work must stay under the substantial rehabilitation limit, a 2026 base of $20,406 per unit times the local high cost percentage. Above that, the deal is a [221(d)(4)](/programs/221d4/). 4. **Income that sizes.** Trailing income at 1.15x coverage (market) or 1.11x (affordable), with debt service including the 0.25% MIP, and no more than 87% or 90% of appraised value. 5. **Experience and structure.** HUD generally does not consider acquisitions by borrowers with no multifamily experience, and treats an acquisition between related parties as a refinance (with an exception for affordable deals). ## Bridge payoff costs The bridge loan's exit fee or prepayment terms are set in its own note. Under MAP Guide 3.7.23.2, yield maintenance, defeasance, swap termination and similar costs on the existing debt count toward the 223(f) loan's eligible costs only up to **10% of the FHA loan amount**; anything above that must come from equity, and only where the loan is at or below 80% loan to value. ## Getting the sequence right - **Plan the takeout before you close the bridge.** Underwrite the property to HUD's coverage at today's rates plus MIP, not only to the bridge lender's exit assumptions. The [223(f) sizer](/tools/223f-loan-sizer/) does this. - **Order HUD-ready reports.** HUD's appraisal, capital needs assessment and Phase I need to be MAP-compliant and recent at firm application. See [third-party reports](/learn/third-party-reports/). - **Leave time.** Bridge maturities and extension tests are fixed; HUD's calendar is not. Start the HUD application well before the bridge maturity. See the [timeline guide](/learn/hud-loan-timeline/). - **Compare permanent options.** If the hold is short, agency or CMBS debt may fit better than HUD. See [HUD vs Fannie and Freddie](/learn/hud-vs-fannie-freddie/) and [HUD vs CMBS](/learn/hud-vs-cmbs/). ## Questions ### What is bridge-to-HUD financing? A two-step plan where an owner uses a short-term bridge loan to buy, renovate or lease up an apartment property, then refinances into a long-term HUD 223(f) loan once the property is stabilized. Some lenders offer both pieces, but the HUD refinance is a separate application that must meet HUD's rules on its own when it is submitted. ### When is a property ready to refinance from a bridge loan into HUD 223(f)? Generally when it has stable occupancy of at least 85%, its certificate of occupancy is at least three years old (or it has already reached the program's debt service coverage), any renovation is complete or below the substantial rehab threshold, and the current income supports the loan at 1.15x for market rate or 1.11x for affordable. ### Can a HUD 223(f) refinance pay off a bridge loan with cash-out? Yes, within limits. A 223(f) refinance can take cash out up to the greater of 80% of value or the actual cost to refinance, while still passing every other sizing test. For properties under three years old that qualify on coverage, half of any cash-out is held back until the property has been at the program's coverage for six months. ### Why not use HUD from the start instead of a bridge? Because 223(f) is for stabilized properties needing only moderate repairs. A property in lease-up, with heavy vacancy, or needing work above the substantial rehabilitation line does not qualify. Where the work is that large, the HUD option is 221(d)(4) substantial rehab, which has its own process and Davis-Bacon wages. ### Does an acquisition bridge loan affect a later HUD refinance? It can. If the buyer and seller share an identity of interest, HUD treats an acquisition as a refinance. And HUD generally does not consider acquisitions by borrowers with no multifamily experience. The bridge loan's own prepayment terms also apply when HUD pays it off. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.7.2, 3.7.4, 3.7.5, 3.7.11 and 3.7.23.2](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [HUD Mortgagee Letter 2026-12, build-to-rent underwriting eligibility](https://www.hud.gov/sites/default/files/hudclips/documents/2026-12hsgml.pdf) - [HUD Mortgagee Letter 2026-05, CY2026 sub-rehab threshold](https://www.hud.gov/sites/default/files/hudclips/documents/2026-05hsgml.pdf) - [12 U.S.C. 1715n(f), Section 223(f) of the National Housing Act](https://www.law.cornell.edu/uscode/text/12/1715n) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/tools/223f-loan-sizer/ - https://hudmultifamily.loan/learn/223f-vs-221d4/ - https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/ - https://hudmultifamily.loan/learn/hud-vs-cmbs/ - https://hudmultifamily.loan/learn/hud-loan-timeline/ - https://hudmultifamily.loan/learn/third-party-reports/ --- Canonical page: https://hudmultifamily.loan/learn/hud-vs-bridge/ 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 # Pairing low-income housing tax credits with an FHA-insured loan > Tax credit properties can use FHA-insured 223(f) or 221(d)(4) loans. A LIHTC deal that meets HUD's affordable definition and has rents at least 10% below market sizes at up to 90% of value or cost at a 1.11x coverage, pays the same 0.25% MIP as every program since October 2025, and can use streamlined processing. HUD's LIHTC pilot notices remain posted; their current 2026 operating status is not confirmed. - URL: https://hudmultifamily.loan/learn/lihtc-and-hud/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Affordable ## Key facts | Item | Value | |---|---| | Affordable LTV/LTC | 90% (LIHTC with 10%+ rent advantage) | | Affordable DSCR | 1.11x | | Without rent advantage | Sized as market rate: 87% / 1.15x | | Min underwritten vacancy | 5% affordable | | MIP | 0.25%, same as market rate since Oct. 1, 2025 | | Use restriction | Recorded at least 15 years after final endorsement | | Processing | One-stage allowed; single-underwriter model | | FY2026 LIHTC endorsements | $1.30B, 82 projects (excl. risk share) | | Pilot status 2026 | Not confirmed | ## How HUD treats a tax credit deal The MAP Guide's chapter 14 covers LIHTC projects across every program. Standard processing applies with a few changes: all LIHTC deals are underwritten under a **single underwriter model** by HUD staff trained for tax credit deals; **one-stage processing** is allowed for tax credit projects under every section, and if a lender chooses two stages no pre-application fee is charged; and streamlined processing, including delayed submission of final plans, is available when conditions are met. ## When a LIHTC deal counts as affordable The MAP Guide (3.1.12) defines affordable housing as a property with LIHTC-level income restrictions, meaning at least 20% of units for households at 50% of area median income or 40% at 60% (including income averaging), recorded for at least 15 years after final endorsement, or one with project-based Section 8 on at least 90% of units and 15 or more years left on the contract. That definition is what qualifies a deal for the higher ratios. | Deal type | 223(f) max LTV | 221(d)(4) max LTC | Min DSCR | Min vacancy | |---|---|---|---|---| | LIHTC with rents at least 10% below market | 90% | 90% | 1.11x | 5% | | LIHTC without that rent advantage | 87% | 87% | 1.15x | 7% | | 90% or more of units with rental assistance | 90% | 90% | 1.11x | 3% | Ratios: ML 2025-03 (January 8, 2025), which raised affordable from 87% to 90% and cut its coverage from 1.15x to 1.11x. Vacancy: MAP Guide Appendix 3. The printed MAP Guide still shows the older figures. ## Costs that changed - **MIP.** The September 2025 notice set every FHA multifamily program at 0.25% upfront and 0.25% a year for applications on or after October 1, 2025, and eliminated the Affordable and Broadly Affordable MIP categories. A LIHTC deal now pays the same premium as a market-rate one. See [HUD MIP](/learn/hud-mip/). - **Assurance of completion on 223(f).** ML 2023-24 removed the extra 10% assurance of completion that 223(f) deals with new LIHTC had to add to the repair escrow, for loans that have a payment and performance bond or letter of credit and a contingency escrow the investor requires and HUD accepts. Repairs still have to be completed, and the lender must make sure total repair cost stays under the 223(f) threshold. ## The LIHTC pilot tracks | Track | Created by | Program | Key features | |---|---|---|---| | Tax Credit Pilot | Housing Notice 2012-1 | 223(f) | Separate processing track for 223(f) deals with tax credit equity | | New Pilot, expedited approval | Housing Notice H 2019-03 | 221(d)(4), 220 | 9% LIHTC new construction (max 65% LTC) and 4% or 9% LIHTC rehab with 90%+ Section 8 (max 75% LTC); goal of firm commitment in 30 days of an acceptable application | | New Pilot, standard approval | Housing Notice H 2019-03 | 221(d)(4), 220 | 4% or 9% LIHTC rehab without Section 8 (max 75% LTC) and other eligible deals; goal of firm commitment in 60 days | Under the 2019 notice, both New Pilot tracks aim to close within 60 days of the firm commitment, and only lenders who have closed a LIHTC deal with HUD in the past five years are eligible. The notice originally capped pilot loans at $25 million; a June 2023 HUD production memo removed that cap. **Status:** both notices are still posted by HUD, and the 2019 notice says it remains in effect until amended, revoked or superseded. We found no notice ending either track, but we also found no 2024 to 2026 HUD document confirming how the pilots operate today, so we do not state that they are active. Confirm with a MAP lender before planning around pilot timelines. ## Structuring points from chapter 14 - **Equity bridge loans** are allowed, must be non-recourse to the borrower except for surplus cash or residual receipts, and any security for them sits in a separate account labeled as non-project funds, outside the mortgaged property (MAP 14.15). - **Upper-tier transfers.** Anyone stepping into the general partner or managing member position, whether by default under the partnership agreement or otherwise, needs HUD approval through the modified [TPA](/learn/hud-loan-assumption/) process and previous participation clearance. - **Investors.** Passive tax credit investors are not controlling participants for [previous participation](/learn/previous-participation-2530/) review. - **Section 8.** Deals with project-based contracts follow MAP 14.6 on HAP renewals. See [Section 8 HAP refinancing](/learn/section-8-hap-refinance/). - **Public housing conversions** under RAD can combine LIHTC and FHA insurance. See [RAD and HUD](/learn/rad-and-hud/). Qualified state housing finance agencies can also insure affordable loans through FHA risk sharing; see [risk sharing](/programs/risk-sharing/). ## Questions ### Can a LIHTC property get a HUD loan? Yes. HUD's MAP Guide has a full chapter on tax credit deals, and LIHTC properties use 223(f) for acquisitions, refinances and moderate rehab, and 221(d)(4) for new construction and substantial rehab. HUD's FY2026 production summary counts $1.30 billion of LIHTC loans across 82 projects, not counting risk-share loans. ### What LTV does HUD allow on a LIHTC deal? Up to 90% of value under 223(f), or 90% of cost under 221(d)(4), at a 1.11x debt service coverage, when the property meets HUD's affordable definition and the achievable tax credit rents are at least 10% below market. A tax credit property without that rent advantage is sized like a market-rate deal, at 87% and 1.15x. ### Is there still a separate MIP for affordable or LIHTC loans? No. The 35 basis point Affordable category and the 25 basis point Broadly Affordable category were eliminated by the September 2025 MIP notice. For applications submitted or amended on or after October 1, 2025, LIHTC and market-rate loans alike pay 0.25% upfront and 0.25% a year. ### Is the HUD LIHTC pilot program still active in 2026? We could not confirm it. Housing Notice 2012-1 created the 223(f) tax credit pilot and Housing Notice H 2019-03 added 221(d)(4) and 220 tracks; the 2019 notice says it stays in effect until amended or superseded, and HUD removed its $25 million loan cap in June 2023. We found no HUD notice ending either track, but also no 2024-2026 HUD document confirming current operation. Ask your MAP lender or HUD's production office. ### Do tax credit investors have to file HUD previous participation forms? Passive investors with limited liability in tax credit deals, including syndicators, are excluded from the definition of controlling participants under 24 CFR 200.216, so they do not go through previous participation review. The general partner or managing member and other controlling parties do. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, section 3.1.12 and chapter 14 (LIHTC and Other Tax Credit Programs)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) - [HUD Housing Notice H 2019-03, Section 221(d)(4) and 220 LIHTC Pilot Program (Feb. 21, 2019)](https://www.hud.gov/sites/dfiles/OCHCO/documents/LIHTCPilotNotice022119.pdf) - [HUD Office of Multifamily Production memo, Removal of $25 million Cap on Loans in the New LIHTC Pilot (June 8, 2023)](https://www.hud.gov/sites/dfiles/Housing/documents/Admin_Memo_LIHTC_25_M_Cap_Removal_060823.pdf) - [HUD Mortgagee Letter 2023-24, Eliminating the Assurance of Completion on a Section 223(f) with New LIHTC (Dec. 4, 2023)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-24hsngml.pdf) - [HUD Notice H 2023-12, companion to ML 2023-24 (Dec. 4, 2023)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2023-12hsngn.pdf) - [24 CFR 200.216, controlling participants (passive tax credit investors excluded)](https://www.ecfr.gov/current/title-24/section-200.216) - [HUD multifamily production data and FY2026 production summary](https://www.hud.gov/hud-partners/multifamily-data) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/section-8-hap-refinance/ - https://hudmultifamily.loan/learn/rad-and-hud/ - https://hudmultifamily.loan/programs/risk-sharing/ - https://hudmultifamily.loan/learn/hud-mip/ - https://hudmultifamily.loan/learn/previous-participation-2530/ - https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/ - https://hudmultifamily.loan/learn/secondary-financing/ - https://hudmultifamily.loan/learn/cost-certification/ --- Canonical page: https://hudmultifamily.loan/learn/lihtc-and-hud/ 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 # Section 8 HAP properties and FHA financing: sizing, renewals and approvals > A property with a project-based Section 8 HAP contract on at least 90% of its units and 15 or more years left counts as affordable for FHA purposes, so a 223(f) can lend up to 90% of value at 1.11x, and a 223(a)(7) can size at 95% of income. The HAP renewal, rent study and any prepayment approval must line up with the FHA application. - URL: https://hudmultifamily.loan/learn/section-8-hap-refinance/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Affordable ## Key facts | Item | Value | |---|---| | Affordable test | HAP on 90% of units, 15+ years remaining | | 223(f) ratios | 90% LTV, 1.11x DSCR, 3% min vacancy | | 223(a)(7) sizing | 95% of NOI (>90% PBRA, term over 15 years) | | Renewal request to PBCA | At least 60 days before firm application (120 preferred) | | Rents in underwriting | Lower of market or HAP if short-term or marked to market | | Long above-market contracts | A/B tranche sizing allowed | | HAP assignment | Triggers previous participation review | | Monthly distributions | Not available with a project-based HAP | ## Why Section 8 changes the loan A long project-based HAP contract is stable, government-paid income, and HUD's underwriting gives it credit. Under MAP Guide 3.1.12, a property qualifies as **affordable** on the Section 8 test when a HAP contract covers **90% of the units with at least 15 years remaining**. That puts it in HUD's best sizing tier. | Program | Sizing for a 90%+ assisted property | Source | |---|---|---| | 223(f) purchase or refinance | Up to 90% of value, 1.11x DSCR, 3% minimum vacancy | ML 2025-03; MAP Appendix 3 | | 221(d)(4) substantial rehab | Up to 90% of cost, 1.11x DSCR | ML 2025-03 | | 223(a)(7) streamline | Lesser of original principal, existing debt plus costs, or 95% of NOI (for more than 90% PBRA with a term over 15 years after endorsement) | MAP 3.8.3 | A [223(a)(7)](/programs/223a7/) sized at 95% of income, about a 1.05x coverage, is among the most generous ratios in HUD's multifamily programs (Section 213 co-op streamlines get the same). ## Lining up the HAP renewal MAP Guide 14.6 puts the burden on the borrower and lender to make sure HAP renewal terms under the Section 8 Renewal Policy are satisfied before submission or initial endorsement. The timing rules: - **Send the renewal and any rent adjustment request to the Performance Based Contract Administrator** at least 60 days before the firm application; 120 days is better. - **Keep rents fresh.** The rent comparability study rents and the appraiser's rents must be set within 180 days of firm commitment issuance, or updated. - **Separate the experts.** If the owner commissions the rent comparability study, the same firm cannot do the appraisal; if the lender commissions it, it can. - **Budget-based rents.** The lender and owner agree a preliminary debt service figure to put in the proposed budget, which may need amending after final underwriting. - **Prepayment approvals.** If the existing FHA loan needs HUD's approval to prepay, send that request to HUD headquarters well before the firm application (MAP 14.6.E, citing ML 2018-07). HUD's underwriter checks that the rents in the renewal request are supported by the study and reflected in the lender's underwriting, and coordinates with asset management so the renewal, rent increase and any waivers are approved in time. ## Which rents size the loan - **Value** (Criterion 3) uses market rents, except on a first refinance of a Section 202 loan or a RAD deal. - **Debt service** (Criterion 5): if the HAP contract is short or subject to mark-down to market, HUD uses the **lower** of market rents or HAP rents. - **Long above-market contracts:** the underwriter may size two tranches, an **A piece** at market rents over the full loan term and a **B piece** on the difference between market and HAP rents over the remaining contract term. Many renewed contracts adjust rents each year by HUD's operating cost adjustment factors (OCAFs); the 2026 factors were published February 3, 2026 (91 FR 4934). ## Selling a Section 8 property A buyer of a property with an FHA loan and a HAP contract goes through two HUD consents: the [Transfer of Physical Assets](/learn/hud-loan-assumption/) for the loan, and the assignment of the HAP contract. Under 24 CFR 200.218 the HAP assignment is itself a triggering event for [previous participation review](/learn/previous-participation-2530/). The buyer takes on the contract's terms and any use restrictions along with the regulatory agreement. ## After closing - **Distributions.** Properties with project-based Section 8 are excluded from ML 2022-16's monthly distribution option; see [surplus cash](/learn/surplus-cash/). Some older assisted properties are limited-dividend or nonprofit, with tighter distribution limits and residual receipts accounts. - **Prepayment.** Prepaying a loan on an assisted property can need HUD approval regardless of the 223(f) statute; see [HUD prepayment](/learn/hud-prepayment/). - **Data.** HUD publishes every active assistance contract, with expiration dates and assisted unit counts, in its Multifamily Assistance and Section 8 Contracts database, updated monthly. Public housing converting to Section 8 follows the RAD rules; see [RAD and HUD](/learn/rad-and-hud/). ## Questions ### Can I refinance a Section 8 property with a HUD loan? Yes. Properties with project-based Section 8 contracts use FHA 223(f) for refinances and acquisitions, 223(a)(7) to streamline an existing FHA loan, and 221(d)(4) for substantial rehab. With a HAP contract on at least 90% of units and at least 15 years remaining, HUD treats the property as affordable and sizes 223(f) at up to 90% of value and 1.11x coverage. ### Does the HAP contract need to be renewed before the FHA loan closes? Under MAP Guide 14.6, the renewal terms under HUD's Section 8 Renewal Policy must be satisfied before application submission or initial endorsement. If the existing contract already has 15 or more years left from final endorsement, no renewal is needed to qualify for FHA insurance, although other programs such as RAD may have their own requirements. ### Which rents does HUD use to size a loan on a Section 8 property? Value is based on market rents. For the debt service test, if the HAP contract is short or subject to mark-down to market, HUD uses the lower of the appraiser's market rents or the HAP rents. If the HAP rents are above market for a long term, the loan can be split into an A piece sized on market rents over the full term and a B piece sized on the above-market portion over the remaining HAP term. ### What is an assignment, assumption and amendment of a Section 8 HAP contract? When a property with a project-based HAP contract is sold, the seller assigns the contract to the buyer, who assumes its obligations, usually with amendments to reflect the new owner. HUD must consent, and under 24 CFR 200.218 a request to assign a HAP contract is a triggering event for previous participation review of the buyer's controlling participants. It runs alongside the TPA if an FHA loan is being assumed. ### Can a Section 8 property take monthly surplus cash distributions? No. Mortgagee Letter 2022-16, which allows up to monthly distributions on newer FHA loans, is limited to properties not subject to a project-based Section 8 HAP contract or a HUD-held note. Section 8 properties follow the annual, or semi-annual where allowed, schedule in their regulatory agreement and HAP contract. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1.12, 3.8.3, 7.8 (Criterion 5 exceptions), 14.6 and 14.7](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [24 CFR 200.218, triggering events for previous participation review (HAP assignment)](https://www.ecfr.gov/current/title-24/section-200.218) - [HUD Mortgagee Letter 2022-16, monthly distributions limited to properties without a project-based HAP](https://archives.hud.gov/news/2022/2022-17hsgml.pdf) - [Notice of Certain Operating Cost Adjustment Factors for 2026, 91 FR 4934 (Feb. 3, 2026)](https://www.federalregister.gov/documents/2026/02/03/2026-02201/notice-of-certain-operating-cost-adjustment-factors-for-2026) - [HUD, Multifamily Assistance and Section 8 Contracts database](https://www.hud.gov/hud-partners/multifamily-assist-section8-database) ## Related - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/223a7/ - https://hudmultifamily.loan/learn/rad-and-hud/ - https://hudmultifamily.loan/learn/lihtc-and-hud/ - https://hudmultifamily.loan/learn/hud-loan-assumption/ - https://hudmultifamily.loan/learn/hud-prepayment/ - https://hudmultifamily.loan/learn/surplus-cash/ --- Canonical page: https://hudmultifamily.loan/learn/section-8-hap-refinance/ 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 # Financing a RAD conversion with an FHA-insured loan > Under the Rental Assistance Demonstration (RAD), a public housing property converts to a long-term project-based Section 8 contract, which lets it carry private debt. If repairs are moderate, the conversion can use an FHA 223(f) loan; if they amount to substantial rehabilitation, a 221(d)(4). A property with project-based assistance on 90% or more of its units sizes at up to 90% at 1.11x. - URL: https://hudmultifamily.loan/learn/rad-and-hud/ - Updated: 2026-10-30 (first published 2026-10-30) - Section: learn / Affordable ## Key facts | Item | Value | |---|---| | Governing notice | H-2019-09 / PIH-2019-23 (RAD REV-4), as amended by Supplementals 4B and 4C | | Contract after conversion | Project-based vouchers (PBV) or project-based rental assistance (PBRA) | | PBRA initial term | 20 years, with a 20-year RAD use agreement | | PBV initial term | At least 15 years (up to 20) | | FHA program, moderate repairs | 223(f) | | FHA program, substantial rehab | 221(d)(4) | | Ratios at 90%+ assistance | 90% LTV/LTC, 1.11x DSCR | | Underwriting overlay | Notice H 2012-20 / ML 2012-20 | ## How a RAD conversion works The RAD notice (REV-4, issued September 5, 2019, and since amended by Supplemental Notices 4B and 4C) lays out the sequence for a public housing agency: 1. **RAD application** for each project. 2. **CHAP**, a Commitment to enter into a Housing Assistance Payments contract, once HUD selects the project. 3. **Financing plan**, including any FHA-insured loan, reviewed by HUD. 4. **RCC**, the RAD Conversion Commitment, issued after the financing plan is approved. 5. **Closing**, where the property leaves public housing, is released from the declaration of trust, gets a RAD use agreement, and receives a long-term Section 8 contract. ## PBV or PBRA | | Project-based vouchers (PBV) | Project-based rental assistance (PBRA) | |---|---|---| | Administered by | The voucher agency under its voucher contract with HUD | Generally HUD's Office of Housing | | Initial contract | At least 15 years, up to 20 with approval | 20 years | | Rent adjustment | Annual OCAF, subject to appropriations and rent reasonableness | Annual OCAF, subject to appropriations | | At expiration | Renewal must be offered and accepted | Renewal must be offered and accepted; eligible under MAHRAA | | Use agreement | RAD use agreement that renews with the contract | 20-year RAD use agreement that renews with the contract | Source: RAD notice REV-4 as amended (master version). The choice affects who the lender deals with after closing and how rent increases work, so it should be settled before the FHA application. ## Which FHA program The RAD notice is direct about it: properties may qualify for **[223(f)](/programs/223f/)**, which can include repairs, and if the scope of repairs amounts to substantial rehabilitation under the MAP Guide, the right FHA program is **[221(d)(4)](/programs/221d4/)**. The dividing line is the substantial rehabilitation cost limit; see [223(f) vs 221(d)(4)](/learn/223f-vs-221d4/). For FHA-insured conversions, the financing plan's requirements and feasibility tests come mainly from the MAP Guide as revised by Mortgagee Letter 2012-20 (Notice H 2012-20), with certain items also uploaded to HUD's RAD Resource Desk. ## How HUD sizes a RAD loan - **Ratios.** A property with assistance on 90% or more of its units is in HUD's top affordable tier: 90% LTV or LTC at 1.11x coverage with a 3% minimum vacancy (ML 2025-03; MAP Appendix 3). - **Value on substantial rehab.** On a RAD 221(d)(4), the appraiser uses the CHAP rents, with historical occupancy and expenses where available (MAP 7.13.6). - **Developer fee.** For a RAD 223(f) without tax credits, the MAP Guide allows a mortgageable developer fee of 10% of the total budget; with LIHTC, the allocating agency's fee limit applies (Appendix 3). - **MIP.** 0.25% upfront and 0.25% a year, as for every FHA multifamily program since October 1, 2025. - **Reserves.** FHA conversions keep replacement reserves under FHA rules, sized through HUD's CNA e-Tool; HUD is the approving agency for all CNAs on insured RAD loans. See [replacement reserves](/learn/replacement-reserves/). ## Layering with tax credits The RAD notice encourages agencies to use 4% or 9% LIHTC alongside FHA debt, and notes that converting properties may be eligible for HUD's LIHTC pilot processing track under 223(f). See [LIHTC and HUD](/learn/lihtc-and-hud/) for the affordable ratios and what is and is not confirmed about the pilot today. ## Other HUD requirements that come along - **Previous participation.** The notice applies the APPS / 2530 review to all FHA transactions. See [previous participation](/learn/previous-participation-2530/). - **Section 8 rules.** After conversion the property is a Section 8 property, with the contract renewal, rent and asset management rules that follow. See [Section 8 HAP refinancing](/learn/section-8-hap-refinance/). - **Regulatory agreement.** An FHA-insured RAD property signs HUD's standard [regulatory agreement](/learn/regulatory-agreement/) in addition to the RAD use agreement. HUD has not, as far as we found, published a count of FHA-insured RAD conversions in its production data, so we do not show one. ## Questions ### What is a RAD conversion? The Rental Assistance Demonstration lets a public housing agency convert a public housing property's subsidy to a long-term project-based Section 8 contract. The property leaves the public housing program and its declaration of trust, a RAD use agreement is recorded, and the owner can borrow against the property to fund repairs, which public housing usually cannot do. ### Can a RAD conversion use FHA financing? Yes. The RAD notice points converting properties to FHA 223(f) when repairs are moderate and to 221(d)(4) when the scope reaches substantial rehabilitation under the MAP Guide. HUD's Office of Housing issued separate underwriting instructions for RAD deals with FHA insurance, and the MAP Guide adds RAD-specific rules on valuation and developer fees. ### What is the difference between PBV and PBRA in a RAD conversion? Project-based vouchers (PBV) are administered by the voucher agency under HUD's PBV rules, with an initial contract of at least 15 years and up to 20. Project-based rental assistance (PBRA) is generally administered by HUD's Office of Housing, with a 20-year initial contract and a 20-year RAD use agreement. Both renew at expiration and both adjust rents annually by HUD's OCAF. ### How much can a RAD property borrow from FHA? Where 90% or more of the units carry project-based assistance, HUD sizes 223(f) at up to 90% of value and 221(d)(4) at up to 90% of cost, at a 1.11x debt service coverage, subject to the statutory limits and the other sizing tests. On a RAD 221(d)(4) substantial rehab, the appraiser sets value using the CHAP rents with historical occupancy and expenses where available. ## Sources - [HUD, RAD Notice REV-4 (H-2019-09 / PIH-2019-23) as amended by Supplemental Notices 4B and 4C, master version](https://www.hud.gov/sites/dfiles/Housing/documents/RAD_Notice_Rev4_Final_as_amended_by_Supplemental_4B_and_4C_Master_Version.pdf) - [HUD, RAD statute, notices, regulations and tools](https://www.hud.gov/hud-partners/rad-notices) - [HUD MAP Guide, Handbook 4430.G, 2020 edition, sections 3.1.12, 3.1.29, 7.13.6, 14.6 and Appendix 3](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD Mortgagee Letter 2025-03, Multifamily changes in DSCR and LTV/LTC (Jan. 8, 2025)](https://www.hud.gov/sites/dfiles/OCHCO/documents/2025-03hsgml.pdf) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) ## Related - https://hudmultifamily.loan/learn/section-8-hap-refinance/ - https://hudmultifamily.loan/learn/lihtc-and-hud/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/learn/223f-vs-221d4/ - https://hudmultifamily.loan/learn/replacement-reserves/ - https://hudmultifamily.loan/learn/previous-participation-2530/ --- Canonical page: https://hudmultifamily.loan/learn/rad-and-hud/ 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 # Tax-exempt bonds and 4% tax credits with an FHA-insured loan > 4% tax credits come with private activity bond financing rather than a competitive state award, so a HUD 4% deal is usually an FHA-insured 221(d)(4) or 223(f) loan funded by Ginnie Mae securities, with short-term, cash-collateralized tax-exempt bonds sitting beside it to meet the tax test. HUD allows up to 5.5% in financing fees and issuance costs on bond deals, against 3.5% otherwise. - URL: https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/ - Updated: 2026-10-31 (first published 2026-10-31) - Section: learn / Affordable ## Key facts | Item | Value | |---|---| | Fee cap, bond deals | 5.5% of the loan (3.5% retained by the lender) | | Fee cap, 223(a)(7) bond deals | 5.5% to $2M, 4.0% above | | Common structure | Ginnie Mae securities plus short-term cash-collateralized bonds | | FHA loan proceeds as bond collateral | Prohibited by statute, not waivable | | Bond test, older buildings | 50% of building and land basis bond-financed | | Bond test, placed in service after 2025 | 25%, if a post-2025 bond issue finances at least 5% | | Minimum 4% credit rate | 4%, buildings placed in service after 2020 | | Bond premium on 223(f) | Excess goes to the replacement reserve | | MIP | 0.25%, same as every program | ## Why bonds and 4% credits travel together There are two kinds of housing credit. The 9% credit comes out of each state's annual credit ceiling and is awarded competitively. The 4% credit does not: under 26 U.S.C. 42(h)(4), credit attributable to basis financed with tax-exempt bonds that use the state's private activity bond volume cap needs no allocation from the ceiling at all. The MAP Guide (14.19.4) describes it the same way: tax credit projects "are often financed with the '4%' Tax Credits allocated in conjunction with private activity bond volume cap." So a 4% deal has to do two jobs: borrow at the best rate for a long fixed term, and put enough volume-cap bonds into the capital stack to pass the bond test. An FHA-insured loan can do the first; the bonds do the second. ## The bond test, before and after 2026 | Building placed in service | Share of building and land basis that must be bond-financed | Extra condition | |---|---|---| | In a taxable year beginning on or before Dec. 31, 2025 | 50% or more | none | | In a taxable year beginning after Dec. 31, 2025, route 1 | 50% or more | none | | In a taxable year beginning after Dec. 31, 2025, route 2 | 25% or more | at least one bond issue dated after Dec. 31, 2025 finances at least 5% of that basis | The second route comes from Public Law 119-21, section 70422(b), enacted July 4, 2025. For rehab that counts as a separate new building, the existing building and the rehab are both treated as placed in service when the rehab is. The same section multiplies each state's per-capita and minimum housing credit ceiling amounts by 1.12 for calendar years beginning after December 31, 2025, which enlarges the 9% pool. Three other tax points matter to the HUD side of the deal: - **The 4% floor.** For buildings placed in service after December 31, 2020, the applicable percentage on a 4% building is at least 4% (42(b)(3)). - **Locking the rate.** A bond-financed building can elect to fix its credit percentage in the month the bonds are issued rather than the month it is placed in service (42(b)(1)(A)(ii)(II)). - **The bond's own set-aside.** Volume-cap bonds for apartments must finance a qualified residential rental project: 20% of units at 50% of area median income or 40% at 60%, as the issuer elects (26 U.S.C. 142(d)). The MAP Guide (14.19.1) notes the New York City exception, a 25-60 test, which HUD considers case by case. The tax analysis belongs to your tax counsel and syndicator. What follows is how HUD treats the financing. ## The structure HUD expects to see The MAP Guide (14.19.4) describes the approach investment banks built for FHA 4% deals: 1. The FHA-insured loan is funded with **taxable Ginnie Mae securities**, whose yields "at times" come in below long-term tax-exempt bonds and bond-backed multifamily loans. 2. **Short-term tax-exempt bonds** are issued alongside, secured by cash collateral that initially comes from the FHA lender's warehouse funds or another source, which is then reimbursed from the Ginnie Mae security proceeds as draws are made. 3. The bonds are **retired** from the bond collateral account when the project is placed in service. HUD calls this structure "generally acceptable," but every transaction is reviewed by Housing field staff and HUD field counsel, and the guide tells underwriters to bring counsel in early. One rule cannot bend: **FHA-insured loan proceeds may not serve as collateral for the bonds**, be paid to the bond trustee or be routed to other accounts to help issue them. The MAP Guide calls this a statutory prohibition that may not be waived. Lenders confirm compliance in Section F of the Lender's Certificate (form HUD-92434M) or the Request for Endorsement (form HUD-92455M), and at closing must certify that a short-term, cash-collateralized 4% bond structure complies with the National Housing Act (19.4.10.3). ### 221(d)(4) or 223(f) Both programs take bonds. A 221(d)(4) new construction or substantial rehab deal uses them through the construction period; a 223(f) acquisition or refinance with moderate repairs uses them until the repairs are done. The MAP Guide (8.15.5.1) describes the short-term bonds as maturing "shortly after construction completion (for construction loans) or project repairs" for 223(f) and 223(a)(7). The ratios are the program's ordinary affordable ones; see [LIHTC and HUD](/learn/lihtc-and-hud/) for the 90% and 1.11x terms and when a tax credit deal qualifies for them. Two underwriting rules shape a bond deal's numbers (MAP 7.17.1): - **Value** ignores bond and LIHTC rent restrictions: the appraiser uses market rents and a market cap rate. - **Debt service coverage** uses the restricted rents from form HUD-92264-T, whether the tax credit deal uses bonds or not. ## What HUD lets you spend | Item | Rule | MAP Guide | |---|---|---| | Financing fees, discounts and costs of issuance | Up to 5.5% of the insured loan, all programs except 223(a)(7) | 8.15.2, 8.15.4, 11.5 | | Lender's own retained fee | Up to 3.5%, including its legal fee; the rest of the 5.5% offsets bond costs | 3.7.23.1 | | 223(a)(7) bond transaction | 5.5% of the first $2 million, 4.0% above | 18.3.7 | | Costs above the cap | Paid from sources outside the mortgage | 3.7.23.1 | | Costs of issuance on construction deals | Out of pocket, not from the operating deficit escrow | 8.14 | | Defeasing existing bonds on a refinance | Counts only up to 10% of the FHA loan | 3.7.23.2 | At application the sponsor submits an itemized statement of the estimated costs of issuance, fees and discounts, with the reason for each; the lender's underwriter checks it against comparable bond deals and adjusts it where needed (8.15.1). The same itemization goes on the Lender's Certificate at closing (8.15.4). **Deferred fees.** Extra discounts or fees can be deferred only if a third party owes them and every party attests in writing that it will not look to the borrower, the property, the loan proceeds, HUD-required reserves or the rents for payment. The borrower may give that third party a note limited to surplus cash (8.15.4.A.4). ## The interest rate moves after commitment HUD processes a bond deal before the bonds are sold, so the underwritten rate "will almost certainly change" (8.15.2). Once the rate is set, HUD issues an amendment to the firm commitment. If there is no time to reprocess a larger loan, the commitment carries a condition: savings that come purely from the gap between the processed rate and the final rate are not spare money for other cost overruns, and go to reducing the mortgage. Savings from finishing construction early are the exception and can offset certifiable overruns elsewhere. Where the loan rates exceed the bond rate, the spread is held by the bond trustee, and bond counsel must give HUD an opinion that this investment income stays under the trustee's control and does not flow through the project's books. ## Bond premiums and rebates Tax-exempt bonds are sometimes sold at a premium (8.15.3). HUD treats the premium as profit of the lender, underwriter or issuer. If any of it reaches the borrower, it is excess investment income that reduces allowable project cost, the borrower cannot benefit from it, and the closing documents must show the amount. - **223(f):** premium income must be transferred to the reserve for replacements. - **Nonprofit borrowers:** premium income may cover recognizable cost overruns, with anything left going to the reserve. At the pre-cost certification conference, negative arbitrage (the bond escrow's yield against capitalized interest) can be recognized only where there are offsetting savings, and any rebate to the sponsor from the lender, issuer or underwriter reduces certified cost (8.15.6). See [cost certification](/learn/cost-certification/). ## Documents HUD reviews at closing Chapter 19.4.10 applies to every financing that uses a state's private activity volume cap, whether issued as bonds or as a tax-exempt loan: - The volume cap financing is disclosed at firm application and written into the firm commitment, which says whether the bonds are taxable or tax-exempt and whether they are cash-collateralized. - Any bond document with a restrictive covenant, usually the tax regulatory agreement, carries **HUD's rider**, which subordinates it, makes HUD requirements control and voids cross-defaults. - Bond counsel opines on enforceability and tax-exempt status; HUD does not need to be named as relying on it. - The trust indenture or funding loan agreement includes the language 24 CFR 207.261 requires, so excess bond funds go back to the FHA lender if there is an insurance claim. - A separate bond note follows HUD's surplus cash rules, except cash-collateralized bonds, which are exempt. State or local use restrictions tied to the bonds that go beyond the Internal Revenue Code minimum need the HUD office's approval, must stay out of the HUD note, mortgage and regulatory agreement, and must end automatically on foreclosure or a deed in lieu unless HUD agrees otherwise in writing (8.15.5.2). ## Prepayment on bond deals The National Housing Act's five-year bar applies to 223(f) whatever the funding. Beyond that, a mortgage funded by bonds or Ginnie Mae securities may carry a prepayment restriction and penalty acceptable to HUD (11.8.2), and for tax-exempt bond financings the FHA note may use the optional provisions that prohibit prepayment (19.4.10.8). Read the bond documents as well as the note before planning an exit. See [HUD prepayment](/learn/hud-prepayment/). ## Proving the allocation The firm application on a 4% deal includes evidence of an allocation of private activity bond cap. Because state timing varies, HUD accepts other evidence, such as the bond cap allocator's written assurance that cap remains available, that an application is in and that an allocation is obtainable in time (14.5). Regional offices have discretion to accept what is customary for the allocating agency. Qualified state housing finance agencies can also share the insurance risk on affordable loans with FHA through [risk sharing](/programs/risk-sharing/), which is a separate program from the MAP lender route described here. ## Questions ### Why do 4% LIHTC deals need tax-exempt bonds? Because the 4% credit is not drawn from the state's competitive credit ceiling. Under 26 U.S.C. 42(h)(4), credit on basis financed by tax-exempt bonds that count against the state's private activity bond volume cap needs no separate credit allocation, and if enough of the building and land basis is bond-financed, the whole building's credit escapes the ceiling. The bonds are the ticket to the credit. ### Did the 50% bond test change? Yes. Public Law 119-21 (July 4, 2025) added a second route: a building also qualifies if 25% or more of its building and land basis is financed with volume-cap bonds and at least one issue dated after December 31, 2025 finances at least 5% of that basis. It applies to buildings placed in service in taxable years beginning after December 31, 2025. The 50% route still works. ### Can the HUD loan itself be the bond financing? It can be bond-funded, but most FHA 4% deals are not. The MAP Guide describes the common structure: the permanent loan is funded with taxable Ginnie Mae securities, which at times price below long-term tax-exempt bonds, while short-term tax-exempt bonds secured by cash collateral satisfy the tax test during construction and are retired when the project is placed in service. ### How much can lenders charge on a HUD bond deal? Financing fees, discounts and costs of issuance may total 5.5% of the insured loan in a bond transaction, for every program except 223(a)(7). The lender may keep no more than 3.5% for its own account, including its legal fee; the remaining 2% offsets bond costs. A 223(a)(7) bond deal is capped at 5.5% of the first $2 million and 4.0% above that. ### Do the short-term bonds count as secondary financing? Generally not. Short-term, cash-collateralized tax-exempt financing issued with a 4% LIHTC allocation, non-recourse and maturing shortly after construction or repairs are finished, is generally not subject to HUD's secondary financing requirements unless it is secured against the project with a recorded bond mortgage (MAP 8.15.5.1). A cash-collateralized bond note is also exempt from HUD's surplus cash forms. ### Is there a lower MIP for bond or tax credit deals? No. Since the September 2025 MIP notice, applications submitted or amended on or after October 1, 2025 pay 0.25% upfront and 0.25% a year whether the deal is market rate, LIHTC or bond-financed. The old Affordable and Broadly Affordable premium categories were eliminated. ## Sources - [HUD MAP Guide, Handbook 4430.G, 2020 edition: 3.1.11, 3.7.23, 8.14, 8.15, 11.5, 11.8.2](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [HUD MAP Guide, 2020 edition: 7.17.1, 14.5, 14.19, 18.3.7 and 19.4.10 (bond-financed projects)](https://www.hud.gov/sites/dfiles/OCHCO/documents/4430GHSGG.pdf) - [26 U.S.C. 42, low-income housing credit, including 42(b)(3) and 42(h)(4)](https://www.law.cornell.edu/uscode/text/26/42) - [Public Law 119-21, section 70422, permanent enhancement of the low-income housing tax credit (July 4, 2025)](https://www.govinfo.gov/content/pkg/PLAW-119publ21/html/PLAW-119publ21.htm) - [26 U.S.C. 142(d), qualified residential rental projects (20-50 and 40-60 tests)](https://www.law.cornell.edu/uscode/text/26/142) - [90 FR 45789, Changes in Mortgage Insurance Premiums for FHA multifamily programs (Sept. 23, 2025)](https://www.govinfo.gov/content/pkg/FR-2025-09-23/pdf/2025-18379.pdf) ## Related - https://hudmultifamily.loan/learn/lihtc-and-hud/ - https://hudmultifamily.loan/programs/221d4/ - https://hudmultifamily.loan/programs/223f/ - https://hudmultifamily.loan/learn/hud-loan-fees/ - https://hudmultifamily.loan/learn/secondary-financing/ - https://hudmultifamily.loan/learn/cost-certification/ - https://hudmultifamily.loan/learn/hud-prepayment/ - https://hudmultifamily.loan/programs/risk-sharing/ --- Canonical page: https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/ 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 # Index of the other pages ## Pages - [HUD multifamily loans, with HUD's own numbers](https://hudmultifamily.loan/): 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. - [About Endorsement Index](https://hudmultifamily.loan/about/): Who publishes Endorsement Index, where its HUD loan data comes from, how it is kept current, and how to reach the desk behind it. - [HUD loan data API and MCP server for AI agents](https://hudmultifamily.loan/agents/): Query every FHA-insured apartment loan and HUD's multifamily program rules from code or an AI agent: JSON API, remote MCP server, OpenAPI and downloads. - [Assumable HUD apartment loans: low-rate loan finder](https://hudmultifamily.loan/assumable/): Filter every FHA-insured apartment loan by note rate, years left, state and size to find the low-rate HUD loans worth assuming. - [What changed in HUD multifamily: dated, sourced rule changes](https://hudmultifamily.loan/changes/): FHA multifamily rule changes since 2024, each dated and linked to the Mortgagee Letter, Federal Register notice or law behind it, with RSS and JSON feeds. - [Contact the Endorsement Index desk about a HUD loan](https://hudmultifamily.loan/contact/): Send a HUD loan assumption, 223(a)(7) refinance or new FHA loan request to the commercial mortgage desk at Janover Capital LLC. - [About the data: HUD's insured multifamily mortgage file](https://hudmultifamily.loan/data/): Where every figure on this site comes from, how often HUD updates it, what the fields mean and what the file leaves out. - [Get a quote on a HUD multifamily loan](https://hudmultifamily.loan/get-financing/): Tell the Janover Capital desk about your apartment deal: 223(f), 221(d)(4), 223(a)(7) or an assumption. A senior advisor replies within one business day. - [Notes from Endorsement Index](https://hudmultifamily.loan/guides/): All notes from Endorsement Index, newest first. HUD multifamily financing for 5+ unit apartments: programs, rates, tools and every insured loan. - [HUD inspection scores on FHA-insured apartments (REAC, NSPIRE)](https://hudmultifamily.loan/inspections/): HUD physical inspection scores for FHA-insured apartment properties: how REAC and NSPIRE scores work, score bands by state, and each loan's history. - [HUD multifamily financing guides: process, costs, rules](https://hudmultifamily.loan/learn/): Plain-English guides to HUD apartment financing: timeline, fees, MIP, third-party reports, TPA, prepayment, asset management and comparisons. - [Top HUD multifamily lenders, FY2026: league table by volume](https://hudmultifamily.loan/lenders/): HUD multifamily lenders ranked by FHA-insured loan volume, FY2026 and every year since FY2001, by program, from HUD's own endorsement database. - [AGM Financial Services: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/agm-financial-services/): AGM Financial Services, Inc.: 40 HUD-insured apartment loans for $830M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Arbor Agency Lending HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/arbor-agency-lending/): Arbor Agency Lending, LLC: 43 HUD-insured apartment loans for $938M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Bellwether Enterprise Real Estate Capital: HUD apartment loan volume](https://hudmultifamily.loan/lenders/bellwether-enterprise-real-estate-capital/): Bellwether Enterprise Real Estate Capital: 69 HUD-insured apartment loans for $1.2B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Berkadia Commercial Mortgage: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/berkadia-commercial-mortgage/): Berkadia Commercial Mortgage LLC: 239 HUD-insured apartment loans for $5.7B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Berkeley Point Capital: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/berkeley-point-capital/): Berkeley Point Capital LLC: 16 HUD-insured apartment loans for $247M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Bravo Capital HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/bravo-capital/): Bravo Capital LLC: 19 HUD-insured apartment loans for $380M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [California Housing Finance Agency: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/california-housing-finance-agency/): California Housing Finance Agency: 28 HUD-insured apartment loans for $688M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Cambridge Realty Capital Ltd. of Illinois: HUD apartment loan volume](https://hudmultifamily.loan/lenders/cambridge-realty-capital-of-illinois/): Cambridge Realty Capital Ltd. of Illinois: 10 HUD-insured apartment loans for $134M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Capital One HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/capital-one/): Capital One, N.A.: 26 HUD-insured apartment loans for $632M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [CBRE HMF HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/cbre-hmf/): CBRE HMF, Inc.: 41 HUD-insured apartment loans for $936M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Centennial Mortgage HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/centennial-mortgage/): Centennial Mortgage, Inc.: 48 HUD-insured apartment loans for $465M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Century Health & Housing Capital: HUD apartment loan volume](https://hudmultifamily.loan/lenders/century-health-and-housing-capital/): Century Health & Housing Capital, LLC: 14 HUD-insured apartment loans for $356M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Churchill Mortgage Investment: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/churchill-mortgage-investment/): Churchill Mortgage Investment LLC: 11 HUD-insured apartment loans for $110M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Colliers Mortgage HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/colliers-mortgage/): Colliers Mortgage LLC: 78 HUD-insured apartment loans for $1.6B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Colorado Housing and Finance Authority: HUD apartment loan volume](https://hudmultifamily.loan/lenders/colorado-housing-and-finance-authority/): Colorado Housing and Finance Authority: 25 HUD-insured apartment loans for $252M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [ColumbiaNational Real Estate Finance: HUD apartment loan volume](https://hudmultifamily.loan/lenders/columbianational-real-estate-finance/): ColumbiaNational Real Estate Finance, LLC: 6 HUD-insured apartment loans for $163M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Davis-Penn Mortgage HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/davis-penn-mortgage/): Davis-Penn Mortgage Co.: 12 HUD-insured apartment loans for $147M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [DC Housing Finance Agency: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/dc-housing-finance-agency/): DC Housing Finance Agency: 7 HUD-insured apartment loans for $163M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Department of Housing and Community Development HUD loans](https://hudmultifamily.loan/lenders/department-of-housing-and-community-development/): Department of Housing and Community Development: 34 HUD-insured apartment loans for $337M in FY2022-FY2026, by year, program and state, from HUD's endorsement. - [Dwight Capital HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/dwight-capital/): Dwight Capital LLC: 215 HUD-insured apartment loans for $5.3B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Fannie Mae HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/fannie-mae/): Fannie Mae: 16 HUD-insured apartment loans for $346M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [First American Capital Group: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/first-american-capital-group/): First American Capital Group Corp.: 13 HUD-insured apartment loans for $464M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Gershman Investment HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/gershman-investment/): Gershman Investment Corp.: 94 HUD-insured apartment loans for $2.1B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Grandbridge Real Estate Capital: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/grandbridge-real-estate-capital/): Grandbridge Real Estate Capital LLC: 31 HUD-insured apartment loans for $633M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Greystone Funding Company: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/greystone-funding-company/): Greystone Funding Company LLC: 211 HUD-insured apartment loans for $4.6B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Greystone Servicing Company: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/greystone-servicing-company/): Greystone Servicing Company LLC: 5 HUD-insured apartment loans for $181M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Harper Capital Partners: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/harper-capital-partners/): Harper Capital Partners, LLC: 30 HUD-insured apartment loans for $528M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Highland Commercial Mortgage: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/highland-commercial-mortgage/): Highland Commercial Mortgage, LLC: 26 HUD-insured apartment loans for $687M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [HOC Mortgage Finance Program: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/hoc-mortgage-finance-program/): HOC Mortgage Finance Program: 8 HUD-insured apartment loans for $442M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Illinois Housing Development Authority: HUD apartment loan volume](https://hudmultifamily.loan/lenders/illinois-housing-development-authority/): Illinois Housing Development Authority: 36 HUD-insured apartment loans for $292M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [JLL Real Estate Capital: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/jll-real-estate-capital/): JLL Real Estate Capital, LLC: 52 HUD-insured apartment loans for $1.4B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [KeyBank HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/keybank/): KeyBank National Association: 43 HUD-insured apartment loans for $1.2B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Legacy Capital Mortgage: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/legacy-capital-mortgage/): Legacy Capital Mortgage LLC: 6 HUD-insured apartment loans for $130M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Lument Real Estate Capital: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/lument-real-estate-capital/): Lument Real Estate Capital, LLC: 392 HUD-insured apartment loans for $6.0B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [M&T Realty Capital: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/m-and-t-realty-capital/): M&T Realty Capital Corporation: 51 HUD-insured apartment loans for $1.0B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Mason Joseph Company HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/mason-joseph-company/): Mason Joseph Company, Inc.: 22 HUD-insured apartment loans for $691M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Mason Joseph HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/mason-joseph/): Mason Joseph, LLC: 48 HUD-insured apartment loans for $1.8B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [MassHousing HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/masshousing/): MassHousing: 110 HUD-insured apartment loans for $1.9B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Merchants Capital HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/merchants-capital/): Merchants Capital Corp.: 181 HUD-insured apartment loans for $2.7B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Minnesota Housing Finance Agency: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/minnesota-housing-finance-agency/): Minnesota Housing Finance Agency: 44 HUD-insured apartment loans for $186M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [New Hampshire Housing Finance Authority: HUD apartment loan volume](https://hudmultifamily.loan/lenders/new-hampshire-housing-finance-authority/): New Hampshire Housing Finance Authority: 37 HUD-insured apartment loans for $409M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [New York City Housing Development: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/new-york-city-housing-development/): New York City Housing Development Corporation: 40 HUD-insured apartment loans for $3.0B in FY2022-FY2026, by year, program and state, from HUD's endorsement. - [New York State Housing Finance Agency: HUD apartment loan volume](https://hudmultifamily.loan/lenders/new-york-state-housing-finance-agency/): New York State Housing Finance Agency: 5 HUD-insured apartment loans for $62M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [NewPoint Real Estate Capital: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/newpoint-real-estate-capital/): NewPoint Real Estate Capital LLC: 39 HUD-insured apartment loans for $905M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [NorthMarq Finance HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/northmarq-finance/): NorthMarq Finance, LLC: 29 HUD-insured apartment loans for $490M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [PGIM Real Estate Agency Financing: HUD multifamily loan volume by year](https://hudmultifamily.loan/lenders/pgim-real-estate-agency-financing/): PGIM Real Estate Agency Financing, LLC: 71 HUD-insured apartment loans for $1.8B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [PNC Bank HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/pnc-bank/): PNC Bank, National Association: 32 HUD-insured apartment loans for $624M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Regions Bank HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/regions-bank/): Regions Bank: 29 HUD-insured apartment loans for $805M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Rhode Island Housing and Mortgage Finance: HUD apartment loan volume](https://hudmultifamily.loan/lenders/rhode-island-housing-and-mortgage-finance/): Rhode Island Housing and Mortgage Finance Corporation: 22 HUD-insured apartment loans for $218M in FY2022-FY2026, by year, program and state, from HUD's. - [Rockport Mortgage HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/rockport-mortgage/): Rockport Mortgage Corp.: 7 HUD-insured apartment loans for $175M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Walker & Dunlop HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/walker-and-dunlop/): Walker & Dunlop, LLC: 163 HUD-insured apartment loans for $4.6B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [Wells Fargo Bank HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/wells-fargo-bank/): Wells Fargo Bank, N.A.: 42 HUD-insured apartment loans for $2.3B in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [X-Caliber Capital HUD multifamily lending: volume, programs, states](https://hudmultifamily.loan/lenders/x-caliber-capital/): X-Caliber Capital LLC: 7 HUD-insured apartment loans for $46M in FY2022-FY2026, by year, program and state, from HUD's endorsement data. - [HUD multifamily loan lookup: search every insured loan](https://hudmultifamily.loan/lookup/): Search every active FHA-insured apartment loan in HUD's file by property name, city, ZIP or FHA project number: rate, balance, maturity and lender. - [HUD apartment loan maturities and payoffs by year](https://hudmultifamily.loan/maturities/): When FHA-insured apartment loans mature (next 15 years), the balance left at maturity, low-rate loans by state, and payoffs by fiscal year. - [Privacy policy](https://hudmultifamily.loan/privacy/): What Endorsement Index collects when you visit or contact us, why, who it is shared with, and how to reach us about it. - [HUD multifamily loan programs for 5+ unit apartments](https://hudmultifamily.loan/programs/): Every FHA-insured apartment loan program in one place: 223(f), 221(d)(4), 223(a)(7), 241(a), 220, 231 and more, with 2026 terms and live HUD data. - [HUD multifamily loan rates by year endorsed](https://hudmultifamily.loan/rates-by-year/): Median note rates on FHA-insured apartment loans by the year HUD endorsed them, with loan counts, from HUD's active insured mortgage file. - [HUD multifamily loan rates: what recent loans actually closed at](https://hudmultifamily.loan/rates/): Median note rates on HUD-insured apartment loans by month endorsed, 223(f) and 221(d)(4), from HUD's loan file, beside the 10-year Treasury. - [HUD 223(a)(7) refinance estimator: payment, MIP and costs](https://hudmultifamily.loan/refinance-estimator/): Estimate what a 223(a)(7) refinance would save on an existing HUD-insured apartment loan: new payment, MIP, costs and break-even. - [FY2026 HUD multifamily production: the numbers](https://hudmultifamily.loan/research/fy2026-hud-multifamily-production/): What HUD insured in FY2026: loans, dollars and units by program, lender and state, loan sizes and firm-to-closing days, from HUD's FC/IE database. - [Section 8 HAP contract expirations on HUD-insured apartments](https://hudmultifamily.loan/section-8-contracts/): When Section 8 and other rental assistance contracts on FHA-insured apartment properties expire, by quarter and state, and the renewal options HUD records. - [Who services HUD apartment loans: servicers by loan count](https://hudmultifamily.loan/servicers/): The servicers and holders behind FHA-insured apartment loans, ranked by loan count and balance, from HUD's active insured mortgage file. - [HUD-insured apartment loans by state](https://hudmultifamily.loan/states/): Every FHA-insured apartment loan in HUD's active file, by state: loan counts, units, balances owed and median note rates. - [Terms of use](https://hudmultifamily.loan/terms/): The terms that apply when you use Endorsement Index, including what the information here is and is not. - [HUD multifamily loan calculators and tools (2026 rules)](https://hudmultifamily.loan/tools/): Size a 223(f) or 221(d)(4) loan, check 2026 statutory limits, estimate MIP savings, prepayment cost and surplus cash, or find assumable HUD loans. - [HUD 221(d)(4) loan sizer: construction loan by LTC and DSCR](https://hudmultifamily.loan/tools/221d4-loan-sizer/): Size a HUD 221(d)(4) construction loan with 2026 rules: 87%/90% of cost, 1.15x/1.11x DSCR, statutory limits, Middle Income and construction MIP. - [HUD 223(f) loan sizer: max loan by LTV, DSCR and limits](https://hudmultifamily.loan/tools/223f-loan-sizer/): Size a HUD 223(f) purchase or refinance with 2026 rules: 87%/90% LTV, 1.15x/1.11x DSCR with 0.25% MIP, statutory limits and cost tests. - [HUD vs agency loan cost: all-in rate and 10-year cash flow](https://hudmultifamily.loan/tools/hud-vs-agency-cost/): Compare a HUD loan (note rate plus 0.25% MIP, 35-year amortization) with a Fannie, Freddie or bank loan on payment, cash flow, cost and balance owed. - [HUD MIP savings calculator: old MIP vs the 0.25% rate](https://hudmultifamily.loan/tools/mip-savings-calculator/): What your HUD loan pays in MIP today vs 0.25%, what a 223(a)(7) refinance to the new rate costs, and how many months it takes to break even. - [HUD prepayment penalty calculator: cost by loan year](https://hudmultifamily.loan/tools/prepayment-calculator/): Estimate the prepayment premium on a HUD apartment loan by year: the 223(f) five-year statutory bar, common declining schedules or your note's own. - [HUD statutory limit calculator: 2026 per-unit loan limits](https://hudmultifamily.loan/tools/statutory-limit-calculator/): Per-unit and total HUD statutory mortgage limits for 207, 223(f), 220, 221(d)(4), 213, 231 and 234, by bedroom, elevator and high cost percentage. - [HUD surplus cash calculator: form 93486 worksheet](https://hudmultifamily.loan/tools/surplus-cash-calculator/): Work out surplus cash, owner distributions and any residual receipts deposit on a HUD-insured apartment property, line by line as on form HUD-93486. ## Notes - [What HUD's 0.25% MIP means if you already have a HUD loan](https://hudmultifamily.loan/guides/hud-mip-cut-existing-loans/): HUD cut annual MIP to 0.25% on every FHA apartment program from October 2025. Existing loans keep their old rate unless they refinance. ## States - [HUD apartment loans in Alabama](https://hudmultifamily.loan/states/alabama/): Every FHA-insured apartment loan in Alabama from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.8%. - [HUD apartment loans in Alaska](https://hudmultifamily.loan/states/alaska/): Every FHA-insured apartment loan in Alaska from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.175%. - [HUD apartment loans in Arizona](https://hudmultifamily.loan/states/arizona/): Every FHA-insured apartment loan in Arizona from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.565%. - [HUD apartment loans in Arkansas](https://hudmultifamily.loan/states/arkansas/): Every FHA-insured apartment loan in Arkansas from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.47%. - [HUD apartment loans in California](https://hudmultifamily.loan/states/california/): Every FHA-insured apartment loan in California from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.65%. - [HUD apartment loans in Colorado](https://hudmultifamily.loan/states/colorado/): Every FHA-insured apartment loan in Colorado from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.9%. - [HUD apartment loans in Connecticut](https://hudmultifamily.loan/states/connecticut/): Every FHA-insured apartment loan in Connecticut from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.7%. - [HUD apartment loans in Delaware](https://hudmultifamily.loan/states/delaware/): Every FHA-insured apartment loan in Delaware from HUD's September 2026 file: rates, balances and maturities. Median note rate 4%. - [HUD apartment loans in District of Columbia](https://hudmultifamily.loan/states/district-of-columbia/): Every FHA-insured apartment loan in District of Columbia from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.92%. - [HUD apartment loans in Florida](https://hudmultifamily.loan/states/florida/): Every FHA-insured apartment loan in Florida from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.595%. - [HUD apartment loans in Georgia](https://hudmultifamily.loan/states/georgia/): Every FHA-insured apartment loan in Georgia from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.56%. - [HUD apartment loans in Hawaii](https://hudmultifamily.loan/states/hawaii/): Every FHA-insured apartment loan in Hawaii from HUD's September 2026 file: rates, balances and maturities. Median note rate 5.565%. - [HUD apartment loans in Idaho](https://hudmultifamily.loan/states/idaho/): Every FHA-insured apartment loan in Idaho from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.7%. - [HUD apartment loans in Illinois](https://hudmultifamily.loan/states/illinois/): Every FHA-insured apartment loan in Illinois from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.65%. - [HUD apartment loans in Indiana](https://hudmultifamily.loan/states/indiana/): Every FHA-insured apartment loan in Indiana from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.38%. - [HUD apartment loans in Iowa](https://hudmultifamily.loan/states/iowa/): Every FHA-insured apartment loan in Iowa from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.325%. - [HUD apartment loans in Kansas](https://hudmultifamily.loan/states/kansas/): Every FHA-insured apartment loan in Kansas from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.5%. - [HUD apartment loans in Kentucky](https://hudmultifamily.loan/states/kentucky/): Every FHA-insured apartment loan in Kentucky from HUD's September 2026 file: rates, balances and maturities. Median note rate 4.19%. - [HUD apartment loans in Louisiana](https://hudmultifamily.loan/states/louisiana/): Every FHA-insured apartment loan in Louisiana from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.58%. - [HUD apartment loans in Maine](https://hudmultifamily.loan/states/maine/): Every FHA-insured apartment loan in Maine from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.94%. - [HUD apartment loans in Maryland](https://hudmultifamily.loan/states/maryland/): Every FHA-insured apartment loan in Maryland from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.75%. - [HUD apartment loans in Massachusetts](https://hudmultifamily.loan/states/massachusetts/): Every FHA-insured apartment loan in Massachusetts from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.9%. - [HUD apartment loans in Michigan](https://hudmultifamily.loan/states/michigan/): Every FHA-insured apartment loan in Michigan from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.25%. - [HUD apartment loans in Minnesota](https://hudmultifamily.loan/states/minnesota/): Every FHA-insured apartment loan in Minnesota from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.55%. - [HUD apartment loans in Mississippi](https://hudmultifamily.loan/states/mississippi/): Every FHA-insured apartment loan in Mississippi from HUD's September 2026 file: rates, balances and maturities. Median note rate 4.19%. - [HUD apartment loans in Missouri](https://hudmultifamily.loan/states/missouri/): Every FHA-insured apartment loan in Missouri from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.405%. - [HUD apartment loans in Montana](https://hudmultifamily.loan/states/montana/): Every FHA-insured apartment loan in Montana from HUD's September 2026 file: rates, balances and maturities. Median note rate 4.33%. - [HUD apartment loans in Nebraska](https://hudmultifamily.loan/states/nebraska/): Every FHA-insured apartment loan in Nebraska from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.38%. - [HUD apartment loans in Nevada](https://hudmultifamily.loan/states/nevada/): Every FHA-insured apartment loan in Nevada from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.2%. - [HUD apartment loans in New Hampshire](https://hudmultifamily.loan/states/new-hampshire/): Every FHA-insured apartment loan in New Hampshire from HUD's September 2026 file: rates, balances and maturities. Median note rate 5.15%. - [HUD apartment loans in New Jersey](https://hudmultifamily.loan/states/new-jersey/): Every FHA-insured apartment loan in New Jersey from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.75%. - [HUD apartment loans in New Mexico](https://hudmultifamily.loan/states/new-mexico/): Every FHA-insured apartment loan in New Mexico from HUD's September 2026 file: rates, balances and maturities. Median note rate 5.285%. - [HUD apartment loans in New York](https://hudmultifamily.loan/states/new-york/): Every FHA-insured apartment loan in New York from HUD's September 2026 file: rates, balances and maturities. Median note rate 4.1%. - [HUD apartment loans in North Carolina](https://hudmultifamily.loan/states/north-carolina/): Every FHA-insured apartment loan in North Carolina from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.64%. - [HUD apartment loans in North Dakota](https://hudmultifamily.loan/states/north-dakota/): Every FHA-insured apartment loan in North Dakota from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.45%. - [HUD apartment loans in Ohio](https://hudmultifamily.loan/states/ohio/): Every FHA-insured apartment loan in Ohio from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.555%. - [HUD apartment loans in Oklahoma](https://hudmultifamily.loan/states/oklahoma/): Every FHA-insured apartment loan in Oklahoma from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.87%. - [HUD apartment loans in Oregon](https://hudmultifamily.loan/states/oregon/): Every FHA-insured apartment loan in Oregon from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.29%. - [HUD apartment loans in Pennsylvania](https://hudmultifamily.loan/states/pennsylvania/): Every FHA-insured apartment loan in Pennsylvania from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.84%. - [HUD apartment loans in Puerto Rico](https://hudmultifamily.loan/states/puerto-rico/): Every FHA-insured apartment loan in Puerto Rico from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.51%. - [HUD apartment loans in Rhode Island](https://hudmultifamily.loan/states/rhode-island/): Every FHA-insured apartment loan in Rhode Island from HUD's September 2026 file: rates, balances and maturities. Median note rate 5.555%. - [HUD apartment loans in South Carolina](https://hudmultifamily.loan/states/south-carolina/): Every FHA-insured apartment loan in South Carolina from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.85%. - [HUD apartment loans in South Dakota](https://hudmultifamily.loan/states/south-dakota/): Every FHA-insured apartment loan in South Dakota from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.12%. - [HUD apartment loans in Tennessee](https://hudmultifamily.loan/states/tennessee/): Every FHA-insured apartment loan in Tennessee from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.45%. - [HUD apartment loans in Texas](https://hudmultifamily.loan/states/texas/): Every FHA-insured apartment loan in Texas from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.55%. - [HUD apartment loans in U.S. Virgin Islands](https://hudmultifamily.loan/states/u-s-virgin-islands/): Every FHA-insured apartment loan in U.S. Virgin Islands from HUD's September 2026 file: rates, balances and maturities. Median note rate 4.25%. - [HUD apartment loans in Utah](https://hudmultifamily.loan/states/utah/): Every FHA-insured apartment loan in Utah from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.545%. - [HUD apartment loans in Vermont](https://hudmultifamily.loan/states/vermont/): Every FHA-insured apartment loan in Vermont from HUD's September 2026 file: rates, balances and maturities. Median note rate 4.309%. - [HUD apartment loans in Virginia](https://hudmultifamily.loan/states/virginia/): Every FHA-insured apartment loan in Virginia from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.21%. - [HUD apartment loans in Washington](https://hudmultifamily.loan/states/washington/): Every FHA-insured apartment loan in Washington from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.25%. - [HUD apartment loans in West Virginia](https://hudmultifamily.loan/states/west-virginia/): Every FHA-insured apartment loan in West Virginia from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.575%. - [HUD apartment loans in Wisconsin](https://hudmultifamily.loan/states/wisconsin/): Every FHA-insured apartment loan in Wisconsin from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.3%. - [HUD apartment loans in Wyoming](https://hudmultifamily.loan/states/wyoming/): Every FHA-insured apartment loan in Wyoming from HUD's September 2026 file: rates, balances and maturities. Median note rate 3.96%. ## Cities - [HUD apartment loans in Anniston, AL](https://hudmultifamily.loan/states/alabama/anniston/): 6 FHA-insured apartment loans in Anniston, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Birmingham, AL](https://hudmultifamily.loan/states/alabama/birmingham/): 24 FHA-insured apartment loans in Birmingham, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Daphne, AL](https://hudmultifamily.loan/states/alabama/daphne/): 4 FHA-insured apartment loans in Daphne, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dothan, AL](https://hudmultifamily.loan/states/alabama/dothan/): 8 FHA-insured apartment loans in Dothan, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Enterprise, AL](https://hudmultifamily.loan/states/alabama/enterprise/): 7 FHA-insured apartment loans in Enterprise, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Florence, AL](https://hudmultifamily.loan/states/alabama/florence/): 10 FHA-insured apartment loans in Florence, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Huntsville, AL](https://hudmultifamily.loan/states/alabama/huntsville/): 11 FHA-insured apartment loans in Huntsville, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mobile, AL](https://hudmultifamily.loan/states/alabama/mobile/): 16 FHA-insured apartment loans in Mobile, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Montgomery, AL](https://hudmultifamily.loan/states/alabama/montgomery/): 12 FHA-insured apartment loans in Montgomery, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Opelika, AL](https://hudmultifamily.loan/states/alabama/opelika/): 5 FHA-insured apartment loans in Opelika, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Phenix City, AL](https://hudmultifamily.loan/states/alabama/phenix-city/): 7 FHA-insured apartment loans in Phenix City, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Tuscaloosa, AL](https://hudmultifamily.loan/states/alabama/tuscaloosa/): 5 FHA-insured apartment loans in Tuscaloosa, Alabama: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chandler, AZ](https://hudmultifamily.loan/states/arizona/chandler/): 5 FHA-insured apartment loans in Chandler, Arizona: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cottonwood, AZ](https://hudmultifamily.loan/states/arizona/cottonwood/): 4 FHA-insured apartment loans in Cottonwood, Arizona: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Glendale, AZ](https://hudmultifamily.loan/states/arizona/glendale/): 8 FHA-insured apartment loans in Glendale, Arizona: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mesa, AZ](https://hudmultifamily.loan/states/arizona/mesa/): 7 FHA-insured apartment loans in Mesa, Arizona: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Phoenix, AZ](https://hudmultifamily.loan/states/arizona/phoenix/): 33 FHA-insured apartment loans in Phoenix, Arizona: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Scottsdale, AZ](https://hudmultifamily.loan/states/arizona/scottsdale/): 4 FHA-insured apartment loans in Scottsdale, Arizona: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Tucson, AZ](https://hudmultifamily.loan/states/arizona/tucson/): 7 FHA-insured apartment loans in Tucson, Arizona: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Conway, AR](https://hudmultifamily.loan/states/arkansas/conway/): 4 FHA-insured apartment loans in Conway, Arkansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fort Smith, AR](https://hudmultifamily.loan/states/arkansas/fort-smith/): 5 FHA-insured apartment loans in Fort Smith, Arkansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jonesboro, AR](https://hudmultifamily.loan/states/arkansas/jonesboro/): 5 FHA-insured apartment loans in Jonesboro, Arkansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Little Rock, AR](https://hudmultifamily.loan/states/arkansas/little-rock/): 12 FHA-insured apartment loans in Little Rock, Arkansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North Little Rock, AR](https://hudmultifamily.loan/states/arkansas/north-little-rock/): 11 FHA-insured apartment loans in North Little Rock, Arkansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pine Bluff, AR](https://hudmultifamily.loan/states/arkansas/pine-bluff/): 5 FHA-insured apartment loans in Pine Bluff, Arkansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Memphis, AR](https://hudmultifamily.loan/states/arkansas/west-memphis/): 5 FHA-insured apartment loans in West Memphis, Arkansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Anaheim, CA](https://hudmultifamily.loan/states/california/anaheim/): 4 FHA-insured apartment loans in Anaheim, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bakersfield, CA](https://hudmultifamily.loan/states/california/bakersfield/): 7 FHA-insured apartment loans in Bakersfield, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Burbank, CA](https://hudmultifamily.loan/states/california/burbank/): 4 FHA-insured apartment loans in Burbank, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chico, CA](https://hudmultifamily.loan/states/california/chico/): 4 FHA-insured apartment loans in Chico, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chula Vista, CA](https://hudmultifamily.loan/states/california/chula-vista/): 6 FHA-insured apartment loans in Chula Vista, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Concord, CA](https://hudmultifamily.loan/states/california/concord/): 4 FHA-insured apartment loans in Concord, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Davis, CA](https://hudmultifamily.loan/states/california/davis/): 5 FHA-insured apartment loans in Davis, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Delano, CA](https://hudmultifamily.loan/states/california/delano/): 4 FHA-insured apartment loans in Delano, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in El Cajon, CA](https://hudmultifamily.loan/states/california/el-cajon/): 5 FHA-insured apartment loans in El Cajon, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fontana, CA](https://hudmultifamily.loan/states/california/fontana/): 7 FHA-insured apartment loans in Fontana, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fremont, CA](https://hudmultifamily.loan/states/california/fremont/): 4 FHA-insured apartment loans in Fremont, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fresno, CA](https://hudmultifamily.loan/states/california/fresno/): 20 FHA-insured apartment loans in Fresno, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hawthorne, CA](https://hudmultifamily.loan/states/california/hawthorne/): 5 FHA-insured apartment loans in Hawthorne, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hayward, CA](https://hudmultifamily.loan/states/california/hayward/): 7 FHA-insured apartment loans in Hayward, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hemet, CA](https://hudmultifamily.loan/states/california/hemet/): 4 FHA-insured apartment loans in Hemet, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Inglewood, CA](https://hudmultifamily.loan/states/california/inglewood/): 4 FHA-insured apartment loans in Inglewood, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lompoc, CA](https://hudmultifamily.loan/states/california/lompoc/): 4 FHA-insured apartment loans in Lompoc, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Long Beach, CA](https://hudmultifamily.loan/states/california/long-beach/): 6 FHA-insured apartment loans in Long Beach, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Los Angeles, CA](https://hudmultifamily.loan/states/california/los-angeles/): 73 FHA-insured apartment loans in Los Angeles, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Madera, CA](https://hudmultifamily.loan/states/california/madera/): 4 FHA-insured apartment loans in Madera, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Modesto, CA](https://hudmultifamily.loan/states/california/modesto/): 9 FHA-insured apartment loans in Modesto, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Monterey, CA](https://hudmultifamily.loan/states/california/monterey/): 4 FHA-insured apartment loans in Monterey, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North Hollywood, CA](https://hudmultifamily.loan/states/california/north-hollywood/): 9 FHA-insured apartment loans in North Hollywood, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Oakland, CA](https://hudmultifamily.loan/states/california/oakland/): 10 FHA-insured apartment loans in Oakland, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Palmdale, CA](https://hudmultifamily.loan/states/california/palmdale/): 6 FHA-insured apartment loans in Palmdale, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pasadena, CA](https://hudmultifamily.loan/states/california/pasadena/): 5 FHA-insured apartment loans in Pasadena, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Porterville, CA](https://hudmultifamily.loan/states/california/porterville/): 4 FHA-insured apartment loans in Porterville, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Redlands, CA](https://hudmultifamily.loan/states/california/redlands/): 4 FHA-insured apartment loans in Redlands, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Riverside, CA](https://hudmultifamily.loan/states/california/riverside/): 7 FHA-insured apartment loans in Riverside, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sacramento, CA](https://hudmultifamily.loan/states/california/sacramento/): 13 FHA-insured apartment loans in Sacramento, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Salinas, CA](https://hudmultifamily.loan/states/california/salinas/): 5 FHA-insured apartment loans in Salinas, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San Bernardino, CA](https://hudmultifamily.loan/states/california/san-bernardino/): 11 FHA-insured apartment loans in San Bernardino, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San Diego, CA](https://hudmultifamily.loan/states/california/san-diego/): 21 FHA-insured apartment loans in San Diego, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San Francisco, CA](https://hudmultifamily.loan/states/california/san-francisco/): 25 FHA-insured apartment loans in San Francisco, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San Jose, CA](https://hudmultifamily.loan/states/california/san-jose/): 28 FHA-insured apartment loans in San Jose, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Santa Ana, CA](https://hudmultifamily.loan/states/california/santa-ana/): 6 FHA-insured apartment loans in Santa Ana, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Santa Cruz, CA](https://hudmultifamily.loan/states/california/santa-cruz/): 5 FHA-insured apartment loans in Santa Cruz, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Santa Rosa, CA](https://hudmultifamily.loan/states/california/santa-rosa/): 8 FHA-insured apartment loans in Santa Rosa, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Stockton, CA](https://hudmultifamily.loan/states/california/stockton/): 8 FHA-insured apartment loans in Stockton, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sunnyvale, CA](https://hudmultifamily.loan/states/california/sunnyvale/): 6 FHA-insured apartment loans in Sunnyvale, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Van Nuys, CA](https://hudmultifamily.loan/states/california/van-nuys/): 9 FHA-insured apartment loans in Van Nuys, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Venice, CA](https://hudmultifamily.loan/states/california/venice/): 5 FHA-insured apartment loans in Venice, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Victorville, CA](https://hudmultifamily.loan/states/california/victorville/): 5 FHA-insured apartment loans in Victorville, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Sacramento, CA](https://hudmultifamily.loan/states/california/west-sacramento/): 4 FHA-insured apartment loans in West Sacramento, California: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Arvada, CO](https://hudmultifamily.loan/states/colorado/arvada/): 4 FHA-insured apartment loans in Arvada, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Aurora, CO](https://hudmultifamily.loan/states/colorado/aurora/): 10 FHA-insured apartment loans in Aurora, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Boulder, CO](https://hudmultifamily.loan/states/colorado/boulder/): 6 FHA-insured apartment loans in Boulder, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Colorado Springs, CO](https://hudmultifamily.loan/states/colorado/colorado-springs/): 18 FHA-insured apartment loans in Colorado Springs, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Denver, CO](https://hudmultifamily.loan/states/colorado/denver/): 70 FHA-insured apartment loans in Denver, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fort Collins, CO](https://hudmultifamily.loan/states/colorado/fort-collins/): 11 FHA-insured apartment loans in Fort Collins, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Grand Junction, CO](https://hudmultifamily.loan/states/colorado/grand-junction/): 10 FHA-insured apartment loans in Grand Junction, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greeley, CO](https://hudmultifamily.loan/states/colorado/greeley/): 6 FHA-insured apartment loans in Greeley, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lakewood, CO](https://hudmultifamily.loan/states/colorado/lakewood/): 10 FHA-insured apartment loans in Lakewood, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Littleton, CO](https://hudmultifamily.loan/states/colorado/littleton/): 4 FHA-insured apartment loans in Littleton, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pueblo, CO](https://hudmultifamily.loan/states/colorado/pueblo/): 7 FHA-insured apartment loans in Pueblo, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Westminster, CO](https://hudmultifamily.loan/states/colorado/westminster/): 4 FHA-insured apartment loans in Westminster, Colorado: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bridgeport, CT](https://hudmultifamily.loan/states/connecticut/bridgeport/): 6 FHA-insured apartment loans in Bridgeport, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Hartford, CT](https://hudmultifamily.loan/states/connecticut/east-hartford/): 5 FHA-insured apartment loans in East Hartford, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hartford, CT](https://hudmultifamily.loan/states/connecticut/hartford/): 12 FHA-insured apartment loans in Hartford, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Meriden, CT](https://hudmultifamily.loan/states/connecticut/meriden/): 9 FHA-insured apartment loans in Meriden, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Middletown, CT](https://hudmultifamily.loan/states/connecticut/middletown/): 12 FHA-insured apartment loans in Middletown, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in New Haven, CT](https://hudmultifamily.loan/states/connecticut/new-haven/): 17 FHA-insured apartment loans in New Haven, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Norwalk, CT](https://hudmultifamily.loan/states/connecticut/norwalk/): 7 FHA-insured apartment loans in Norwalk, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Stamford, CT](https://hudmultifamily.loan/states/connecticut/stamford/): 10 FHA-insured apartment loans in Stamford, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Vernon, CT](https://hudmultifamily.loan/states/connecticut/vernon/): 4 FHA-insured apartment loans in Vernon, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Waterbury, CT](https://hudmultifamily.loan/states/connecticut/waterbury/): 5 FHA-insured apartment loans in Waterbury, Connecticut: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wilmington, DE](https://hudmultifamily.loan/states/delaware/wilmington/): 11 FHA-insured apartment loans in Wilmington, Delaware: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Washington, DC](https://hudmultifamily.loan/states/district-of-columbia/washington/): 90 FHA-insured apartment loans in Washington, District of Columbia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bradenton, FL](https://hudmultifamily.loan/states/florida/bradenton/): 11 FHA-insured apartment loans in Bradenton, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Clearwater, FL](https://hudmultifamily.loan/states/florida/clearwater/): 5 FHA-insured apartment loans in Clearwater, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cocoa, FL](https://hudmultifamily.loan/states/florida/cocoa/): 4 FHA-insured apartment loans in Cocoa, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fort Lauderdale, FL](https://hudmultifamily.loan/states/florida/fort-lauderdale/): 6 FHA-insured apartment loans in Fort Lauderdale, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fort Myers, FL](https://hudmultifamily.loan/states/florida/fort-myers/): 4 FHA-insured apartment loans in Fort Myers, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Gainesville, FL](https://hudmultifamily.loan/states/florida/gainesville/): 12 FHA-insured apartment loans in Gainesville, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hialeah, FL](https://hudmultifamily.loan/states/florida/hialeah/): 7 FHA-insured apartment loans in Hialeah, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Homestead, FL](https://hudmultifamily.loan/states/florida/homestead/): 6 FHA-insured apartment loans in Homestead, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jacksonville, FL](https://hudmultifamily.loan/states/florida/jacksonville/): 20 FHA-insured apartment loans in Jacksonville, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kissimmee, FL](https://hudmultifamily.loan/states/florida/kissimmee/): 4 FHA-insured apartment loans in Kissimmee, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lakeland, FL](https://hudmultifamily.loan/states/florida/lakeland/): 6 FHA-insured apartment loans in Lakeland, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Leesburg, FL](https://hudmultifamily.loan/states/florida/leesburg/): 4 FHA-insured apartment loans in Leesburg, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Miami, FL](https://hudmultifamily.loan/states/florida/miami/): 28 FHA-insured apartment loans in Miami, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North Miami, FL](https://hudmultifamily.loan/states/florida/north-miami/): 4 FHA-insured apartment loans in North Miami, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ocala, FL](https://hudmultifamily.loan/states/florida/ocala/): 5 FHA-insured apartment loans in Ocala, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Orlando, FL](https://hudmultifamily.loan/states/florida/orlando/): 28 FHA-insured apartment loans in Orlando, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Panama City, FL](https://hudmultifamily.loan/states/florida/panama-city/): 9 FHA-insured apartment loans in Panama City, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pensacola, FL](https://hudmultifamily.loan/states/florida/pensacola/): 8 FHA-insured apartment loans in Pensacola, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sarasota, FL](https://hudmultifamily.loan/states/florida/sarasota/): 8 FHA-insured apartment loans in Sarasota, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in St Petersburg, FL](https://hudmultifamily.loan/states/florida/st-petersburg/): 6 FHA-insured apartment loans in St Petersburg, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Tallahassee, FL](https://hudmultifamily.loan/states/florida/tallahassee/): 6 FHA-insured apartment loans in Tallahassee, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Tampa, FL](https://hudmultifamily.loan/states/florida/tampa/): 13 FHA-insured apartment loans in Tampa, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Palm Beach, FL](https://hudmultifamily.loan/states/florida/west-palm-beach/): 8 FHA-insured apartment loans in West Palm Beach, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Winter Haven, FL](https://hudmultifamily.loan/states/florida/winter-haven/): 4 FHA-insured apartment loans in Winter Haven, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Winter Park, FL](https://hudmultifamily.loan/states/florida/winter-park/): 5 FHA-insured apartment loans in Winter Park, Florida: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Albany, GA](https://hudmultifamily.loan/states/georgia/albany/): 5 FHA-insured apartment loans in Albany, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Athens, GA](https://hudmultifamily.loan/states/georgia/athens/): 4 FHA-insured apartment loans in Athens, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Atlanta, GA](https://hudmultifamily.loan/states/georgia/atlanta/): 73 FHA-insured apartment loans in Atlanta, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Augusta, GA](https://hudmultifamily.loan/states/georgia/augusta/): 9 FHA-insured apartment loans in Augusta, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brunswick, GA](https://hudmultifamily.loan/states/georgia/brunswick/): 4 FHA-insured apartment loans in Brunswick, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbus, GA](https://hudmultifamily.loan/states/georgia/columbus/): 20 FHA-insured apartment loans in Columbus, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Decatur, GA](https://hudmultifamily.loan/states/georgia/decatur/): 7 FHA-insured apartment loans in Decatur, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Gainesville, GA](https://hudmultifamily.loan/states/georgia/gainesville/): 4 FHA-insured apartment loans in Gainesville, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hinesville, GA](https://hudmultifamily.loan/states/georgia/hinesville/): 4 FHA-insured apartment loans in Hinesville, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Macon, GA](https://hudmultifamily.loan/states/georgia/macon/): 10 FHA-insured apartment loans in Macon, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Marietta, GA](https://hudmultifamily.loan/states/georgia/marietta/): 4 FHA-insured apartment loans in Marietta, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rome, GA](https://hudmultifamily.loan/states/georgia/rome/): 7 FHA-insured apartment loans in Rome, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Savannah, GA](https://hudmultifamily.loan/states/georgia/savannah/): 18 FHA-insured apartment loans in Savannah, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Smyrna, GA](https://hudmultifamily.loan/states/georgia/smyrna/): 4 FHA-insured apartment loans in Smyrna, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Valdosta, GA](https://hudmultifamily.loan/states/georgia/valdosta/): 4 FHA-insured apartment loans in Valdosta, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Warner Robins, GA](https://hudmultifamily.loan/states/georgia/warner-robins/): 4 FHA-insured apartment loans in Warner Robins, Georgia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Honolulu, HI](https://hudmultifamily.loan/states/hawaii/honolulu/): 7 FHA-insured apartment loans in Honolulu, Hawaii: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Boise, ID](https://hudmultifamily.loan/states/idaho/boise/): 14 FHA-insured apartment loans in Boise, Idaho: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Coeur D'alene, ID](https://hudmultifamily.loan/states/idaho/coeur-d-alene/): 4 FHA-insured apartment loans in Coeur D'alene, Idaho: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Nampa, ID](https://hudmultifamily.loan/states/idaho/nampa/): 4 FHA-insured apartment loans in Nampa, Idaho: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rexburg, ID](https://hudmultifamily.loan/states/idaho/rexburg/): 4 FHA-insured apartment loans in Rexburg, Idaho: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Aurora, IL](https://hudmultifamily.loan/states/illinois/aurora/): 6 FHA-insured apartment loans in Aurora, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bloomington, IL](https://hudmultifamily.loan/states/illinois/bloomington/): 6 FHA-insured apartment loans in Bloomington, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Champaign, IL](https://hudmultifamily.loan/states/illinois/champaign/): 7 FHA-insured apartment loans in Champaign, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chicago, IL](https://hudmultifamily.loan/states/illinois/chicago/): 188 FHA-insured apartment loans in Chicago, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Crystal Lake, IL](https://hudmultifamily.loan/states/illinois/crystal-lake/): 4 FHA-insured apartment loans in Crystal Lake, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Decatur, IL](https://hudmultifamily.loan/states/illinois/decatur/): 4 FHA-insured apartment loans in Decatur, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dekalb, IL](https://hudmultifamily.loan/states/illinois/dekalb/): 6 FHA-insured apartment loans in Dekalb, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Moline, IL](https://hudmultifamily.loan/states/illinois/east-moline/): 4 FHA-insured apartment loans in East Moline, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elgin, IL](https://hudmultifamily.loan/states/illinois/elgin/): 10 FHA-insured apartment loans in Elgin, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Joliet, IL](https://hudmultifamily.loan/states/illinois/joliet/): 5 FHA-insured apartment loans in Joliet, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Macomb, IL](https://hudmultifamily.loan/states/illinois/macomb/): 6 FHA-insured apartment loans in Macomb, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Moline, IL](https://hudmultifamily.loan/states/illinois/moline/): 6 FHA-insured apartment loans in Moline, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Normal, IL](https://hudmultifamily.loan/states/illinois/normal/): 4 FHA-insured apartment loans in Normal, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North Chicago, IL](https://hudmultifamily.loan/states/illinois/north-chicago/): 4 FHA-insured apartment loans in North Chicago, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Peoria, IL](https://hudmultifamily.loan/states/illinois/peoria/): 9 FHA-insured apartment loans in Peoria, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Quincy, IL](https://hudmultifamily.loan/states/illinois/quincy/): 4 FHA-insured apartment loans in Quincy, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rock Island, IL](https://hudmultifamily.loan/states/illinois/rock-island/): 4 FHA-insured apartment loans in Rock Island, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rockford, IL](https://hudmultifamily.loan/states/illinois/rockford/): 8 FHA-insured apartment loans in Rockford, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Springfield, IL](https://hudmultifamily.loan/states/illinois/springfield/): 4 FHA-insured apartment loans in Springfield, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Waukegan, IL](https://hudmultifamily.loan/states/illinois/waukegan/): 6 FHA-insured apartment loans in Waukegan, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Zion, IL](https://hudmultifamily.loan/states/illinois/zion/): 6 FHA-insured apartment loans in Zion, Illinois: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Anderson, IN](https://hudmultifamily.loan/states/indiana/anderson/): 6 FHA-insured apartment loans in Anderson, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Beech Grove, IN](https://hudmultifamily.loan/states/indiana/beech-grove/): 4 FHA-insured apartment loans in Beech Grove, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Carmel, IN](https://hudmultifamily.loan/states/indiana/carmel/): 6 FHA-insured apartment loans in Carmel, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbus, IN](https://hudmultifamily.loan/states/indiana/columbus/): 9 FHA-insured apartment loans in Columbus, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elkhart, IN](https://hudmultifamily.loan/states/indiana/elkhart/): 6 FHA-insured apartment loans in Elkhart, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Evansville, IN](https://hudmultifamily.loan/states/indiana/evansville/): 11 FHA-insured apartment loans in Evansville, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fishers, IN](https://hudmultifamily.loan/states/indiana/fishers/): 5 FHA-insured apartment loans in Fishers, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fort Wayne, IN](https://hudmultifamily.loan/states/indiana/fort-wayne/): 16 FHA-insured apartment loans in Fort Wayne, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Gary, IN](https://hudmultifamily.loan/states/indiana/gary/): 10 FHA-insured apartment loans in Gary, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greenfield, IN](https://hudmultifamily.loan/states/indiana/greenfield/): 4 FHA-insured apartment loans in Greenfield, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greenwood, IN](https://hudmultifamily.loan/states/indiana/greenwood/): 7 FHA-insured apartment loans in Greenwood, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hammond, IN](https://hudmultifamily.loan/states/indiana/hammond/): 4 FHA-insured apartment loans in Hammond, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Indianapolis, IN](https://hudmultifamily.loan/states/indiana/indianapolis/): 95 FHA-insured apartment loans in Indianapolis, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kokomo, IN](https://hudmultifamily.loan/states/indiana/kokomo/): 5 FHA-insured apartment loans in Kokomo, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lafayette, IN](https://hudmultifamily.loan/states/indiana/lafayette/): 13 FHA-insured apartment loans in Lafayette, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Logansport, IN](https://hudmultifamily.loan/states/indiana/logansport/): 4 FHA-insured apartment loans in Logansport, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Madison, IN](https://hudmultifamily.loan/states/indiana/madison/): 4 FHA-insured apartment loans in Madison, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Marion, IN](https://hudmultifamily.loan/states/indiana/marion/): 5 FHA-insured apartment loans in Marion, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Merrillville, IN](https://hudmultifamily.loan/states/indiana/merrillville/): 4 FHA-insured apartment loans in Merrillville, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mishawaka, IN](https://hudmultifamily.loan/states/indiana/mishawaka/): 6 FHA-insured apartment loans in Mishawaka, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Muncie, IN](https://hudmultifamily.loan/states/indiana/muncie/): 4 FHA-insured apartment loans in Muncie, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Noblesville, IN](https://hudmultifamily.loan/states/indiana/noblesville/): 6 FHA-insured apartment loans in Noblesville, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Plainfield, IN](https://hudmultifamily.loan/states/indiana/plainfield/): 4 FHA-insured apartment loans in Plainfield, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Richmond, IN](https://hudmultifamily.loan/states/indiana/richmond/): 8 FHA-insured apartment loans in Richmond, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Shelbyville, IN](https://hudmultifamily.loan/states/indiana/shelbyville/): 4 FHA-insured apartment loans in Shelbyville, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in South Bend, IN](https://hudmultifamily.loan/states/indiana/south-bend/): 10 FHA-insured apartment loans in South Bend, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Warsaw, IN](https://hudmultifamily.loan/states/indiana/warsaw/): 4 FHA-insured apartment loans in Warsaw, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Westfield, IN](https://hudmultifamily.loan/states/indiana/westfield/): 4 FHA-insured apartment loans in Westfield, Indiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ames, IA](https://hudmultifamily.loan/states/iowa/ames/): 6 FHA-insured apartment loans in Ames, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bettendorf, IA](https://hudmultifamily.loan/states/iowa/bettendorf/): 7 FHA-insured apartment loans in Bettendorf, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cedar Rapids, IA](https://hudmultifamily.loan/states/iowa/cedar-rapids/): 10 FHA-insured apartment loans in Cedar Rapids, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Council Bluffs, IA](https://hudmultifamily.loan/states/iowa/council-bluffs/): 4 FHA-insured apartment loans in Council Bluffs, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Davenport, IA](https://hudmultifamily.loan/states/iowa/davenport/): 10 FHA-insured apartment loans in Davenport, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Des Moines, IA](https://hudmultifamily.loan/states/iowa/des-moines/): 17 FHA-insured apartment loans in Des Moines, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Iowa City, IA](https://hudmultifamily.loan/states/iowa/iowa-city/): 4 FHA-insured apartment loans in Iowa City, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mason City, IA](https://hudmultifamily.loan/states/iowa/mason-city/): 5 FHA-insured apartment loans in Mason City, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sioux City, IA](https://hudmultifamily.loan/states/iowa/sioux-city/): 8 FHA-insured apartment loans in Sioux City, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Des Moines, IA](https://hudmultifamily.loan/states/iowa/west-des-moines/): 5 FHA-insured apartment loans in West Des Moines, Iowa: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hutchinson, KS](https://hudmultifamily.loan/states/kansas/hutchinson/): 7 FHA-insured apartment loans in Hutchinson, Kansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Junction City, KS](https://hudmultifamily.loan/states/kansas/junction-city/): 4 FHA-insured apartment loans in Junction City, Kansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lawrence, KS](https://hudmultifamily.loan/states/kansas/lawrence/): 6 FHA-insured apartment loans in Lawrence, Kansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ottawa, KS](https://hudmultifamily.loan/states/kansas/ottawa/): 4 FHA-insured apartment loans in Ottawa, Kansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Overland Park, KS](https://hudmultifamily.loan/states/kansas/overland-park/): 4 FHA-insured apartment loans in Overland Park, Kansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Topeka, KS](https://hudmultifamily.loan/states/kansas/topeka/): 13 FHA-insured apartment loans in Topeka, Kansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wichita, KS](https://hudmultifamily.loan/states/kansas/wichita/): 13 FHA-insured apartment loans in Wichita, Kansas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bowling Green, KY](https://hudmultifamily.loan/states/kentucky/bowling-green/): 10 FHA-insured apartment loans in Bowling Green, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Covington, KY](https://hudmultifamily.loan/states/kentucky/covington/): 7 FHA-insured apartment loans in Covington, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elizabethtown, KY](https://hudmultifamily.loan/states/kentucky/elizabethtown/): 7 FHA-insured apartment loans in Elizabethtown, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Georgetown, KY](https://hudmultifamily.loan/states/kentucky/georgetown/): 4 FHA-insured apartment loans in Georgetown, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Henderson, KY](https://hudmultifamily.loan/states/kentucky/henderson/): 4 FHA-insured apartment loans in Henderson, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hopkinsville, KY](https://hudmultifamily.loan/states/kentucky/hopkinsville/): 5 FHA-insured apartment loans in Hopkinsville, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lexington, KY](https://hudmultifamily.loan/states/kentucky/lexington/): 23 FHA-insured apartment loans in Lexington, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Louisville, KY](https://hudmultifamily.loan/states/kentucky/louisville/): 34 FHA-insured apartment loans in Louisville, Kentucky: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Alexandria, LA](https://hudmultifamily.loan/states/louisiana/alexandria/): 6 FHA-insured apartment loans in Alexandria, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Baton Rouge, LA](https://hudmultifamily.loan/states/louisiana/baton-rouge/): 28 FHA-insured apartment loans in Baton Rouge, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bossier City, LA](https://hudmultifamily.loan/states/louisiana/bossier-city/): 7 FHA-insured apartment loans in Bossier City, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Denham Springs, LA](https://hudmultifamily.loan/states/louisiana/denham-springs/): 4 FHA-insured apartment loans in Denham Springs, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Houma, LA](https://hudmultifamily.loan/states/louisiana/houma/): 5 FHA-insured apartment loans in Houma, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lafayette, LA](https://hudmultifamily.loan/states/louisiana/lafayette/): 16 FHA-insured apartment loans in Lafayette, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lake Charles, LA](https://hudmultifamily.loan/states/louisiana/lake-charles/): 6 FHA-insured apartment loans in Lake Charles, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Monroe, LA](https://hudmultifamily.loan/states/louisiana/monroe/): 12 FHA-insured apartment loans in Monroe, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in New Orleans, LA](https://hudmultifamily.loan/states/louisiana/new-orleans/): 27 FHA-insured apartment loans in New Orleans, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ruston, LA](https://hudmultifamily.loan/states/louisiana/ruston/): 7 FHA-insured apartment loans in Ruston, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Shreveport, LA](https://hudmultifamily.loan/states/louisiana/shreveport/): 25 FHA-insured apartment loans in Shreveport, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Slidell, LA](https://hudmultifamily.loan/states/louisiana/slidell/): 4 FHA-insured apartment loans in Slidell, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Thibodaux, LA](https://hudmultifamily.loan/states/louisiana/thibodaux/): 4 FHA-insured apartment loans in Thibodaux, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Youngsville, LA](https://hudmultifamily.loan/states/louisiana/youngsville/): 4 FHA-insured apartment loans in Youngsville, Louisiana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Portland, ME](https://hudmultifamily.loan/states/maine/portland/): 10 FHA-insured apartment loans in Portland, Maine: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Aberdeen, MD](https://hudmultifamily.loan/states/maryland/aberdeen/): 8 FHA-insured apartment loans in Aberdeen, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Abingdon, MD](https://hudmultifamily.loan/states/maryland/abingdon/): 4 FHA-insured apartment loans in Abingdon, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Annapolis, MD](https://hudmultifamily.loan/states/maryland/annapolis/): 7 FHA-insured apartment loans in Annapolis, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Baltimore, MD](https://hudmultifamily.loan/states/maryland/baltimore/): 100 FHA-insured apartment loans in Baltimore, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bethesda, MD](https://hudmultifamily.loan/states/maryland/bethesda/): 8 FHA-insured apartment loans in Bethesda, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cambridge, MD](https://hudmultifamily.loan/states/maryland/cambridge/): 5 FHA-insured apartment loans in Cambridge, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Capitol Heights, MD](https://hudmultifamily.loan/states/maryland/capitol-heights/): 4 FHA-insured apartment loans in Capitol Heights, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chestertown, MD](https://hudmultifamily.loan/states/maryland/chestertown/): 4 FHA-insured apartment loans in Chestertown, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbia, MD](https://hudmultifamily.loan/states/maryland/columbia/): 9 FHA-insured apartment loans in Columbia, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dundalk, MD](https://hudmultifamily.loan/states/maryland/dundalk/): 7 FHA-insured apartment loans in Dundalk, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Edgewood, MD](https://hudmultifamily.loan/states/maryland/edgewood/): 5 FHA-insured apartment loans in Edgewood, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elkridge, MD](https://hudmultifamily.loan/states/maryland/elkridge/): 9 FHA-insured apartment loans in Elkridge, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elkton, MD](https://hudmultifamily.loan/states/maryland/elkton/): 6 FHA-insured apartment loans in Elkton, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ellicott City, MD](https://hudmultifamily.loan/states/maryland/ellicott-city/): 4 FHA-insured apartment loans in Ellicott City, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Frederick, MD](https://hudmultifamily.loan/states/maryland/frederick/): 29 FHA-insured apartment loans in Frederick, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Gaithersburg, MD](https://hudmultifamily.loan/states/maryland/gaithersburg/): 10 FHA-insured apartment loans in Gaithersburg, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hagerstown, MD](https://hudmultifamily.loan/states/maryland/hagerstown/): 7 FHA-insured apartment loans in Hagerstown, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hanover, MD](https://hudmultifamily.loan/states/maryland/hanover/): 4 FHA-insured apartment loans in Hanover, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hyattsville, MD](https://hudmultifamily.loan/states/maryland/hyattsville/): 4 FHA-insured apartment loans in Hyattsville, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kensington, MD](https://hudmultifamily.loan/states/maryland/kensington/): 4 FHA-insured apartment loans in Kensington, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Laurel, MD](https://hudmultifamily.loan/states/maryland/laurel/): 5 FHA-insured apartment loans in Laurel, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lexington Park, MD](https://hudmultifamily.loan/states/maryland/lexington-park/): 6 FHA-insured apartment loans in Lexington Park, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North East, MD](https://hudmultifamily.loan/states/maryland/north-east/): 4 FHA-insured apartment loans in North East, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Owings Mills, MD](https://hudmultifamily.loan/states/maryland/owings-mills/): 4 FHA-insured apartment loans in Owings Mills, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pasadena, MD](https://hudmultifamily.loan/states/maryland/pasadena/): 6 FHA-insured apartment loans in Pasadena, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Princess Anne, MD](https://hudmultifamily.loan/states/maryland/princess-anne/): 4 FHA-insured apartment loans in Princess Anne, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rockville, MD](https://hudmultifamily.loan/states/maryland/rockville/): 8 FHA-insured apartment loans in Rockville, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Salisbury, MD](https://hudmultifamily.loan/states/maryland/salisbury/): 14 FHA-insured apartment loans in Salisbury, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Silver Spring, MD](https://hudmultifamily.loan/states/maryland/silver-spring/): 33 FHA-insured apartment loans in Silver Spring, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Suitland, MD](https://hudmultifamily.loan/states/maryland/suitland/): 6 FHA-insured apartment loans in Suitland, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Takoma Park, MD](https://hudmultifamily.loan/states/maryland/takoma-park/): 6 FHA-insured apartment loans in Takoma Park, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Towson, MD](https://hudmultifamily.loan/states/maryland/towson/): 5 FHA-insured apartment loans in Towson, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Waldorf, MD](https://hudmultifamily.loan/states/maryland/waldorf/): 8 FHA-insured apartment loans in Waldorf, Maryland: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Amherst, MA](https://hudmultifamily.loan/states/massachusetts/amherst/): 6 FHA-insured apartment loans in Amherst, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Beverly, MA](https://hudmultifamily.loan/states/massachusetts/beverly/): 9 FHA-insured apartment loans in Beverly, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Boston, MA](https://hudmultifamily.loan/states/massachusetts/boston/): 132 FHA-insured apartment loans in Boston, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brighton, MA](https://hudmultifamily.loan/states/massachusetts/brighton/): 8 FHA-insured apartment loans in Brighton, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brockton, MA](https://hudmultifamily.loan/states/massachusetts/brockton/): 11 FHA-insured apartment loans in Brockton, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brookline, MA](https://hudmultifamily.loan/states/massachusetts/brookline/): 10 FHA-insured apartment loans in Brookline, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cambridge, MA](https://hudmultifamily.loan/states/massachusetts/cambridge/): 15 FHA-insured apartment loans in Cambridge, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Charlestown, MA](https://hudmultifamily.loan/states/massachusetts/charlestown/): 4 FHA-insured apartment loans in Charlestown, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chelsea, MA](https://hudmultifamily.loan/states/massachusetts/chelsea/): 10 FHA-insured apartment loans in Chelsea, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dorchester, MA](https://hudmultifamily.loan/states/massachusetts/dorchester/): 10 FHA-insured apartment loans in Dorchester, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Boston, MA](https://hudmultifamily.loan/states/massachusetts/east-boston/): 4 FHA-insured apartment loans in East Boston, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fall River, MA](https://hudmultifamily.loan/states/massachusetts/fall-river/): 10 FHA-insured apartment loans in Fall River, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fitchburg, MA](https://hudmultifamily.loan/states/massachusetts/fitchburg/): 5 FHA-insured apartment loans in Fitchburg, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Framingham, MA](https://hudmultifamily.loan/states/massachusetts/framingham/): 8 FHA-insured apartment loans in Framingham, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greenfield, MA](https://hudmultifamily.loan/states/massachusetts/greenfield/): 4 FHA-insured apartment loans in Greenfield, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hanover, MA](https://hudmultifamily.loan/states/massachusetts/hanover/): 5 FHA-insured apartment loans in Hanover, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Haverhill, MA](https://hudmultifamily.loan/states/massachusetts/haverhill/): 7 FHA-insured apartment loans in Haverhill, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Holyoke, MA](https://hudmultifamily.loan/states/massachusetts/holyoke/): 6 FHA-insured apartment loans in Holyoke, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lawrence, MA](https://hudmultifamily.loan/states/massachusetts/lawrence/): 14 FHA-insured apartment loans in Lawrence, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lowell, MA](https://hudmultifamily.loan/states/massachusetts/lowell/): 21 FHA-insured apartment loans in Lowell, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lynn, MA](https://hudmultifamily.loan/states/massachusetts/lynn/): 17 FHA-insured apartment loans in Lynn, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Malden, MA](https://hudmultifamily.loan/states/massachusetts/malden/): 4 FHA-insured apartment loans in Malden, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mansfield, MA](https://hudmultifamily.loan/states/massachusetts/mansfield/): 4 FHA-insured apartment loans in Mansfield, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Marshfield, MA](https://hudmultifamily.loan/states/massachusetts/marshfield/): 4 FHA-insured apartment loans in Marshfield, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Methuen, MA](https://hudmultifamily.loan/states/massachusetts/methuen/): 4 FHA-insured apartment loans in Methuen, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in New Bedford, MA](https://hudmultifamily.loan/states/massachusetts/new-bedford/): 11 FHA-insured apartment loans in New Bedford, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Newton, MA](https://hudmultifamily.loan/states/massachusetts/newton/): 7 FHA-insured apartment loans in Newton, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Northampton, MA](https://hudmultifamily.loan/states/massachusetts/northampton/): 4 FHA-insured apartment loans in Northampton, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Peabody, MA](https://hudmultifamily.loan/states/massachusetts/peabody/): 4 FHA-insured apartment loans in Peabody, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pittsfield, MA](https://hudmultifamily.loan/states/massachusetts/pittsfield/): 6 FHA-insured apartment loans in Pittsfield, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Quincy, MA](https://hudmultifamily.loan/states/massachusetts/quincy/): 11 FHA-insured apartment loans in Quincy, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Revere, MA](https://hudmultifamily.loan/states/massachusetts/revere/): 4 FHA-insured apartment loans in Revere, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Roxbury, MA](https://hudmultifamily.loan/states/massachusetts/roxbury/): 15 FHA-insured apartment loans in Roxbury, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Somerville, MA](https://hudmultifamily.loan/states/massachusetts/somerville/): 7 FHA-insured apartment loans in Somerville, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Springfield, MA](https://hudmultifamily.loan/states/massachusetts/springfield/): 11 FHA-insured apartment loans in Springfield, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Taunton, MA](https://hudmultifamily.loan/states/massachusetts/taunton/): 8 FHA-insured apartment loans in Taunton, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wareham, MA](https://hudmultifamily.loan/states/massachusetts/wareham/): 6 FHA-insured apartment loans in Wareham, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Roxbury, MA](https://hudmultifamily.loan/states/massachusetts/west-roxbury/): 4 FHA-insured apartment loans in West Roxbury, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Weymouth, MA](https://hudmultifamily.loan/states/massachusetts/weymouth/): 9 FHA-insured apartment loans in Weymouth, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Worcester, MA](https://hudmultifamily.loan/states/massachusetts/worcester/): 27 FHA-insured apartment loans in Worcester, Massachusetts: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ann Arbor, MI](https://hudmultifamily.loan/states/michigan/ann-arbor/): 9 FHA-insured apartment loans in Ann Arbor, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Auburn Hills, MI](https://hudmultifamily.loan/states/michigan/auburn-hills/): 4 FHA-insured apartment loans in Auburn Hills, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Canton, MI](https://hudmultifamily.loan/states/michigan/canton/): 8 FHA-insured apartment loans in Canton, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Clinton Township, MI](https://hudmultifamily.loan/states/michigan/clinton-township/): 7 FHA-insured apartment loans in Clinton Township, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Detroit, MI](https://hudmultifamily.loan/states/michigan/detroit/): 49 FHA-insured apartment loans in Detroit, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Lansing, MI](https://hudmultifamily.loan/states/michigan/east-lansing/): 11 FHA-insured apartment loans in East Lansing, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Farmington Hills, MI](https://hudmultifamily.loan/states/michigan/farmington-hills/): 5 FHA-insured apartment loans in Farmington Hills, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Flint, MI](https://hudmultifamily.loan/states/michigan/flint/): 8 FHA-insured apartment loans in Flint, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Grand Rapids, MI](https://hudmultifamily.loan/states/michigan/grand-rapids/): 29 FHA-insured apartment loans in Grand Rapids, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Highland Park, MI](https://hudmultifamily.loan/states/michigan/highland-park/): 4 FHA-insured apartment loans in Highland Park, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Holland, MI](https://hudmultifamily.loan/states/michigan/holland/): 5 FHA-insured apartment loans in Holland, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Holt, MI](https://hudmultifamily.loan/states/michigan/holt/): 4 FHA-insured apartment loans in Holt, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Howell, MI](https://hudmultifamily.loan/states/michigan/howell/): 7 FHA-insured apartment loans in Howell, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jackson, MI](https://hudmultifamily.loan/states/michigan/jackson/): 8 FHA-insured apartment loans in Jackson, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kalamazoo, MI](https://hudmultifamily.loan/states/michigan/kalamazoo/): 18 FHA-insured apartment loans in Kalamazoo, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kentwood, MI](https://hudmultifamily.loan/states/michigan/kentwood/): 4 FHA-insured apartment loans in Kentwood, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lansing, MI](https://hudmultifamily.loan/states/michigan/lansing/): 14 FHA-insured apartment loans in Lansing, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Madison Heights, MI](https://hudmultifamily.loan/states/michigan/madison-heights/): 5 FHA-insured apartment loans in Madison Heights, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Marquette, MI](https://hudmultifamily.loan/states/michigan/marquette/): 4 FHA-insured apartment loans in Marquette, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Midland, MI](https://hudmultifamily.loan/states/michigan/midland/): 6 FHA-insured apartment loans in Midland, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Muskegon, MI](https://hudmultifamily.loan/states/michigan/muskegon/): 10 FHA-insured apartment loans in Muskegon, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Niles, MI](https://hudmultifamily.loan/states/michigan/niles/): 5 FHA-insured apartment loans in Niles, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Novi, MI](https://hudmultifamily.loan/states/michigan/novi/): 6 FHA-insured apartment loans in Novi, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Plymouth, MI](https://hudmultifamily.loan/states/michigan/plymouth/): 4 FHA-insured apartment loans in Plymouth, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pontiac, MI](https://hudmultifamily.loan/states/michigan/pontiac/): 7 FHA-insured apartment loans in Pontiac, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Port Huron, MI](https://hudmultifamily.loan/states/michigan/port-huron/): 4 FHA-insured apartment loans in Port Huron, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Portage, MI](https://hudmultifamily.loan/states/michigan/portage/): 4 FHA-insured apartment loans in Portage, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rochester Hills, MI](https://hudmultifamily.loan/states/michigan/rochester-hills/): 6 FHA-insured apartment loans in Rochester Hills, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Royal Oak, MI](https://hudmultifamily.loan/states/michigan/royal-oak/): 4 FHA-insured apartment loans in Royal Oak, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Saginaw, MI](https://hudmultifamily.loan/states/michigan/saginaw/): 6 FHA-insured apartment loans in Saginaw, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Southgate, MI](https://hudmultifamily.loan/states/michigan/southgate/): 7 FHA-insured apartment loans in Southgate, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sterling Heights, MI](https://hudmultifamily.loan/states/michigan/sterling-heights/): 5 FHA-insured apartment loans in Sterling Heights, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Taylor, MI](https://hudmultifamily.loan/states/michigan/taylor/): 5 FHA-insured apartment loans in Taylor, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Traverse City, MI](https://hudmultifamily.loan/states/michigan/traverse-city/): 4 FHA-insured apartment loans in Traverse City, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Troy, MI](https://hudmultifamily.loan/states/michigan/troy/): 5 FHA-insured apartment loans in Troy, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Warren, MI](https://hudmultifamily.loan/states/michigan/warren/): 4 FHA-insured apartment loans in Warren, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Washington, MI](https://hudmultifamily.loan/states/michigan/washington/): 5 FHA-insured apartment loans in Washington, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Westland, MI](https://hudmultifamily.loan/states/michigan/westland/): 6 FHA-insured apartment loans in Westland, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ypsilanti, MI](https://hudmultifamily.loan/states/michigan/ypsilanti/): 9 FHA-insured apartment loans in Ypsilanti, Michigan: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Alexandria, MN](https://hudmultifamily.loan/states/minnesota/alexandria/): 4 FHA-insured apartment loans in Alexandria, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Apple Valley, MN](https://hudmultifamily.loan/states/minnesota/apple-valley/): 7 FHA-insured apartment loans in Apple Valley, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Austin, MN](https://hudmultifamily.loan/states/minnesota/austin/): 4 FHA-insured apartment loans in Austin, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bloomington, MN](https://hudmultifamily.loan/states/minnesota/bloomington/): 13 FHA-insured apartment loans in Bloomington, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Burnsville, MN](https://hudmultifamily.loan/states/minnesota/burnsville/): 10 FHA-insured apartment loans in Burnsville, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cambridge, MN](https://hudmultifamily.loan/states/minnesota/cambridge/): 4 FHA-insured apartment loans in Cambridge, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chaska, MN](https://hudmultifamily.loan/states/minnesota/chaska/): 5 FHA-insured apartment loans in Chaska, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Coon Rapids, MN](https://hudmultifamily.loan/states/minnesota/coon-rapids/): 6 FHA-insured apartment loans in Coon Rapids, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Duluth, MN](https://hudmultifamily.loan/states/minnesota/duluth/): 16 FHA-insured apartment loans in Duluth, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Eagan, MN](https://hudmultifamily.loan/states/minnesota/eagan/): 9 FHA-insured apartment loans in Eagan, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Eden Prairie, MN](https://hudmultifamily.loan/states/minnesota/eden-prairie/): 12 FHA-insured apartment loans in Eden Prairie, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Edina, MN](https://hudmultifamily.loan/states/minnesota/edina/): 4 FHA-insured apartment loans in Edina, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elk River, MN](https://hudmultifamily.loan/states/minnesota/elk-river/): 4 FHA-insured apartment loans in Elk River, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Grand Rapids, MN](https://hudmultifamily.loan/states/minnesota/grand-rapids/): 4 FHA-insured apartment loans in Grand Rapids, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hibbing, MN](https://hudmultifamily.loan/states/minnesota/hibbing/): 4 FHA-insured apartment loans in Hibbing, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hopkins, MN](https://hudmultifamily.loan/states/minnesota/hopkins/): 5 FHA-insured apartment loans in Hopkins, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hutchinson, MN](https://hudmultifamily.loan/states/minnesota/hutchinson/): 6 FHA-insured apartment loans in Hutchinson, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Inver Grove Heights, MN](https://hudmultifamily.loan/states/minnesota/inver-grove-heights/): 4 FHA-insured apartment loans in Inver Grove Heights, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mankato, MN](https://hudmultifamily.loan/states/minnesota/mankato/): 13 FHA-insured apartment loans in Mankato, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Maple Grove, MN](https://hudmultifamily.loan/states/minnesota/maple-grove/): 8 FHA-insured apartment loans in Maple Grove, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Maplewood, MN](https://hudmultifamily.loan/states/minnesota/maplewood/): 10 FHA-insured apartment loans in Maplewood, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Minneapolis, MN](https://hudmultifamily.loan/states/minnesota/minneapolis/): 68 FHA-insured apartment loans in Minneapolis, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Minnetonka, MN](https://hudmultifamily.loan/states/minnesota/minnetonka/): 6 FHA-insured apartment loans in Minnetonka, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Moorhead, MN](https://hudmultifamily.loan/states/minnesota/moorhead/): 6 FHA-insured apartment loans in Moorhead, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mounds View, MN](https://hudmultifamily.loan/states/minnesota/mounds-view/): 4 FHA-insured apartment loans in Mounds View, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Northfield, MN](https://hudmultifamily.loan/states/minnesota/northfield/): 5 FHA-insured apartment loans in Northfield, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Owatonna, MN](https://hudmultifamily.loan/states/minnesota/owatonna/): 5 FHA-insured apartment loans in Owatonna, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Plymouth, MN](https://hudmultifamily.loan/states/minnesota/plymouth/): 8 FHA-insured apartment loans in Plymouth, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Richfield, MN](https://hudmultifamily.loan/states/minnesota/richfield/): 4 FHA-insured apartment loans in Richfield, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rochester, MN](https://hudmultifamily.loan/states/minnesota/rochester/): 19 FHA-insured apartment loans in Rochester, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Roseville, MN](https://hudmultifamily.loan/states/minnesota/roseville/): 10 FHA-insured apartment loans in Roseville, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Saint Paul, MN](https://hudmultifamily.loan/states/minnesota/saint-paul/): 5 FHA-insured apartment loans in Saint Paul, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sauk Rapids, MN](https://hudmultifamily.loan/states/minnesota/sauk-rapids/): 4 FHA-insured apartment loans in Sauk Rapids, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Savage, MN](https://hudmultifamily.loan/states/minnesota/savage/): 4 FHA-insured apartment loans in Savage, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in St Cloud, MN](https://hudmultifamily.loan/states/minnesota/st-cloud/): 5 FHA-insured apartment loans in St Cloud, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in St Louis Park, MN](https://hudmultifamily.loan/states/minnesota/st-louis-park/): 5 FHA-insured apartment loans in St Louis Park, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in St Paul, MN](https://hudmultifamily.loan/states/minnesota/st-paul/): 51 FHA-insured apartment loans in St Paul, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Willmar, MN](https://hudmultifamily.loan/states/minnesota/willmar/): 4 FHA-insured apartment loans in Willmar, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Winona, MN](https://hudmultifamily.loan/states/minnesota/winona/): 5 FHA-insured apartment loans in Winona, Minnesota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Biloxi, MS](https://hudmultifamily.loan/states/mississippi/biloxi/): 5 FHA-insured apartment loans in Biloxi, Mississippi: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Clarksdale, MS](https://hudmultifamily.loan/states/mississippi/clarksdale/): 5 FHA-insured apartment loans in Clarksdale, Mississippi: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbus, MS](https://hudmultifamily.loan/states/mississippi/columbus/): 5 FHA-insured apartment loans in Columbus, Mississippi: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hattiesburg, MS](https://hudmultifamily.loan/states/mississippi/hattiesburg/): 9 FHA-insured apartment loans in Hattiesburg, Mississippi: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jackson, MS](https://hudmultifamily.loan/states/mississippi/jackson/): 12 FHA-insured apartment loans in Jackson, Mississippi: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Vicksburg, MS](https://hudmultifamily.loan/states/mississippi/vicksburg/): 5 FHA-insured apartment loans in Vicksburg, Mississippi: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbia, MO](https://hudmultifamily.loan/states/missouri/columbia/): 6 FHA-insured apartment loans in Columbia, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Independence, MO](https://hudmultifamily.loan/states/missouri/independence/): 5 FHA-insured apartment loans in Independence, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kansas City, MO](https://hudmultifamily.loan/states/missouri/kansas-city/): 44 FHA-insured apartment loans in Kansas City, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Maplewood, MO](https://hudmultifamily.loan/states/missouri/maplewood/): 4 FHA-insured apartment loans in Maplewood, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in O'fallon, MO](https://hudmultifamily.loan/states/missouri/o-fallon/): 5 FHA-insured apartment loans in O'fallon, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Springfield, MO](https://hudmultifamily.loan/states/missouri/springfield/): 8 FHA-insured apartment loans in Springfield, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in St Joseph, MO](https://hudmultifamily.loan/states/missouri/st-joseph/): 5 FHA-insured apartment loans in St Joseph, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in St Louis, MO](https://hudmultifamily.loan/states/missouri/st-louis/): 52 FHA-insured apartment loans in St Louis, Missouri: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Billings, MT](https://hudmultifamily.loan/states/montana/billings/): 8 FHA-insured apartment loans in Billings, Montana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bozeman, MT](https://hudmultifamily.loan/states/montana/bozeman/): 8 FHA-insured apartment loans in Bozeman, Montana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Butte, MT](https://hudmultifamily.loan/states/montana/butte/): 4 FHA-insured apartment loans in Butte, Montana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Great Falls, MT](https://hudmultifamily.loan/states/montana/great-falls/): 5 FHA-insured apartment loans in Great Falls, Montana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Missoula, MT](https://hudmultifamily.loan/states/montana/missoula/): 5 FHA-insured apartment loans in Missoula, Montana: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lincoln, NE](https://hudmultifamily.loan/states/nebraska/lincoln/): 20 FHA-insured apartment loans in Lincoln, Nebraska: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North Platte, NE](https://hudmultifamily.loan/states/nebraska/north-platte/): 4 FHA-insured apartment loans in North Platte, Nebraska: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Omaha, NE](https://hudmultifamily.loan/states/nebraska/omaha/): 22 FHA-insured apartment loans in Omaha, Nebraska: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Carson City, NV](https://hudmultifamily.loan/states/nevada/carson-city/): 5 FHA-insured apartment loans in Carson City, Nevada: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Henderson, NV](https://hudmultifamily.loan/states/nevada/henderson/): 9 FHA-insured apartment loans in Henderson, Nevada: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Las Vegas, NV](https://hudmultifamily.loan/states/nevada/las-vegas/): 23 FHA-insured apartment loans in Las Vegas, Nevada: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Reno, NV](https://hudmultifamily.loan/states/nevada/reno/): 15 FHA-insured apartment loans in Reno, Nevada: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Concord, NH](https://hudmultifamily.loan/states/new-hampshire/concord/): 7 FHA-insured apartment loans in Concord, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dover, NH](https://hudmultifamily.loan/states/new-hampshire/dover/): 11 FHA-insured apartment loans in Dover, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Goffstown, NH](https://hudmultifamily.loan/states/new-hampshire/goffstown/): 4 FHA-insured apartment loans in Goffstown, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Laconia, NH](https://hudmultifamily.loan/states/new-hampshire/laconia/): 5 FHA-insured apartment loans in Laconia, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Manchester, NH](https://hudmultifamily.loan/states/new-hampshire/manchester/): 9 FHA-insured apartment loans in Manchester, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Nashua, NH](https://hudmultifamily.loan/states/new-hampshire/nashua/): 10 FHA-insured apartment loans in Nashua, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Portsmouth, NH](https://hudmultifamily.loan/states/new-hampshire/portsmouth/): 5 FHA-insured apartment loans in Portsmouth, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rochester, NH](https://hudmultifamily.loan/states/new-hampshire/rochester/): 6 FHA-insured apartment loans in Rochester, New Hampshire: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Atlantic City, NJ](https://hudmultifamily.loan/states/new-jersey/atlantic-city/): 4 FHA-insured apartment loans in Atlantic City, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Camden, NJ](https://hudmultifamily.loan/states/new-jersey/camden/): 7 FHA-insured apartment loans in Camden, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Orange, NJ](https://hudmultifamily.loan/states/new-jersey/east-orange/): 6 FHA-insured apartment loans in East Orange, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jersey City, NJ](https://hudmultifamily.loan/states/new-jersey/jersey-city/): 16 FHA-insured apartment loans in Jersey City, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Newark, NJ](https://hudmultifamily.loan/states/new-jersey/newark/): 23 FHA-insured apartment loans in Newark, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Passaic, NJ](https://hudmultifamily.loan/states/new-jersey/passaic/): 4 FHA-insured apartment loans in Passaic, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Paterson, NJ](https://hudmultifamily.loan/states/new-jersey/paterson/): 5 FHA-insured apartment loans in Paterson, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Roselle, NJ](https://hudmultifamily.loan/states/new-jersey/roselle/): 5 FHA-insured apartment loans in Roselle, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Trenton, NJ](https://hudmultifamily.loan/states/new-jersey/trenton/): 8 FHA-insured apartment loans in Trenton, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West New York, NJ](https://hudmultifamily.loan/states/new-jersey/west-new-york/): 4 FHA-insured apartment loans in West New York, New Jersey: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Albuquerque, NM](https://hudmultifamily.loan/states/new-mexico/albuquerque/): 13 FHA-insured apartment loans in Albuquerque, New Mexico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Carlsbad, NM](https://hudmultifamily.loan/states/new-mexico/carlsbad/): 4 FHA-insured apartment loans in Carlsbad, New Mexico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hobbs, NM](https://hudmultifamily.loan/states/new-mexico/hobbs/): 6 FHA-insured apartment loans in Hobbs, New Mexico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Las Cruces, NM](https://hudmultifamily.loan/states/new-mexico/las-cruces/): 5 FHA-insured apartment loans in Las Cruces, New Mexico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Roswell, NM](https://hudmultifamily.loan/states/new-mexico/roswell/): 4 FHA-insured apartment loans in Roswell, New Mexico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Santa Fe, NM](https://hudmultifamily.loan/states/new-mexico/santa-fe/): 8 FHA-insured apartment loans in Santa Fe, New Mexico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Albany, NY](https://hudmultifamily.loan/states/new-york/albany/): 6 FHA-insured apartment loans in Albany, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Amherst, NY](https://hudmultifamily.loan/states/new-york/amherst/): 4 FHA-insured apartment loans in Amherst, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bronx, NY](https://hudmultifamily.loan/states/new-york/bronx/): 57 FHA-insured apartment loans in Bronx, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brooklyn, NY](https://hudmultifamily.loan/states/new-york/brooklyn/): 67 FHA-insured apartment loans in Brooklyn, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Buffalo, NY](https://hudmultifamily.loan/states/new-york/buffalo/): 9 FHA-insured apartment loans in Buffalo, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cohoes, NY](https://hudmultifamily.loan/states/new-york/cohoes/): 4 FHA-insured apartment loans in Cohoes, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cortland, NY](https://hudmultifamily.loan/states/new-york/cortland/): 4 FHA-insured apartment loans in Cortland, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Far Rockaway, NY](https://hudmultifamily.loan/states/new-york/far-rockaway/): 5 FHA-insured apartment loans in Far Rockaway, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jamaica, NY](https://hudmultifamily.loan/states/new-york/jamaica/): 7 FHA-insured apartment loans in Jamaica, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in New York, NY](https://hudmultifamily.loan/states/new-york/new-york/): 88 FHA-insured apartment loans in New York, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Poughkeepsie, NY](https://hudmultifamily.loan/states/new-york/poughkeepsie/): 6 FHA-insured apartment loans in Poughkeepsie, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Queens, NY](https://hudmultifamily.loan/states/new-york/queens/): 4 FHA-insured apartment loans in Queens, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rochester, NY](https://hudmultifamily.loan/states/new-york/rochester/): 7 FHA-insured apartment loans in Rochester, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Staten Island, NY](https://hudmultifamily.loan/states/new-york/staten-island/): 9 FHA-insured apartment loans in Staten Island, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Suffern, NY](https://hudmultifamily.loan/states/new-york/suffern/): 4 FHA-insured apartment loans in Suffern, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Syracuse, NY](https://hudmultifamily.loan/states/new-york/syracuse/): 8 FHA-insured apartment loans in Syracuse, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Watertown, NY](https://hudmultifamily.loan/states/new-york/watertown/): 4 FHA-insured apartment loans in Watertown, New York: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Asheville, NC](https://hudmultifamily.loan/states/north-carolina/asheville/): 10 FHA-insured apartment loans in Asheville, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Burlington, NC](https://hudmultifamily.loan/states/north-carolina/burlington/): 8 FHA-insured apartment loans in Burlington, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Charlotte, NC](https://hudmultifamily.loan/states/north-carolina/charlotte/): 42 FHA-insured apartment loans in Charlotte, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Clayton, NC](https://hudmultifamily.loan/states/north-carolina/clayton/): 5 FHA-insured apartment loans in Clayton, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Concord, NC](https://hudmultifamily.loan/states/north-carolina/concord/): 5 FHA-insured apartment loans in Concord, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Durham, NC](https://hudmultifamily.loan/states/north-carolina/durham/): 10 FHA-insured apartment loans in Durham, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elizabeth City, NC](https://hudmultifamily.loan/states/north-carolina/elizabeth-city/): 5 FHA-insured apartment loans in Elizabeth City, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fayetteville, NC](https://hudmultifamily.loan/states/north-carolina/fayetteville/): 22 FHA-insured apartment loans in Fayetteville, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Gastonia, NC](https://hudmultifamily.loan/states/north-carolina/gastonia/): 6 FHA-insured apartment loans in Gastonia, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Goldsboro, NC](https://hudmultifamily.loan/states/north-carolina/goldsboro/): 5 FHA-insured apartment loans in Goldsboro, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greensboro, NC](https://hudmultifamily.loan/states/north-carolina/greensboro/): 25 FHA-insured apartment loans in Greensboro, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greenville, NC](https://hudmultifamily.loan/states/north-carolina/greenville/): 9 FHA-insured apartment loans in Greenville, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hickory, NC](https://hudmultifamily.loan/states/north-carolina/hickory/): 7 FHA-insured apartment loans in Hickory, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in High Point, NC](https://hudmultifamily.loan/states/north-carolina/high-point/): 5 FHA-insured apartment loans in High Point, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hope Mills, NC](https://hudmultifamily.loan/states/north-carolina/hope-mills/): 4 FHA-insured apartment loans in Hope Mills, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jacksonville, NC](https://hudmultifamily.loan/states/north-carolina/jacksonville/): 10 FHA-insured apartment loans in Jacksonville, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kannapolis, NC](https://hudmultifamily.loan/states/north-carolina/kannapolis/): 6 FHA-insured apartment loans in Kannapolis, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Knightdale, NC](https://hudmultifamily.loan/states/north-carolina/knightdale/): 4 FHA-insured apartment loans in Knightdale, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lexington, NC](https://hudmultifamily.loan/states/north-carolina/lexington/): 4 FHA-insured apartment loans in Lexington, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Monroe, NC](https://hudmultifamily.loan/states/north-carolina/monroe/): 4 FHA-insured apartment loans in Monroe, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mooresville, NC](https://hudmultifamily.loan/states/north-carolina/mooresville/): 7 FHA-insured apartment loans in Mooresville, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Morehead City, NC](https://hudmultifamily.loan/states/north-carolina/morehead-city/): 4 FHA-insured apartment loans in Morehead City, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in New Bern, NC](https://hudmultifamily.loan/states/north-carolina/new-bern/): 4 FHA-insured apartment loans in New Bern, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Raleigh, NC](https://hudmultifamily.loan/states/north-carolina/raleigh/): 25 FHA-insured apartment loans in Raleigh, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Salisbury, NC](https://hudmultifamily.loan/states/north-carolina/salisbury/): 5 FHA-insured apartment loans in Salisbury, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sanford, NC](https://hudmultifamily.loan/states/north-carolina/sanford/): 4 FHA-insured apartment loans in Sanford, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Spring Lake, NC](https://hudmultifamily.loan/states/north-carolina/spring-lake/): 4 FHA-insured apartment loans in Spring Lake, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Statesville, NC](https://hudmultifamily.loan/states/north-carolina/statesville/): 5 FHA-insured apartment loans in Statesville, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wilmington, NC](https://hudmultifamily.loan/states/north-carolina/wilmington/): 17 FHA-insured apartment loans in Wilmington, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wilson, NC](https://hudmultifamily.loan/states/north-carolina/wilson/): 6 FHA-insured apartment loans in Wilson, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Winston-Salem, NC](https://hudmultifamily.loan/states/north-carolina/winston-salem/): 14 FHA-insured apartment loans in Winston-Salem, North Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bismarck, ND](https://hudmultifamily.loan/states/north-dakota/bismarck/): 8 FHA-insured apartment loans in Bismarck, North Dakota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fargo, ND](https://hudmultifamily.loan/states/north-dakota/fargo/): 6 FHA-insured apartment loans in Fargo, North Dakota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Grand Forks, ND](https://hudmultifamily.loan/states/north-dakota/grand-forks/): 6 FHA-insured apartment loans in Grand Forks, North Dakota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Minot, ND](https://hudmultifamily.loan/states/north-dakota/minot/): 4 FHA-insured apartment loans in Minot, North Dakota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Akron, OH](https://hudmultifamily.loan/states/ohio/akron/): 21 FHA-insured apartment loans in Akron, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Beavercreek, OH](https://hudmultifamily.loan/states/ohio/beavercreek/): 4 FHA-insured apartment loans in Beavercreek, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brunswick, OH](https://hudmultifamily.loan/states/ohio/brunswick/): 5 FHA-insured apartment loans in Brunswick, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Canal Winchester, OH](https://hudmultifamily.loan/states/ohio/canal-winchester/): 6 FHA-insured apartment loans in Canal Winchester, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Canton, OH](https://hudmultifamily.loan/states/ohio/canton/): 8 FHA-insured apartment loans in Canton, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cincinnati, OH](https://hudmultifamily.loan/states/ohio/cincinnati/): 55 FHA-insured apartment loans in Cincinnati, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cleveland, OH](https://hudmultifamily.loan/states/ohio/cleveland/): 63 FHA-insured apartment loans in Cleveland, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbus, OH](https://hudmultifamily.loan/states/ohio/columbus/): 51 FHA-insured apartment loans in Columbus, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cuyahoga Falls, OH](https://hudmultifamily.loan/states/ohio/cuyahoga-falls/): 9 FHA-insured apartment loans in Cuyahoga Falls, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dayton, OH](https://hudmultifamily.loan/states/ohio/dayton/): 14 FHA-insured apartment loans in Dayton, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Delaware, OH](https://hudmultifamily.loan/states/ohio/delaware/): 6 FHA-insured apartment loans in Delaware, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dublin, OH](https://hudmultifamily.loan/states/ohio/dublin/): 7 FHA-insured apartment loans in Dublin, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Cleveland, OH](https://hudmultifamily.loan/states/ohio/east-cleveland/): 5 FHA-insured apartment loans in East Cleveland, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Elyria, OH](https://hudmultifamily.loan/states/ohio/elyria/): 8 FHA-insured apartment loans in Elyria, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Grove City, OH](https://hudmultifamily.loan/states/ohio/grove-city/): 6 FHA-insured apartment loans in Grove City, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hamilton, OH](https://hudmultifamily.loan/states/ohio/hamilton/): 6 FHA-insured apartment loans in Hamilton, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lancaster, OH](https://hudmultifamily.loan/states/ohio/lancaster/): 5 FHA-insured apartment loans in Lancaster, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lima, OH](https://hudmultifamily.loan/states/ohio/lima/): 8 FHA-insured apartment loans in Lima, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lorain, OH](https://hudmultifamily.loan/states/ohio/lorain/): 7 FHA-insured apartment loans in Lorain, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mansfield, OH](https://hudmultifamily.loan/states/ohio/mansfield/): 4 FHA-insured apartment loans in Mansfield, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Marion, OH](https://hudmultifamily.loan/states/ohio/marion/): 4 FHA-insured apartment loans in Marion, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Marysville, OH](https://hudmultifamily.loan/states/ohio/marysville/): 6 FHA-insured apartment loans in Marysville, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Medina, OH](https://hudmultifamily.loan/states/ohio/medina/): 6 FHA-insured apartment loans in Medina, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Middletown, OH](https://hudmultifamily.loan/states/ohio/middletown/): 4 FHA-insured apartment loans in Middletown, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Newark, OH](https://hudmultifamily.loan/states/ohio/newark/): 7 FHA-insured apartment loans in Newark, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Perrysburg, OH](https://hudmultifamily.loan/states/ohio/perrysburg/): 5 FHA-insured apartment loans in Perrysburg, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Reynoldsburg, OH](https://hudmultifamily.loan/states/ohio/reynoldsburg/): 6 FHA-insured apartment loans in Reynoldsburg, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Toledo, OH](https://hudmultifamily.loan/states/ohio/toledo/): 32 FHA-insured apartment loans in Toledo, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Warren, OH](https://hudmultifamily.loan/states/ohio/warren/): 4 FHA-insured apartment loans in Warren, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Youngstown, OH](https://hudmultifamily.loan/states/ohio/youngstown/): 5 FHA-insured apartment loans in Youngstown, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Zanesville, OH](https://hudmultifamily.loan/states/ohio/zanesville/): 5 FHA-insured apartment loans in Zanesville, Ohio: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Edmond, OK](https://hudmultifamily.loan/states/oklahoma/edmond/): 4 FHA-insured apartment loans in Edmond, Oklahoma: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lawton, OK](https://hudmultifamily.loan/states/oklahoma/lawton/): 7 FHA-insured apartment loans in Lawton, Oklahoma: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Norman, OK](https://hudmultifamily.loan/states/oklahoma/norman/): 5 FHA-insured apartment loans in Norman, Oklahoma: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Oklahoma City, OK](https://hudmultifamily.loan/states/oklahoma/oklahoma-city/): 20 FHA-insured apartment loans in Oklahoma City, Oklahoma: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Tulsa, OK](https://hudmultifamily.loan/states/oklahoma/tulsa/): 22 FHA-insured apartment loans in Tulsa, Oklahoma: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Beaverton, OR](https://hudmultifamily.loan/states/oregon/beaverton/): 5 FHA-insured apartment loans in Beaverton, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bend, OR](https://hudmultifamily.loan/states/oregon/bend/): 4 FHA-insured apartment loans in Bend, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Eugene, OR](https://hudmultifamily.loan/states/oregon/eugene/): 8 FHA-insured apartment loans in Eugene, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Gresham, OR](https://hudmultifamily.loan/states/oregon/gresham/): 7 FHA-insured apartment loans in Gresham, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hillsboro, OR](https://hudmultifamily.loan/states/oregon/hillsboro/): 5 FHA-insured apartment loans in Hillsboro, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Medford, OR](https://hudmultifamily.loan/states/oregon/medford/): 5 FHA-insured apartment loans in Medford, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Portland, OR](https://hudmultifamily.loan/states/oregon/portland/): 53 FHA-insured apartment loans in Portland, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Salem, OR](https://hudmultifamily.loan/states/oregon/salem/): 9 FHA-insured apartment loans in Salem, Oregon: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Erie, PA](https://hudmultifamily.loan/states/pennsylvania/erie/): 9 FHA-insured apartment loans in Erie, Pennsylvania: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Harrisburg, PA](https://hudmultifamily.loan/states/pennsylvania/harrisburg/): 6 FHA-insured apartment loans in Harrisburg, Pennsylvania: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lancaster, PA](https://hudmultifamily.loan/states/pennsylvania/lancaster/): 6 FHA-insured apartment loans in Lancaster, Pennsylvania: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Philadelphia, PA](https://hudmultifamily.loan/states/pennsylvania/philadelphia/): 52 FHA-insured apartment loans in Philadelphia, Pennsylvania: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pittsburgh, PA](https://hudmultifamily.loan/states/pennsylvania/pittsburgh/): 35 FHA-insured apartment loans in Pittsburgh, Pennsylvania: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Caguas, PR](https://hudmultifamily.loan/states/puerto-rico/caguas/): 4 FHA-insured apartment loans in Caguas, Puerto Rico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San German, PR](https://hudmultifamily.loan/states/puerto-rico/san-german/): 4 FHA-insured apartment loans in San German, Puerto Rico: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cranston, RI](https://hudmultifamily.loan/states/rhode-island/cranston/): 7 FHA-insured apartment loans in Cranston, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cumberland, RI](https://hudmultifamily.loan/states/rhode-island/cumberland/): 4 FHA-insured apartment loans in Cumberland, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Providence, RI](https://hudmultifamily.loan/states/rhode-island/east-providence/): 9 FHA-insured apartment loans in East Providence, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Newport, RI](https://hudmultifamily.loan/states/rhode-island/newport/): 10 FHA-insured apartment loans in Newport, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North Kingstown, RI](https://hudmultifamily.loan/states/rhode-island/north-kingstown/): 4 FHA-insured apartment loans in North Kingstown, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in North Providence, RI](https://hudmultifamily.loan/states/rhode-island/north-providence/): 6 FHA-insured apartment loans in North Providence, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pawtucket, RI](https://hudmultifamily.loan/states/rhode-island/pawtucket/): 13 FHA-insured apartment loans in Pawtucket, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Providence, RI](https://hudmultifamily.loan/states/rhode-island/providence/): 32 FHA-insured apartment loans in Providence, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Warwick, RI](https://hudmultifamily.loan/states/rhode-island/warwick/): 7 FHA-insured apartment loans in Warwick, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Warwick, RI](https://hudmultifamily.loan/states/rhode-island/west-warwick/): 4 FHA-insured apartment loans in West Warwick, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Woonsocket, RI](https://hudmultifamily.loan/states/rhode-island/woonsocket/): 7 FHA-insured apartment loans in Woonsocket, Rhode Island: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbia, SC](https://hudmultifamily.loan/states/south-carolina/columbia/): 33 FHA-insured apartment loans in Columbia, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Easley, SC](https://hudmultifamily.loan/states/south-carolina/easley/): 4 FHA-insured apartment loans in Easley, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Florence, SC](https://hudmultifamily.loan/states/south-carolina/florence/): 4 FHA-insured apartment loans in Florence, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fort Mill, SC](https://hudmultifamily.loan/states/south-carolina/fort-mill/): 4 FHA-insured apartment loans in Fort Mill, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greenville, SC](https://hudmultifamily.loan/states/south-carolina/greenville/): 22 FHA-insured apartment loans in Greenville, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greer, SC](https://hudmultifamily.loan/states/south-carolina/greer/): 5 FHA-insured apartment loans in Greer, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Rock Hill, SC](https://hudmultifamily.loan/states/south-carolina/rock-hill/): 7 FHA-insured apartment loans in Rock Hill, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Spartanburg, SC](https://hudmultifamily.loan/states/south-carolina/spartanburg/): 10 FHA-insured apartment loans in Spartanburg, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sumter, SC](https://hudmultifamily.loan/states/south-carolina/sumter/): 5 FHA-insured apartment loans in Sumter, South Carolina: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sioux Falls, SD](https://hudmultifamily.loan/states/south-dakota/sioux-falls/): 10 FHA-insured apartment loans in Sioux Falls, South Dakota: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chattanooga, TN](https://hudmultifamily.loan/states/tennessee/chattanooga/): 14 FHA-insured apartment loans in Chattanooga, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Clarksville, TN](https://hudmultifamily.loan/states/tennessee/clarksville/): 5 FHA-insured apartment loans in Clarksville, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cleveland, TN](https://hudmultifamily.loan/states/tennessee/cleveland/): 4 FHA-insured apartment loans in Cleveland, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Columbia, TN](https://hudmultifamily.loan/states/tennessee/columbia/): 6 FHA-insured apartment loans in Columbia, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Gallatin, TN](https://hudmultifamily.loan/states/tennessee/gallatin/): 5 FHA-insured apartment loans in Gallatin, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Jackson, TN](https://hudmultifamily.loan/states/tennessee/jackson/): 4 FHA-insured apartment loans in Jackson, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Johnson City, TN](https://hudmultifamily.loan/states/tennessee/johnson-city/): 7 FHA-insured apartment loans in Johnson City, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kingsport, TN](https://hudmultifamily.loan/states/tennessee/kingsport/): 5 FHA-insured apartment loans in Kingsport, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Knoxville, TN](https://hudmultifamily.loan/states/tennessee/knoxville/): 48 FHA-insured apartment loans in Knoxville, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lebanon, TN](https://hudmultifamily.loan/states/tennessee/lebanon/): 4 FHA-insured apartment loans in Lebanon, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Madison, TN](https://hudmultifamily.loan/states/tennessee/madison/): 4 FHA-insured apartment loans in Madison, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Memphis, TN](https://hudmultifamily.loan/states/tennessee/memphis/): 35 FHA-insured apartment loans in Memphis, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Murfreesboro, TN](https://hudmultifamily.loan/states/tennessee/murfreesboro/): 8 FHA-insured apartment loans in Murfreesboro, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Nashville, TN](https://hudmultifamily.loan/states/tennessee/nashville/): 23 FHA-insured apartment loans in Nashville, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Paris, TN](https://hudmultifamily.loan/states/tennessee/paris/): 4 FHA-insured apartment loans in Paris, Tennessee: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Abilene, TX](https://hudmultifamily.loan/states/texas/abilene/): 6 FHA-insured apartment loans in Abilene, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Allen, TX](https://hudmultifamily.loan/states/texas/allen/): 4 FHA-insured apartment loans in Allen, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Amarillo, TX](https://hudmultifamily.loan/states/texas/amarillo/): 11 FHA-insured apartment loans in Amarillo, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Arlington, TX](https://hudmultifamily.loan/states/texas/arlington/): 6 FHA-insured apartment loans in Arlington, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Austin, TX](https://hudmultifamily.loan/states/texas/austin/): 49 FHA-insured apartment loans in Austin, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Baytown, TX](https://hudmultifamily.loan/states/texas/baytown/): 4 FHA-insured apartment loans in Baytown, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Beaumont, TX](https://hudmultifamily.loan/states/texas/beaumont/): 9 FHA-insured apartment loans in Beaumont, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Belton, TX](https://hudmultifamily.loan/states/texas/belton/): 10 FHA-insured apartment loans in Belton, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Big Spring, TX](https://hudmultifamily.loan/states/texas/big-spring/): 4 FHA-insured apartment loans in Big Spring, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Boerne, TX](https://hudmultifamily.loan/states/texas/boerne/): 4 FHA-insured apartment loans in Boerne, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brownsville, TX](https://hudmultifamily.loan/states/texas/brownsville/): 6 FHA-insured apartment loans in Brownsville, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bryan, TX](https://hudmultifamily.loan/states/texas/bryan/): 10 FHA-insured apartment loans in Bryan, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Burleson, TX](https://hudmultifamily.loan/states/texas/burleson/): 4 FHA-insured apartment loans in Burleson, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Carrollton, TX](https://hudmultifamily.loan/states/texas/carrollton/): 4 FHA-insured apartment loans in Carrollton, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Celina, TX](https://hudmultifamily.loan/states/texas/celina/): 5 FHA-insured apartment loans in Celina, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in College Station, TX](https://hudmultifamily.loan/states/texas/college-station/): 4 FHA-insured apartment loans in College Station, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Conroe, TX](https://hudmultifamily.loan/states/texas/conroe/): 7 FHA-insured apartment loans in Conroe, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Corinth, TX](https://hudmultifamily.loan/states/texas/corinth/): 5 FHA-insured apartment loans in Corinth, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Corpus Christi, TX](https://hudmultifamily.loan/states/texas/corpus-christi/): 20 FHA-insured apartment loans in Corpus Christi, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Dallas, TX](https://hudmultifamily.loan/states/texas/dallas/): 49 FHA-insured apartment loans in Dallas, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Del Rio, TX](https://hudmultifamily.loan/states/texas/del-rio/): 4 FHA-insured apartment loans in Del Rio, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Del Valle, TX](https://hudmultifamily.loan/states/texas/del-valle/): 4 FHA-insured apartment loans in Del Valle, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Denison, TX](https://hudmultifamily.loan/states/texas/denison/): 5 FHA-insured apartment loans in Denison, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Denton, TX](https://hudmultifamily.loan/states/texas/denton/): 14 FHA-insured apartment loans in Denton, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Desoto, TX](https://hudmultifamily.loan/states/texas/desoto/): 4 FHA-insured apartment loans in Desoto, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Eagle Pass, TX](https://hudmultifamily.loan/states/texas/eagle-pass/): 4 FHA-insured apartment loans in Eagle Pass, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Edinburg, TX](https://hudmultifamily.loan/states/texas/edinburg/): 6 FHA-insured apartment loans in Edinburg, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in El Paso, TX](https://hudmultifamily.loan/states/texas/el-paso/): 22 FHA-insured apartment loans in El Paso, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fort Worth, TX](https://hudmultifamily.loan/states/texas/fort-worth/): 34 FHA-insured apartment loans in Fort Worth, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fredericksburg, TX](https://hudmultifamily.loan/states/texas/fredericksburg/): 4 FHA-insured apartment loans in Fredericksburg, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Frisco, TX](https://hudmultifamily.loan/states/texas/frisco/): 9 FHA-insured apartment loans in Frisco, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Garland, TX](https://hudmultifamily.loan/states/texas/garland/): 11 FHA-insured apartment loans in Garland, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Georgetown, TX](https://hudmultifamily.loan/states/texas/georgetown/): 6 FHA-insured apartment loans in Georgetown, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Grand Prairie, TX](https://hudmultifamily.loan/states/texas/grand-prairie/): 8 FHA-insured apartment loans in Grand Prairie, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greenville, TX](https://hudmultifamily.loan/states/texas/greenville/): 4 FHA-insured apartment loans in Greenville, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Harlingen, TX](https://hudmultifamily.loan/states/texas/harlingen/): 6 FHA-insured apartment loans in Harlingen, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Houston, TX](https://hudmultifamily.loan/states/texas/houston/): 89 FHA-insured apartment loans in Houston, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Humble, TX](https://hudmultifamily.loan/states/texas/humble/): 6 FHA-insured apartment loans in Humble, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Irving, TX](https://hudmultifamily.loan/states/texas/irving/): 8 FHA-insured apartment loans in Irving, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Katy, TX](https://hudmultifamily.loan/states/texas/katy/): 5 FHA-insured apartment loans in Katy, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kerrville, TX](https://hudmultifamily.loan/states/texas/kerrville/): 4 FHA-insured apartment loans in Kerrville, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Killeen, TX](https://hudmultifamily.loan/states/texas/killeen/): 6 FHA-insured apartment loans in Killeen, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kyle, TX](https://hudmultifamily.loan/states/texas/kyle/): 4 FHA-insured apartment loans in Kyle, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Laredo, TX](https://hudmultifamily.loan/states/texas/laredo/): 4 FHA-insured apartment loans in Laredo, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in League City, TX](https://hudmultifamily.loan/states/texas/league-city/): 4 FHA-insured apartment loans in League City, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Leander, TX](https://hudmultifamily.loan/states/texas/leander/): 4 FHA-insured apartment loans in Leander, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lewisville, TX](https://hudmultifamily.loan/states/texas/lewisville/): 7 FHA-insured apartment loans in Lewisville, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Longview, TX](https://hudmultifamily.loan/states/texas/longview/): 6 FHA-insured apartment loans in Longview, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lubbock, TX](https://hudmultifamily.loan/states/texas/lubbock/): 14 FHA-insured apartment loans in Lubbock, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lufkin, TX](https://hudmultifamily.loan/states/texas/lufkin/): 4 FHA-insured apartment loans in Lufkin, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Marble Falls, TX](https://hudmultifamily.loan/states/texas/marble-falls/): 4 FHA-insured apartment loans in Marble Falls, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mcallen, TX](https://hudmultifamily.loan/states/texas/mcallen/): 5 FHA-insured apartment loans in Mcallen, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mckinney, TX](https://hudmultifamily.loan/states/texas/mckinney/): 11 FHA-insured apartment loans in Mckinney, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mesquite, TX](https://hudmultifamily.loan/states/texas/mesquite/): 9 FHA-insured apartment loans in Mesquite, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Midland, TX](https://hudmultifamily.loan/states/texas/midland/): 14 FHA-insured apartment loans in Midland, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mission, TX](https://hudmultifamily.loan/states/texas/mission/): 7 FHA-insured apartment loans in Mission, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Montgomery, TX](https://hudmultifamily.loan/states/texas/montgomery/): 4 FHA-insured apartment loans in Montgomery, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in New Braunfels, TX](https://hudmultifamily.loan/states/texas/new-braunfels/): 5 FHA-insured apartment loans in New Braunfels, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Odessa, TX](https://hudmultifamily.loan/states/texas/odessa/): 12 FHA-insured apartment loans in Odessa, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Palestine, TX](https://hudmultifamily.loan/states/texas/palestine/): 4 FHA-insured apartment loans in Palestine, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pasadena, TX](https://hudmultifamily.loan/states/texas/pasadena/): 6 FHA-insured apartment loans in Pasadena, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pflugerville, TX](https://hudmultifamily.loan/states/texas/pflugerville/): 4 FHA-insured apartment loans in Pflugerville, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pharr, TX](https://hudmultifamily.loan/states/texas/pharr/): 8 FHA-insured apartment loans in Pharr, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Plano, TX](https://hudmultifamily.loan/states/texas/plano/): 8 FHA-insured apartment loans in Plano, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Port Arthur, TX](https://hudmultifamily.loan/states/texas/port-arthur/): 9 FHA-insured apartment loans in Port Arthur, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Richardson, TX](https://hudmultifamily.loan/states/texas/richardson/): 4 FHA-insured apartment loans in Richardson, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Richmond, TX](https://hudmultifamily.loan/states/texas/richmond/): 4 FHA-insured apartment loans in Richmond, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Round Rock, TX](https://hudmultifamily.loan/states/texas/round-rock/): 4 FHA-insured apartment loans in Round Rock, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San Angelo, TX](https://hudmultifamily.loan/states/texas/san-angelo/): 4 FHA-insured apartment loans in San Angelo, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San Antonio, TX](https://hudmultifamily.loan/states/texas/san-antonio/): 102 FHA-insured apartment loans in San Antonio, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in San Marcos, TX](https://hudmultifamily.loan/states/texas/san-marcos/): 5 FHA-insured apartment loans in San Marcos, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Seguin, TX](https://hudmultifamily.loan/states/texas/seguin/): 5 FHA-insured apartment loans in Seguin, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sherman, TX](https://hudmultifamily.loan/states/texas/sherman/): 6 FHA-insured apartment loans in Sherman, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Temple, TX](https://hudmultifamily.loan/states/texas/temple/): 7 FHA-insured apartment loans in Temple, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Texarkana, TX](https://hudmultifamily.loan/states/texas/texarkana/): 5 FHA-insured apartment loans in Texarkana, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Tyler, TX](https://hudmultifamily.loan/states/texas/tyler/): 10 FHA-insured apartment loans in Tyler, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Victoria, TX](https://hudmultifamily.loan/states/texas/victoria/): 8 FHA-insured apartment loans in Victoria, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Waco, TX](https://hudmultifamily.loan/states/texas/waco/): 8 FHA-insured apartment loans in Waco, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Waxahachie, TX](https://hudmultifamily.loan/states/texas/waxahachie/): 9 FHA-insured apartment loans in Waxahachie, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Weatherford, TX](https://hudmultifamily.loan/states/texas/weatherford/): 5 FHA-insured apartment loans in Weatherford, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Weslaco, TX](https://hudmultifamily.loan/states/texas/weslaco/): 5 FHA-insured apartment loans in Weslaco, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wichita Falls, TX](https://hudmultifamily.loan/states/texas/wichita-falls/): 10 FHA-insured apartment loans in Wichita Falls, Texas: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Clearfield, UT](https://hudmultifamily.loan/states/utah/clearfield/): 6 FHA-insured apartment loans in Clearfield, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Layton, UT](https://hudmultifamily.loan/states/utah/layton/): 5 FHA-insured apartment loans in Layton, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Murray, UT](https://hudmultifamily.loan/states/utah/murray/): 4 FHA-insured apartment loans in Murray, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ogden, UT](https://hudmultifamily.loan/states/utah/ogden/): 15 FHA-insured apartment loans in Ogden, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Salt Lake City, UT](https://hudmultifamily.loan/states/utah/salt-lake-city/): 27 FHA-insured apartment loans in Salt Lake City, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sandy, UT](https://hudmultifamily.loan/states/utah/sandy/): 4 FHA-insured apartment loans in Sandy, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in St George, UT](https://hudmultifamily.loan/states/utah/st-george/): 4 FHA-insured apartment loans in St George, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Jordan, UT](https://hudmultifamily.loan/states/utah/west-jordan/): 8 FHA-insured apartment loans in West Jordan, Utah: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Burlington, VT](https://hudmultifamily.loan/states/vermont/burlington/): 4 FHA-insured apartment loans in Burlington, Vermont: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in South Burlington, VT](https://hudmultifamily.loan/states/vermont/south-burlington/): 4 FHA-insured apartment loans in South Burlington, Vermont: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Alexandria, VA](https://hudmultifamily.loan/states/virginia/alexandria/): 7 FHA-insured apartment loans in Alexandria, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Arlington, VA](https://hudmultifamily.loan/states/virginia/arlington/): 8 FHA-insured apartment loans in Arlington, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Ashburn, VA](https://hudmultifamily.loan/states/virginia/ashburn/): 4 FHA-insured apartment loans in Ashburn, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Blacksburg, VA](https://hudmultifamily.loan/states/virginia/blacksburg/): 7 FHA-insured apartment loans in Blacksburg, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Charlottesville, VA](https://hudmultifamily.loan/states/virginia/charlottesville/): 18 FHA-insured apartment loans in Charlottesville, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chesapeake, VA](https://hudmultifamily.loan/states/virginia/chesapeake/): 15 FHA-insured apartment loans in Chesapeake, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Chester, VA](https://hudmultifamily.loan/states/virginia/chester/): 9 FHA-insured apartment loans in Chester, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fairfax, VA](https://hudmultifamily.loan/states/virginia/fairfax/): 7 FHA-insured apartment loans in Fairfax, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Fredericksburg, VA](https://hudmultifamily.loan/states/virginia/fredericksburg/): 12 FHA-insured apartment loans in Fredericksburg, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hampton, VA](https://hudmultifamily.loan/states/virginia/hampton/): 4 FHA-insured apartment loans in Hampton, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Harrisonburg, VA](https://hudmultifamily.loan/states/virginia/harrisonburg/): 4 FHA-insured apartment loans in Harrisonburg, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Herndon, VA](https://hudmultifamily.loan/states/virginia/herndon/): 6 FHA-insured apartment loans in Herndon, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Hopewell, VA](https://hudmultifamily.loan/states/virginia/hopewell/): 4 FHA-insured apartment loans in Hopewell, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lynchburg, VA](https://hudmultifamily.loan/states/virginia/lynchburg/): 10 FHA-insured apartment loans in Lynchburg, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Manassas, VA](https://hudmultifamily.loan/states/virginia/manassas/): 4 FHA-insured apartment loans in Manassas, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Mechanicsville, VA](https://hudmultifamily.loan/states/virginia/mechanicsville/): 6 FHA-insured apartment loans in Mechanicsville, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Newport News, VA](https://hudmultifamily.loan/states/virginia/newport-news/): 14 FHA-insured apartment loans in Newport News, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Norfolk, VA](https://hudmultifamily.loan/states/virginia/norfolk/): 17 FHA-insured apartment loans in Norfolk, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Portsmouth, VA](https://hudmultifamily.loan/states/virginia/portsmouth/): 4 FHA-insured apartment loans in Portsmouth, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Richmond, VA](https://hudmultifamily.loan/states/virginia/richmond/): 33 FHA-insured apartment loans in Richmond, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Roanoke, VA](https://hudmultifamily.loan/states/virginia/roanoke/): 11 FHA-insured apartment loans in Roanoke, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Spotsylvania, VA](https://hudmultifamily.loan/states/virginia/spotsylvania/): 4 FHA-insured apartment loans in Spotsylvania, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Suffolk, VA](https://hudmultifamily.loan/states/virginia/suffolk/): 11 FHA-insured apartment loans in Suffolk, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Virginia Beach, VA](https://hudmultifamily.loan/states/virginia/virginia-beach/): 24 FHA-insured apartment loans in Virginia Beach, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Williamsburg, VA](https://hudmultifamily.loan/states/virginia/williamsburg/): 6 FHA-insured apartment loans in Williamsburg, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Winchester, VA](https://hudmultifamily.loan/states/virginia/winchester/): 4 FHA-insured apartment loans in Winchester, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Woodbridge, VA](https://hudmultifamily.loan/states/virginia/woodbridge/): 10 FHA-insured apartment loans in Woodbridge, Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Bellingham, WA](https://hudmultifamily.loan/states/washington/bellingham/): 7 FHA-insured apartment loans in Bellingham, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Everett, WA](https://hudmultifamily.loan/states/washington/everett/): 8 FHA-insured apartment loans in Everett, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Issaquah, WA](https://hudmultifamily.loan/states/washington/issaquah/): 4 FHA-insured apartment loans in Issaquah, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Lacey, WA](https://hudmultifamily.loan/states/washington/lacey/): 5 FHA-insured apartment loans in Lacey, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Olympia, WA](https://hudmultifamily.loan/states/washington/olympia/): 6 FHA-insured apartment loans in Olympia, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Pullman, WA](https://hudmultifamily.loan/states/washington/pullman/): 5 FHA-insured apartment loans in Pullman, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Puyallup, WA](https://hudmultifamily.loan/states/washington/puyallup/): 5 FHA-insured apartment loans in Puyallup, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Renton, WA](https://hudmultifamily.loan/states/washington/renton/): 4 FHA-insured apartment loans in Renton, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Richland, WA](https://hudmultifamily.loan/states/washington/richland/): 7 FHA-insured apartment loans in Richland, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Seattle, WA](https://hudmultifamily.loan/states/washington/seattle/): 39 FHA-insured apartment loans in Seattle, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Spokane, WA](https://hudmultifamily.loan/states/washington/spokane/): 17 FHA-insured apartment loans in Spokane, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Tacoma, WA](https://hudmultifamily.loan/states/washington/tacoma/): 11 FHA-insured apartment loans in Tacoma, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Vancouver, WA](https://hudmultifamily.loan/states/washington/vancouver/): 15 FHA-insured apartment loans in Vancouver, Washington: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Huntington, WV](https://hudmultifamily.loan/states/west-virginia/huntington/): 4 FHA-insured apartment loans in Huntington, West Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Martinsburg, WV](https://hudmultifamily.loan/states/west-virginia/martinsburg/): 4 FHA-insured apartment loans in Martinsburg, West Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wheeling, WV](https://hudmultifamily.loan/states/west-virginia/wheeling/): 6 FHA-insured apartment loans in Wheeling, West Virginia: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Brookfield, WI](https://hudmultifamily.loan/states/wisconsin/brookfield/): 4 FHA-insured apartment loans in Brookfield, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in East Troy, WI](https://hudmultifamily.loan/states/wisconsin/east-troy/): 4 FHA-insured apartment loans in East Troy, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Green Bay, WI](https://hudmultifamily.loan/states/wisconsin/green-bay/): 6 FHA-insured apartment loans in Green Bay, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Greenfield, WI](https://hudmultifamily.loan/states/wisconsin/greenfield/): 4 FHA-insured apartment loans in Greenfield, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Kenosha, WI](https://hudmultifamily.loan/states/wisconsin/kenosha/): 9 FHA-insured apartment loans in Kenosha, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Madison, WI](https://hudmultifamily.loan/states/wisconsin/madison/): 25 FHA-insured apartment loans in Madison, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Middleton, WI](https://hudmultifamily.loan/states/wisconsin/middleton/): 5 FHA-insured apartment loans in Middleton, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Milwaukee, WI](https://hudmultifamily.loan/states/wisconsin/milwaukee/): 34 FHA-insured apartment loans in Milwaukee, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Oak Creek, WI](https://hudmultifamily.loan/states/wisconsin/oak-creek/): 11 FHA-insured apartment loans in Oak Creek, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Racine, WI](https://hudmultifamily.loan/states/wisconsin/racine/): 6 FHA-insured apartment loans in Racine, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Sheboygan, WI](https://hudmultifamily.loan/states/wisconsin/sheboygan/): 4 FHA-insured apartment loans in Sheboygan, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Wauwatosa, WI](https://hudmultifamily.loan/states/wisconsin/wauwatosa/): 4 FHA-insured apartment loans in Wauwatosa, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in West Allis, WI](https://hudmultifamily.loan/states/wisconsin/west-allis/): 6 FHA-insured apartment loans in West Allis, Wisconsin: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Casper, WY](https://hudmultifamily.loan/states/wyoming/casper/): 4 FHA-insured apartment loans in Casper, Wyoming: note rates, balances, maturities and lenders from HUD's September 2026 file. - [HUD apartment loans in Cheyenne, WY](https://hudmultifamily.loan/states/wyoming/cheyenne/): 5 FHA-insured apartment loans in Cheyenne, Wyoming: note rates, balances, maturities and lenders from HUD's September 2026 file. ## Property pages - 11,602 pages, one per FHA-insured apartment loan: https://hudmultifamily.loan/sitemaps/properties.xml - Search them: https://hudmultifamily.loan/api/v1/loans?state=TX&max_rate=4 (OpenAPI: https://hudmultifamily.loan/openapi.json); MCP tools search_loans and get_loan at https://hudmultifamily.loan/mcp - Bulk download: https://hudmultifamily.loan/data/