HUD 223(f) Multifamily acquisition & refinance
Acquire or refinance an existing apartment community with long-term, fixed-rate HUD financing.
Program at a glance
- Term
- Up to 35 years, fully amortizing; limited to 75% of remaining economic life.
- Interest
- Fixed for the loan term.
- Value limit (LTV)
- Up to 87% of appraised value; 90% for qualifying categories.
- Debt coverage (DSCR)
- At least 1.15×; 1.11× for qualifying categories, including MIP.
- Cash-out limit
- Up to 80% of appraised value; other sizing limits still apply.
- Recourse
- Nonrecourse, with standard carve-outs.
- Annual MIP
- 0.25% under the current multifamily schedule.
The lowest applicable sizing result sets the loan amount. Debt coverage compares underwritten income with loan payments, including mortgage insurance.
Documents & videos
More program documents 14 files
Ownership & closing
Management Company Requirements
Qualifications, underwriting documents and management-agent insurance.
Affordability & Loan Sizing
Current sizing categories and the separate middle-income 221(d)(4) option.
Property Insurance Requirements
Coverage, evidence of insurance and lender requirements.
Financial Statements & Mortgage Credit
Borrower entities, principal review and financial statement requirements.
HUD Multifamily Regulatory Agreement (2026)
Official multifamily form for firm commitments issued on or after April 1, 2026; confirm the applicable edition with counsel.
Building Accessibility Requirements
An overview of Fair Housing Act, Section 504 and ADA considerations.
Secondary Financing
A Bedford guide to reviewing the capital structure, repayment terms and HUD requirements.
Real Estate Tax Abatements & TIFs
Bedford’s explanation of long- and short-term abatements, PILOTs and tax increment financing. Included numbers are illustrations, not a financing quote.
Underwriting Costs: What to Expect
Costs that may be due before closing and how to plan for them.
Refinancing Options for HUD Borrowers
Compare 223(f), 223(a)(7) and a modification of an existing loan.
Technical reference
HUD Survey & Closing Forms
Use the correct clean forms and coordinate the survey with closing counsel.
HUD Square-footage Definitions
Net rentable “paint-to-paint” and gross area definitions, with source references.
HUD Financing Questions & Answers
Direct answers drawn from the current Bedford website FAQs.
Environmental Review: What to Flag Early
Site issues and 2026 HUD changes to discuss before finalizing plans.
Loan processing timeline
Pre-qualification & engagement
Before application
Review financials, recent rent rolls, the purchase price or loan payoff, and proposed repairs. Agree on the financing approach before ordering reports.
Concept meeting
If applicable · approx. 21 days
Discuss the project with HUD before spending on reports. HUD requires this review for certain transactions; we confirm whether it applies to your project.
Firm application preparation
Approx. 55 days
Order the appraisal, environmental and capital needs reports, plus other reports as applicable. Gather borrower exhibits, survey and title while we underwrite the loan.
Firm submission & HUD review
Approx. 55 days
Submit the firm application. Work through HUD’s questions and any revisions needed for its decision.
Firm commitment
Approval milestone
If approved, HUD issues its firm commitment. Review the loan terms and conditions to satisfy before closing. This milestone is included in the HUD review stage.
Rate lock & closing
Approx. 45 days
Coordinate the rate lock, legal documents and closing conditions. Complete required pre-closing repairs; only HUD-approved deferred work follows closing.
Timing is estimated and varies by project; steps may overlap.
Detailed Timeline (PDF) ↗