skip to Main Content

Refinance, Cash-Out and Finance Purchase  

Multifamily, mixed-use, mobile home parks, affordable, student, assisted living & skilled nursing care (for mixed-use, commercial space limited to 25% of net rentable area and 20% of effective gross income)

Nationwide FHA-HUD 223(f)

No income tax returns or income verification required

No upfront fees underwriting pricing and sizing loans; no application or 3rd party fees (such as appraisals) until borrower signs FHA-Hud, Fannie Mae or Freddie Mac terms sheet

2.55% fixed (our fee is built into rate)

Rate locks 2 months before funding; can rate lock early by paying a one time, nonrefundable payment of 3 to 6 BPS per month. Borrower chooses # of months to rate lock.  

Annual 60 bps mortgage insurance premium of loan balance; dollar amount decreases as loan balance paid down

Term: 35 years

No balloons (fully amortizing)

$5 Million to $100 Million+ 

Loans to $75 Million:

Property Type Maximum
Loan to Value
Minimum Debt
Service Coverage
Loan to Cost
Max Cash-Out LTV 
Subsidized  90% 1.11 90% 80%
Affordable  87% 1.15 87% 80%
Market Rate 85% 1.18 85% 80%

Loans $75 million+

Property Type Maximum
Loan to Value
Minimum Debt Service Coverage Acquisition
Loan to Cost
Max Cash-Out LTV 
Subsidized and Affordable  80% 1.25 80% 70%
Market Rate 75% 1.30 75% 70%

Fast Track Program can close in 45 days; your FHA-HUD loan will payoff Fast Track when it closes



No prepayment after 10 years

Borrower requirements:

(1) On title 2+ years for similar sized multifamily project(s) in last 3 years 

(2) Liquidity must cover “cash to close” (combined all key principals)

(3) 660+ credit

(4) No bankruptcy, foreclosure or short sales last 3 years

(5) Borrower: single asset LLC, Corporation or Partnership

(6) No tax returns required 

Population and location not important; loan underwritten on property operating numbers

Occupancy requirements: 6 months 85%+ average occupancy with last 3 months trending up

No per door dollar amount

Student housing: (1) Must accept student and non-student tenants (2) 12 month leases, (3) leased per unit not per bed  

Borrower may take surplus cash distributions from operating account twice/year  

Repair and Rehab: up to $15,000/unit times local cost factor (typically 190%-270%)

Annual audit required

Title company/closing attorney must have FHA-HUD Commercial closing experience.

Required escrows
a) Taxes, insurance and mortgage insurance premium escrowed monthly;

b) Capital needs reserve maintained monthly ($250+/unit/year).

c) Replacement reserves: up to $1,000 per unit

Mortgage Insurance Premium: 1% due HUD at closing; then 0.6% annually (0.25%-0.35% for affordable subsidized, 0.25% with Green certification).

HUD Fee: 0.30% of loan amount with application (reduced for Opportunity Zones).

3rd party reports: appraisal, environmental and capital needs assessment

Funding in 6 to 7 months (45 days with Fast Track); Fannie Mae and Freddie Mac loans close in 2 to 3 months)

No upfront Eagle fees. We are paid when your loan is funded at closing.

Eagle is a correspondent lender for the largest FHA-HUD Commercial Lender in the USA. We close more than half of all FHA-HUD Commercial loans and rank top 10 for Fannie Mae and Freddie Mac.

To get started, please click the blue Multifamily Link for your free PRE-APPROVAL LOI within 48 business hours. It takes less than 6 minutes to submit your online loan request. No Social Security Numbers, credit checks or credit cards are required.

Back To Top