fha  loan modification interest rate

interest rate reductionLess

interest rate reduction

loan modifications for multifamily propertiesLess
loan modifications for multifamily properties

Platform Overview:

Platform Overview:

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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

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

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qualified properties

qualified properties

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

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

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loan amount

loan amount

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  • 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

  • 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

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maximum term

maximum term

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  • No term extension available

  • No term extension available

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fees and expenses

fees and expenses

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  • 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

  • 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

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timing

timing

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  • 30 - 45 days

  • No underwriting required

  • HUD asset management approval required

  • 30 - 45 days

  • No underwriting required

  • HUD asset management approval required

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other FHA requirements

other FHA requirements

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  • Replacement reserve escrow remains in place

  • No third party reports required

  • MIP remains at existing level

  • Replacement reserve escrow remains in place

  • No third party reports required

  • MIP remains at existing level

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EMAIL, GIVE US A CALL OR SEND US A FAX
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EMAIL, GIVE US A CALL OR SEND US A FAX

Toll Free: 888-640-3444

Toll Free: 888-640-3444

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E-fax: 866-257-9609

E-fax: 866-257-9609

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