There are a lot of different aspects that go into low-income property management. But the Department of Housing and Urban Development (HUD) provides different programs to assist owners who offer low-income and affordable housing.
One of those programs is a HUD/FHA 223(f) multifamily loan. Learn more about refinancing your mortgage through HUD. If you’re looking for an expert team of property managers — or help with refinancing your property — you can contact our team at Ross Management Group. We offer a wide range of property management services like:
- Accounting, administrative, and maintenance services
- Property management
- Grant writing assistance
- Property management consulting
- Section 8 Program Training
- Low-Income Housing Tax Credit management
HUD/FHA 223(f) Loan
Section 223(f) helps insure mortgage loans to help facilitate the purchase or refinancing of multifamily rental properties. If you own a multifamily property, refinancing can bring you different benefits, including:
- Decreasing your monthly mortgage rate
- Lowering the interest rate on your loan
- Increasing the profit for your housing property
- Creating equity on your property faster
But how do you know if you qualify for HUD financing?
There are different requirements your multifamily property needs to meet in order to qualify for a HUD 223(f) loan. If you’re working with our Ross Management team, we will help you determine if you meet these requirements.
First, your property needs to be at least three years old. Or, if it needed substantial rehabilitation, that work must have been completed at least three years ago. The property must also need no substantial repairs or work done, and no additional work must be done within the 12 months following the HUD loan close date.
HUD also requires that the property that you’re refinancing must also contain at least five residential units. You can read through the rest of the requirements on the HUD website.
Then, once you decide that a refinancing through HUD is the best option for you, there are different steps that need to be completed. If you need help with any of the steps, consult with our property management team!
Read through the different steps you can expect when you decide to refinance your loan through HUD.
- Considering Your Loan: You can meet with the Ross Management team to see if a huD 223(f) loan is the right option for you and your multifamily property.
- Understanding Your Situation: Our team will go through reports and costs and gather an estimated loan size for refinancing your property.
- Figuring Out Options: Our team will decide if the 223(f) loan is the right option for your property.
- Application Submitted: Once we have all the applications gathered, you can submit your application HUD.
- Hud Evaluates Your Application: Now your application is up to HUD to either accept or reject your application.
- Approval and Final Steps: Once your loan or financing is approved, you can move forward with HUD to complete the process!
Low-Income Property Management Services
Find a low-income property management team that is here to help you through the entire refinancing process. Get started with Ross Management Group today and take a look at our other property management services!