Maturities and payoffs · HUD data
HUD apartment loan maturities: there is no balloon wall
Only 1,018 of the 11,602 FHA-insured apartment loans in HUD's file mature between 2026 and 2040. HUD loans are written for up to 35 years (223(f)) or 40 years after construction (221(d)(4)) and pay themselves down, so we project just $707 million still owed at maturity across all of those years, almost all of it on risk-sharing loans with shorter terms. HUD loans leave the books by prepayment, not maturity.
- Active file current as of September 30, 2026
- Terminated file through September 23, 2026
Maturities by year, next 15 years
59% of the loans maturing by 2040 are 223(a)(7) refinances, which re-amortize over the remaining term of the loan they replaced (HUD allows up to 12 more years), and 22% are risk-sharing loans. The balance column is what those loans owe today; most of it will be paid down by maturity.
- 223(a)(7)
- Risk sharing
- 223(f)
- 221(d)(4), 241(a), other
| Year | Loans | Owed today | Due at maturity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6 | $199,345 | $0 | 1,060 | 6.67% | 2 | 0 | 1 | 3 | 0 | 0 |
| 2027 | 28 | $16.8M | $13.1M (6) | 3,271 | 6.35% | 4 | 1 | 8 | 15 | 0 | 0 |
| 2028 | 34 | $80.9M | $60.1M (6) | 3,791 | 5.44% | 5 | 0 | 13 | 15 | 0 | 1 |
| 2029 | 31 | $92.1M | $57.9M (8) | 4,891 | 6.00% | 5 | 1 | 12 | 11 | 0 | 2 |
| 2030 | 36 | $33.2M | $11.1M (4) | 3,360 | 5.88% | 0 | 0 | 24 | 12 | 0 | 0 |
| 2031 | 81 | $109M | $66.9M (11) | 7,015 | 6.00% | 6 | 1 | 52 | 22 | 0 | 0 |
| 2032 | 86 | $45.5M | $5.0M (1) | 6,529 | 6.50% | 8 | 0 | 69 | 8 | 1 | 0 |
| 2033 | 115 | $64.0M | $0 | 8,789 | 6.00% | 8 | 0 | 101 | 5 | 1 | 0 |
| 2034 | 118 | $79.9M | $2.2M (1) | 8,558 | 5.92% | 8 | 1 | 89 | 20 | 0 | 0 |
| 2035 | 83 | $104M | $33.3M (1) | 6,871 | 5.63% | 5 | 1 | 64 | 10 | 3 | 0 |
| 2036 | 84 | $133M | $28.4M (3) | 6,803 | 5.70% | 25 | 1 | 46 | 12 | 0 | 0 |
| 2037 | 68 | $183M | $63.9M (5) | 6,823 | 4.69% | 16 | 1 | 31 | 20 | 0 | 0 |
| 2038 | 69 | $213M | $103M (9) | 6,434 | 4.49% | 12 | 4 | 33 | 20 | 0 | 0 |
| 2039 | 66 | $263M | $126M (11) | 6,743 | 5.23% | 13 | 3 | 25 | 25 | 0 | 0 |
| 2040 | 113 | $380M | $136M (13) | 11,104 | 4.25% | 43 | 5 | 33 | 31 | 0 | 1 |
| 2026-2040 | 1,018 | $1.80B | $707M | ||||||||
"Due at maturity" projects each loan's current balance forward with its note rate and scheduled monthly payment, and counts loans that would still owe more than $50,000 (or 2% of the original amount); the number of those loans is in brackets. Our arithmetic, not HUD's.
Years left on every active loan
| Years to maturity | Loans | Share |
|---|---|---|
| 0 to 5 | 182 | 2% |
| 5 to 10 | 489 | 4% |
| 10 to 20 | 1,503 | 13% |
| 20 to 30 | 4,718 | 41% |
| 30+ | 4,710 | 41% |
What this means for an owner
A CMBS or bank loan forces a decision at a balloon date. A HUD loan rarely does: the question is whether to prepay early, and that depends on the note rate, any prepayment penalty left, and what new money costs. With most of the book written below 4%, owners are holding on, and that same low rate is what a buyer can take over through a transfer of physical assets.
Find assumable low-rate HUD loans · Run a 223(a)(7) refinance estimate
Under 4% with 10 or more years left, by state
6,903 loans carry a note rate below 4% and at least ten years to maturity, with $89.09 billion of balance and 986,620 units. Median rate 3.05%. These are the loans where an assumption is usually worth more than a new loan.
| State | Loans | Balance | Median rate |
|---|---|---|---|
| Texas | 687 | $11.60B | 3.10% |
| California | 426 | $5.28B | 3.08% |
| Ohio | 388 | $2.39B | 3.05% |
| Michigan | 348 | $2.83B | 2.94% |
| Massachusetts | 342 | $6.03B | 3.21% |
| Minnesota | 324 | $2.99B | 3.09% |
| Illinois | 296 | $3.67B | 3.10% |
| Maryland | 281 | $4.88B | 3.10% |
| North Carolina | 279 | $3.58B | 3.03% |
| Indiana | 261 | $1.92B | 3.12% |
| Florida | 237 | $4.42B | 3.05% |
| Virginia | 234 | $4.68B | 2.99% |
| New York | 221 | $4.47B | 3.06% |
| Tennessee | 171 | $1.95B | 3.02% |
| Georgia | 170 | $1.85B | 3.12% |
| Wisconsin | 156 | $1.51B | 3.05% |
| Pennsylvania | 147 | $1.40B | 3.20% |
| Missouri | 142 | $1.92B | 2.90% |
| Washington | 133 | $2.15B | 2.93% |
| Louisiana | 127 | $1.52B | 2.93% |
| Colorado | 113 | $1.75B | 3.10% |
| Iowa | 103 | $572M | 3.00% |
| Alabama | 95 | $966M | 3.12% |
| South Carolina | 94 | $1.42B | 3.01% |
| Oregon | 91 | $1.26B | 2.85% |
| Utah | 85 | $1.60B | 2.95% |
| New Jersey | 83 | $1.66B | 2.99% |
| Kentucky | 79 | $548M | 3.25% |
| Connecticut | 77 | $740M | 3.12% |
| Arizona | 68 | $1.01B | 2.87% |
| Kansas | 65 | $331M | 3.13% |
| Arkansas | 63 | $464M | 3.06% |
| Oklahoma | 61 | $817M | 2.97% |
| Mississippi | 54 | $284M | 3.00% |
| Nebraska | 50 | $579M | 3.01% |
| Nevada | 50 | $914M | 3.08% |
| District of Columbia | 46 | $906M | 3.04% |
| New Hampshire | 33 | $233M | 3.48% |
| West Virginia | 32 | $183M | 3.12% |
| Idaho | 25 | $260M | 3.01% |
| New Mexico | 24 | $339M | 3.19% |
| North Dakota | 20 | $146M | 3.11% |
| Rhode Island | 18 | $163M | 3.35% |
| Puerto Rico | 17 | $48.2M | 3.40% |
| South Dakota | 17 | $151M | 2.62% |
| Maine | 16 | $68.2M | 3.45% |
| Montana | 16 | $202M | 2.77% |
| Delaware | 13 | $252M | 2.66% |
| Wyoming | 11 | $69.7M | 3.00% |
| Vermont | 6 | $39.8M | 3.16% |
| Alaska | 4 | $34.9M | 2.48% |
| Hawaii | 3 | $37.3M | 3.19% |
| U.S. Virgin Islands | 1 | $8.0M | 2.92% |
How HUD apartment loans leave the books
Terminations of FHA-insured apartment loans by federal fiscal year, from HUD's terminated mortgage file. The refinance wave of FY2020 to FY2022 retired 4,019 loans by prepayment, $50.50 billion of original mortgage amount; since FY2023 prepayments have averaged 301 a year. Claims have been rare: 39 in the last ten fiscal years.
- Prepaid
- Reached maturity
- Insurance claim
- Other
| FY | Prepaid | Rate of prepaid | Matured | Claims | |||||
|---|---|---|---|---|---|---|---|---|---|
| FY2026 | 301 | $1.89B | 3.85% | 13.1 | 18 | 11 | 0 | 331 | 1 |
| FY2025 | 274 | $1.82B | 3.72% | 12.3 | 29 | 3 | 1 | 222 | 0 |
| FY2024 | 264 | $1.35B | 3.77% | 12.2 | 24 | 5 | 2 | 161 | 0 |
| FY2023 | 363 | $2.52B | 4.04% | 11.1 | 18 | 8 | 1 | 324 | 4 |
| FY2022 | 1,213 | $15.19B | 3.73% | 8.6 | 21 | 1 | 9 | 714 | 87 |
| FY2021 | 1,675 | $21.53B | 3.75% | 7.6 | 16 | 2 | 2 | 807 | 464 |
| FY2020 | 1,131 | $13.78B | 3.90% | 7.2 | 25 | 3 | 3 | 484 | 222 |
| FY2019 | 556 | $4.68B | 4.18% | 7.7 | 31 | 4 | 24 | 378 | 3 |
| FY2018 | 601 | $5.18B | 4.43% | 7.4 | 29 | 1 | 5 | 506 | 65 |
| FY2017 | 749 | $7.23B | 4.39% | 6.2 | 33 | 1 | 5 | 574 | 182 |
| FY2016 | 688 | $5.74B | 5.27% | 8.7 | 58 | 2 | 10 | 445 | 146 |
| FY2015 | 690 | $5.57B | 5.50% | 9.5 | 124 | 5 | 16 | 507 | 165 |
| FY2014 | 624 | $4.37B | 6.10% | 10.5 | 204 | 6 | 29 | 670 | 176 |
| FY2013 | 1,315 | $9.75B | 5.70% | 7.4 | 214 | 11 | 38 | 740 | 894 |
| FY2012 | 848 | $5.87B | 6.18% | 9.2 | 283 | 23 | 31 | 644 | 467 |
| FY2011 | 933 | $6.89B | 6.35% | 9.4 | 157 | 23 | 29 | 440 | 546 |
| FY2010 | 537 | $3.18B | 7.00% | 11.4 | 79 | 55 | 24 | 472 | 243 |
| FY2009 | 431 | $1.92B | 7.00% | 12.0 | 66 | 77 | 5 | 229 | 78 |
| FY2008 | 567 | $2.47B | 7.22% | 12.5 | 38 | 64 | 16 | 237 | 80 |
| FY2007 | 725 | $3.14B | 18.8 | 43 | 108 | 38 | 354 | 167 | |
| FY2006 | 799 | $3.44B | 23.2 | 38 | 169 | 42 | 365 | 235 | |
| FY2005 | 1,036 | $4.22B | 23.2 | 41 | 306 | 10 | 160 | 382 | |
| FY2004 | 1,315 | $5.35B | 22.5 | 29 | 413 | 12 | 189 | 612 | |
| FY2003 | 1,428 | $5.59B | 21.4 | 38 | 358 | 27 | 129 | 614 | |
| FY2002 | 1,082 | $3.52B | 21.4 | 23 | 420 | 23 | 149 | 352 | |
| FY2001 | 657 | $2.40B | 21.9 | 19 | 414 | 7 | 97 | 209 |
"Rate of prepaid" is the median note rate on loans prepaid that year; "Age" is the median years from initial endorsement to payoff. Before FY2008 HUD's file shows a 7.50% rate on most prepaid loans, which looks like a recording convention for older loans, so we leave those years blank. Endorsement counts are from HUD's FC/IE database.
Reading the payoff record
Prepayments follow rates. The busiest year in this series was FY2021, with 1,675 loans prepaid, the same year 223(f) endorsements hit their own high of 807; owners refinanced out of older loans as rates fell. Since rates rose, the loans being prepaid carry a median note rate of about 3.85% and have been on the books 13 years: owners still paying off are mostly selling, recapitalizing or moving older loans, not chasing a lower rate.
A 223(f) loan cannot be prepaid in its first five years under the National Housing Act unless the owner agrees with HUD to keep it as rental housing for the rest of that period (refinancing through 223(a)(7) is not barred). Beyond that, lockouts and penalties come from the Ginnie Mae security or bond terms (MAP Guide 3.1.7, 3.7.10), so payoff timing also reflects when those end. For what a penalty costs, see the program pages for 223(f) and 221(d)(4).
Related
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