FHA 223(a) 7 Multifamily Loan FHA 223(f) provides mortgage insurance for long term, fixed rate financing for acquisition, refinance, or moderate renovation of multifamily projects or healthcare facilities.It offers up to 100% of refinance cost or up to the original mortgage amount and a term up to 40 years. Eligible Properties Multifamily rental properties that are currently encumbered with FHA-insured mortgage debt applies to refinance of 221(d), 232, 223(f) and 241(f) second deed of trust preservation loans Existing FHA loan must be current Properties must be in safe, habitable conditions; Maximum Loan Amount Equal to lesser of: Current mortgage balance, plus all eligible transaction costs necessary to complete the 223(a)7 transaction The original loan amount 90% of net operating income divided by the applicable loan constraint (95% for non-profit borrowers) Loan Term Remaining term of the existing loan plus up to 12 years. Terms can no exceed the original term of existing loan Up to 35 year amortization Low, Fixed rate set via Ginnie Mae MBS Occupancy Requirement Maximum 95% occupancy Recourse Non-recourse - Construction and Permanent Assumable Assumable subject to lender and HUD approval and assumption fee