Existing FHA Insured Mortgage Section 223(a) (7) Refinance

Summary: Existing FHA insured mortgages may be refinanced to restructure debt, fund repairs/improvements, fund replacement reserve account or improve cash flow position. Eligible Borrowers: Single Asset Entity Terms: Remaining Amortization Term or up to 12 Years past the remaining term of the existing FHA-insured mortgage with HUD approval. Loan Benefits: Non-Recourse Fully assumable Rates: Fixed for the length of the mortgage Processing: Expedited processing with o No appraisal o Limited Environmental Review o Modified Financial Review o Reduced Application Fee o No Inspection Fee Mortgage Loan Limitations: The maximum FHA insured mortgage will be the lesser of: DSC of 1:11 The original principal amount of the existing FHA insured mortgage The unpaid principal balance of the existing FHA mortgage plus: o Transaction cost o Prepayment Penalty o Outstanding debt incurred for project improvements/repairs o Additional replacement reserve funding o Costs of the repairs, improvements or replacements o Costs incurred for the testing, removal, or abatement of lead based paint. Secondary Financing Permitted; repayment is subject to availability of surplus cash, special conditions apply. Repayment Terms: Typically 35-Years

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