# Endorsement Index

> 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.

Endorsement Index (hudmultifamily.loan) is independent research on FHA-insured apartment financing (HUD multifamily, 5+ units): the rules for every program, with primary sources, and a page for every apartment loan in HUD's active insured file. It is published by Janover Capital LLC, a commercial mortgage advisor (not a lender, not affiliated with HUD or FHA). Contact: hello@hudmultifamily.loan.

Key facts as of September 30, 2026: 11,602 active FHA-insured apartment loans, $144.6 billion owed, median note rate 3.65%; loans endorsed in the prior 12 months closed at a median 5.54% (572 loans, realized rates, not quotes). MIP is 0.25% upfront and 0.25% a year for applications on or after 2025-10-01 (90 FR 45789). Market-rate 223(f) and 221(d)(4) lend up to 87% at 1.15x; affordable 90% at 1.11x (ML 2025-03).

## Agents and API
- [For AI agents and developers](https://hudmultifamily.loan/agents/): how to use the API, MCP server, downloads and Markdown mirrors, with examples and the license.
- [MCP server](https://hudmultifamily.loan/mcp): remote MCP, Streamable HTTP, no auth. Tools: search_loans, get_loan, program_facts, statutory_limit, size_223f, hud_stats. Server card: https://hudmultifamily.loan/mcp/server-card.
- [REST API v1](https://hudmultifamily.loan/api/v1/): read-only JSON, CORS open: /api/v1/loans, /api/v1/loans/{fha_number}, /api/v1/stats, /api/v1/programs, /api/v1/limits.
- /api/v1/loans/{fha_number} and MCP get_loan also return `inspection` (HUD physical inspection scores: latest and up to two prior, release dates, REAC UPCS or NSPIRE scoring; HUD file as of 2026-10-06) and `rental_assistance` (active Section 8 / PRAC / PAC / RAC contracts: assisted units, current-term and overall expiration, latest renewal option, status and type; HUD files as of 2026-10-06); null when HUD's file has no row for the property.
- [OpenAPI 3.1 spec](https://hudmultifamily.loan/openapi.json)
- Markdown mirrors: append .md to any program or learn URL (e.g. https://hudmultifamily.loan/programs/223f.md); home https://hudmultifamily.loan/index.md, data https://hudmultifamily.loan/data.md, rates https://hudmultifamily.loan/rates.md.
- [Full text of every program and learn page](https://hudmultifamily.loan/llms-full.txt)

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

## Learn
- [FHA loans for 5 or more units: the commercial HUD programs, not owner-occupied FHA](https://hudmultifamily.loan/learn/fha-multifamily-5-units/): Owner-occupied FHA loans stop at 4 units. A 5+ unit apartment building uses HUD's commercial multifamily programs through MAP lenders. Which one fits, and why. Markdown: https://hudmultifamily.loan/learn/fha-multifamily-5-units.md
- [How long a HUD multifamily loan takes, stage by stage](https://hudmultifamily.loan/learn/hud-loan-timeline/): The HUD multifamily loan process for 223(f), 221(d)(4) and 223(a)(7): concept meeting, invitation letter, firm commitment, rate lock and endorsement. Markdown: https://hudmultifamily.loan/learn/hud-loan-timeline.md
- [Who and what qualifies for a HUD multifamily loan](https://hudmultifamily.loan/learn/hud-loan-requirements/): HUD apartment loan requirements for 2026: single-asset borrower, 5+ units, no short-term rentals, 2530 clearance, occupancy and commercial space limits. Markdown: https://hudmultifamily.loan/learn/hud-loan-requirements.md
- [MAP lenders: who can file a HUD multifamily loan, and how to pick one](https://hudmultifamily.loan/learn/map-lenders/): Only HUD MAP-approved lenders can submit FHA multifamily applications. How MAP approval works, where HUD's list is, and how to choose a lender. Markdown: https://hudmultifamily.loan/learn/map-lenders.md
- [The third-party reports a HUD multifamily loan needs](https://hudmultifamily.loan/learn/third-party-reports/): What HUD requires for 223(f), 221(d)(4) and 223(a)(7): appraisal, market study, CNA e-Tool, Phase I, HEROS, plan and cost review, 180-day rules. Markdown: https://hudmultifamily.loan/learn/third-party-reports.md
- [HUD construction draws and change orders: how money moves on a 221(d)(4)](https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders/): How HUD 221(d)(4) construction draws work: monthly HUD-92448 requisitions, 10% retainage stepping to 2.5%, change order rules, escrows and final advance. Markdown: https://hudmultifamily.loan/learn/hud-construction-draws-and-change-orders.md
- [HUD cost certification: proving what the project actually cost](https://hudmultifamily.loan/learn/cost-certification/): How HUD cost certification works: forms HUD-92330, 92330-A and 2205-A, the CPA audit, the 80% exemption, the 223(f) modified form and mortgage reductions. Markdown: https://hudmultifamily.loan/learn/cost-certification.md
- [HUD multifamily glossary](https://hudmultifamily.loan/learn/glossary/): Plain-English definitions of 99 HUD and FHA apartment lending terms, from 223(f) and APPS to TPA, surplus cash, MIP, NSPIRE and statutory limits. Markdown: https://hudmultifamily.loan/learn/glossary.md
- [HUD multifamily loan fees: every charge, with a worked $20 million example](https://hudmultifamily.loan/learn/hud-loan-fees/): Every fee on a HUD apartment loan from the MAP Guide: 0.30% application, inspection schedule, 3.5% lender cap, 0.25% MIP, with a worked $20M 223(f) example. Markdown: https://hudmultifamily.loan/learn/hud-loan-fees.md
- [HUD multifamily MIP: 0.25% for every program since October 2025](https://hudmultifamily.loan/learn/hud-mip/): FHA multifamily MIP is 0.25% upfront and 0.25% a year for every apartment program. The 2025 notice, MIP history since 2012, who still pays more, Green MIP. Markdown: https://hudmultifamily.loan/learn/hud-mip.md
- [HUD multifamily statutory loan limits for 2026](https://hudmultifamily.loan/learn/statutory-limits/): CY2026 HUD per-unit statutory limits for 207/223(f), 221(d)(4), 213, 231, 234; the 270%, 315% and 405% high cost multipliers; the ROAD to Housing Act amounts. Markdown: https://hudmultifamily.loan/learn/statutory-limits.md
- [The HUD MAP Guide in plain English, and what has changed since](https://hudmultifamily.loan/learn/map-guide/): The 2020 MAP Guide is still HUD's multifamily handbook in 2026. A chapter-by-chapter navigator and a dated ledger of every letter that amends it. Markdown: https://hudmultifamily.loan/learn/map-guide.md
- [HUD large loans: the $130 million threshold and what changes above it](https://hudmultifamily.loan/learn/large-loans/): HUD multifamily loans of $130 million or more face tighter LTV and DSCR, bigger reserves, and 20% net worth and 7.5% liquidity tests under ML 2023-14. Markdown: https://hudmultifamily.loan/learn/large-loans.md
- [HUD build-to-rent loans: what Mortgagee Letter 2026-12 allows](https://hudmultifamily.loan/learn/build-to-rent/): Since October 2026, HUD insures build-to-rent communities of houses, duplexes and triplexes under 221(d)(4) and 223(f). ML 2026-12 in plain English. Markdown: https://hudmultifamily.loan/learn/build-to-rent.md
- [Davis-Bacon and HUD multifamily loans: where prevailing wages apply](https://hudmultifamily.loan/learn/davis-bacon/): Davis-Bacon prevailing wages apply to HUD 221(d)(4), 220 and 231 construction and most 241(a) loans, not to 223(f) or 223(a)(7). Exceptions, payrolls, SAM.gov. Markdown: https://hudmultifamily.loan/learn/davis-bacon.md
- [Secondary financing behind a HUD loan: what is allowed, and on what terms](https://hudmultifamily.loan/learn/secondary-financing/): Second loans behind a HUD apartment loan: the 92.5% combined LTV on 223(f), public soft debt, mezzanine, seller notes, LIHTC rules and the 75% surplus cash cap. Markdown: https://hudmultifamily.loan/learn/secondary-financing.md
- [Financing a ground-leased apartment property with a HUD loan](https://hudmultifamily.loan/learn/ground-leases/): How HUD insures leasehold apartment loans: minimum lease term by program, acceptable ground rent, the HUD-92070M addendum, HUD's purchase option and valuation. Markdown: https://hudmultifamily.loan/learn/ground-leases.md
- [Insurance on a HUD apartment loan: what the MAP Guide requires](https://hudmultifamily.loan/learn/hud-property-insurance-requirements/): HUD insurance rules for 223(f) and 221(d)(4) loans: $1M/$2M liability, flood cover above the NFIP floor, the $250,000 deductible cap and 80% casualty minimum. Markdown: https://hudmultifamily.loan/learn/hud-property-insurance-requirements.md
- [Mixed-use buildings and HUD: how much commercial space a loan can carry](https://hudmultifamily.loan/learn/commercial-space-in-hud-loans/): HUD caps commercial space at 25% of net rentable area and income at 15% (221(d)(4)), 20% (223(f)) or 30% (220), with occupancy caps of 80% or 90%. Markdown: https://hudmultifamily.loan/learn/commercial-space-in-hud-loans.md
- [Opportunity Zone apartment deals with an FHA-insured loan](https://hudmultifamily.loan/learn/opportunity-zones-and-hud/): What HUD gives an Opportunity Zone apartment deal (0.20% application fee, Section 220 access) and how the 2025 tax law made OZs permanent with new zones. Markdown: https://hudmultifamily.loan/learn/opportunity-zones-and-hud.md
- [Buying a property with its HUD loan: the TPA, step by step](https://hudmultifamily.loan/learn/hud-loan-assumption/): How a HUD apartment loan assumption works: full vs modified TPA, form HUD-92266, the transfer fee, 2530 review, what HUD checks and why buyers want it. Markdown: https://hudmultifamily.loan/learn/hud-loan-assumption.md
- [Prepaying a HUD apartment loan: what the law sets and what the note sets](https://hudmultifamily.loan/learn/hud-prepayment/): Prepaying a HUD apartment loan: the statutory 5-year bar on 223(f), the 223(a)(7) exception, and the declining penalties set by the Ginnie Mae security. Markdown: https://hudmultifamily.loan/learn/hud-prepayment.md
- [The HUD regulatory agreement: what owners sign at closing and live with after](https://hudmultifamily.loan/learn/regulatory-agreement/): What the HUD regulatory agreement (HUD-92466M) requires: reserves, surplus cash, distributions, management, leases, prior approvals and recourse. Markdown: https://hudmultifamily.loan/learn/regulatory-agreement.md
- [HUD surplus cash: the calculation, the timing and what blocks a distribution](https://hudmultifamily.loan/learn/surplus-cash/): How HUD surplus cash works: the regulatory agreement formula, form HUD-93486, annual, semi-annual and monthly distributions, and what blocks them. Markdown: https://hudmultifamily.loan/learn/surplus-cash.md
- [The reserve for replacements on a HUD loan: how it is sized and how you draw it](https://hudmultifamily.loan/learn/replacement-reserves/): How the HUD reserve for replacements works: the $250 per unit minimum deposit, the CNA e-Tool plan, 10-year updates, minimum balance and draws. Markdown: https://hudmultifamily.loan/learn/replacement-reserves.md
- [HUD annual audited financial statements: what is due, when and how](https://hudmultifamily.loan/learn/annual-financial-statements/): The annual audit for HUD-insured apartments: due 90 days after year end, GAAS and Government Auditing Standards, electronic filing and flags. Markdown: https://hudmultifamily.loan/learn/annual-financial-statements.md
- [NSPIRE inspections on HUD-insured apartments: standards, scores and what follows](https://hudmultifamily.loan/learn/nspire-inspections/): How NSPIRE inspections work on FHA-insured apartments: what is inspected, 24-hour fixes, the 60-point fail line, 1-2-3 year cycles and appeals. Markdown: https://hudmultifamily.loan/learn/nspire-inspections.md
- [HUD Form 2530 and previous participation review, explained](https://hudmultifamily.loan/learn/previous-participation-2530/): Who files a HUD previous participation certification (HUD-2530 or APPS), what triggers review, the 25% rule, the three flag tiers and appeals. Markdown: https://hudmultifamily.loan/learn/previous-participation-2530.md
- [HUD 223(f) vs Fannie Mae and Freddie Mac: which permanent loan fits](https://hudmultifamily.loan/learn/hud-vs-fannie-freddie/): HUD 223(f) vs Fannie Mae and Freddie Mac fixed-rate apartment loans: leverage, coverage, term, prepayment, recourse, MIP and who each suits. Markdown: https://hudmultifamily.loan/learn/hud-vs-fannie-freddie.md
- [223(f) or 221(d)(4): existing property or construction](https://hudmultifamily.loan/learn/223f-vs-221d4/): HUD 223(f) vs 221(d)(4): use, LTV vs LTC, DSCR, term, Davis-Bacon, fees, prepayment and the substantial rehab line that decides which you need. Markdown: https://hudmultifamily.loan/learn/223f-vs-221d4.md
- [HUD 221(d)(4) or a bank construction loan: the trade-offs](https://hudmultifamily.loan/learn/hud-vs-bank-construction/): HUD 221(d)(4) vs a bank construction loan for apartments: leverage, rate risk, recourse, term, Davis-Bacon, timing and the takeout question. Markdown: https://hudmultifamily.loan/learn/hud-vs-bank-construction.md
- [HUD 223(f) vs a CMBS conduit loan on an apartment property](https://hudmultifamily.loan/learn/hud-vs-cmbs/): HUD 223(f) vs a CMBS conduit loan on apartments: leverage, amortization, balloon risk, prepayment, servicing, assumptions and who each suits. Markdown: https://hudmultifamily.loan/learn/hud-vs-cmbs.md
- [Bridge loan or HUD 223(f): and how bridge-to-HUD works](https://hudmultifamily.loan/learn/hud-vs-bridge/): When to use a bridge loan and when to go straight to HUD 223(f), and what a property needs before a bridge-to-HUD refinance: occupancy, coverage, age. Markdown: https://hudmultifamily.loan/learn/hud-vs-bridge.md
- [Pairing low-income housing tax credits with an FHA-insured loan](https://hudmultifamily.loan/learn/lihtc-and-hud/): How LIHTC deals use HUD 223(f) and 221(d)(4): the affordable definition, 90% at 1.11x, 0.25% MIP, the tax credit pilot tracks and their status. Markdown: https://hudmultifamily.loan/learn/lihtc-and-hud.md
- [Section 8 HAP properties and FHA financing: sizing, renewals and approvals](https://hudmultifamily.loan/learn/section-8-hap-refinance/): How HUD sizes 223(f) and 223(a)(7) loans on Section 8 properties: the 90% / 1.11x tier, HAP renewals, rent studies, A/B tranches and HAP assignment. Markdown: https://hudmultifamily.loan/learn/section-8-hap-refinance.md
- [Financing a RAD conversion with an FHA-insured loan](https://hudmultifamily.loan/learn/rad-and-hud/): How RAD conversions use FHA 223(f) or 221(d)(4) loans: the RAD steps, PBV vs PBRA contracts, sizing at 90% and 1.11x, and HUD's overlays. Markdown: https://hudmultifamily.loan/learn/rad-and-hud.md
- [Tax-exempt bonds and 4% tax credits with an FHA-insured loan](https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc/): How private activity bonds and 4% LIHTC pair with HUD 221(d)(4) and 223(f): the 5.5% fee cap, cash-collateralized bonds, the 50% and new 25% bond tests. Markdown: https://hudmultifamily.loan/learn/tax-exempt-bonds-and-4-percent-lihtc.md

## Tools
- [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.
- [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.
- [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.

## Data
- [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.
- [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.
- [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.
- [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.
- [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 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.
- [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 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.
- [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.
- [Download: HUD inspection scores by loan, CSV](https://hudmultifamily.loan/data/downloads/hud-mf-inspections-by-loan.csv): last three HUD physical inspection scores per FHA-insured apartment loan, joined by FHA number; HUD file as of 2026-10-06.
- [Download: rental assistance contracts by loan, CSV](https://hudmultifamily.loan/data/downloads/hud-mf-section8-contracts-by-loan.csv): one row per active Section 8 or other project-based contract on an FHA-insured apartment loan, with expiration and latest renewal option; HUD files as of 2026-10-06.
- [Download: every active FHA-insured apartment loan, CSV](https://hudmultifamily.loan/data/downloads/hud-multifamily-active-loans.csv): one row per loan, HUD's fields plus address; dictionary at https://hudmultifamily.loan/data/.
- [Download: same, JSON](https://hudmultifamily.loan/data/downloads/hud-multifamily-active-loans.json)
- Source: HUD, https://www.hud.gov/hud-partners/multifamily-fhasl-active (file https://www.hud.gov/sites/default/files/Housing/documents/FHA-BF90-RM-A.xlsx), updated by HUD monthly.

## License and citation
- Loan data is HUD's (a U.S. government work, public domain). Our compilation, derived figures and text are CC BY 4.0: cite "Endorsement Index (hudmultifamily.loan), from HUD's active insured multifamily mortgage file, as of <asof>" and link the page.
- Note rates are each loan's historical rate from HUD's file, never a quote. Nothing on the site is an offer of credit.

## Everything else
- [Full list of indexable pages](https://hudmultifamily.loan/llms-full.txt): every program, guide, tool, state, city and property page, with a one-line description.