fha  loan modification interest rate

interest rate reduction

loan modifications for multifamily properties

Platform Overview:

This program permits the modification of an existing loan only for the purpose of

reducing the interest rate. The existing prepayment penalty must be paid in full

qualified properties

  • Properties with existing FHA insured loans are eligible. Must be out of lock-out before the request is submitted

loan amount

  • No increase in loan proceeds available; however, a minimum DSC of 1.11x is required  based on T-12 operating financials and the new interest rate

maximum term

  • No term extension available

fees and expenses

  • Minimal fees and expenses. No financing fees. Prepayment penalties, lender legal fees and  title/recording can all be paid through premium generated by the interest rate. Borrower legal, if any, must be paid out of pocket at closing

timing

  • 30 - 45 days

  • No underwriting required

  • HUD asset management approval required

other FHA requirements

  • Replacement reserve escrow remains in place

  • No third party reports required

  • MIP remains at existing level

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