HUD FHA 223(f)

[Ron Steele]

I'm interesting in purchasing an apartment community using this program. I have a property I'm watching that fits it perfectly. I know the government is insuring the loan, but am I using a tradition bank, like a traditional sba loan or am I dealing directly with the government.

Also I know the process is really long so am I using a traditional or bridge lender and using this program as a refi? Is the traditional loans subject to the project qualify with HUD?

I would like to talk to anyone who has done these.

Thanks

[Jared Rine]

*It usually is $1MM and above because it's the same amount of work on the 'small' ones, as it is on the larger ones. It also usually comes down to borrower expectations and wants. Sometimes when looking at loans in this range, borrowers also realize it may just make sense to go a different route that still meets their needs/wants and gets them where they need, without all the cost and wait time.

*They will, but it's not the norm. I'd be interested in finding out exactly why you want to purchase using the 223(f) and depending on what those reasons, maybe it might make sense to look at other options that would still produce the same outcome, and might be less expensive, faster, and easier to close.

Ron, feel free to contact me offsite.

Thanks,

Jared