Program Overview

The 223(f) program is a financing program designed for acquisitions or refinancing of existing multi-family properties. This program can be used to finance repairs or for equity take-outs for a 35-year term.


Single purpose entities that can either be profit or non-profit motivated.

Personal Liability

None. Loans are non-recourse.

Loan Amount

There is no maximum loan unless limited by statutory caps.


35 year term.


85%, 87% or 90% of the project’s value for market rate, qualified affordable or qualified rental assistance properties, respectively.

Cash Out Feature

Borrowers can do an equity take-out up to an 80% Loan-to-Value.

Interest Rate

Interest rates are fixed at closing. Rates are typically set lower than conventional financing due to the credit enhancement provided by FHA at closing.

Mortgage Insurance Premium

A mortgage insurance premium is paid annually based on the outstanding principal. Initial premium is between .25% and 1% for the first year and ranges between .25% and .60% in subsequent years depending on the project.

Interested in This Program?

Please contact us and one of our experienced loan officers will reach out to assist you.

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