FHA 223A7 Streamlined Refinance

FHA 223A7 Streamlined Refinancing

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Darach Advisors is authorized to offer expedited processing on all FHA 223A7 Streamlined Refinance Loans. If you have an existing FHA 200 level loan, Darach Advisors will refinance your loan at 3.15% fixed for 35 years. We offer expedited processing, quick closings, no out-of-pocket costs and a 3.15% fixed interest rate for 35 years. Contact Darach Advisors today to learn more about getting the best loan terms in history.

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HUD has revised guidelines for FHA 223A7 Streamlined Refinance program, making more  loans eligible for FHA 223A7 Streamlined Refinancing. All FHA 200 level loans including FHA Multifamily Loans, FHA Affordable Housing Loans, FHA Assisted Living Facilities Loans, FHA Acute Care Hospital Loans and others now qualify for refinancing under FHA 223A7 Streamlined Refinance Loan Program.

HUD provides the FHA 223A7 Streamlined Refinance program as an abbreviated and streamlined refinance program for existing FHA 200 Level loans. All FHA 200 level loans are eligible for the 223A7 Streamlined Refinance program, provided they are in good standing. This program is available for all FHA loan types.  The process is fast, involves minimal underwriting and requires a minimum amount of information. Proceeds of the refinancing, after the existing loan is paid-off, can be used for transaction costs, needed repairs and upgrades, and any additional reserves which may be required. After satisfying these items, the borrower may take any remaining amounts out of the refinancing transaction in cash. The FHA 223A7 Streamlined Refinance program is the most attractive refinancing program in the market and is perfect for owners with existing loans more than five years old.

The time from application to commitment has been as little as 30 days, so contact Darach Advisors today.

Maximum Loan Term

The new loan term can be up to 12 years longer than the remaining term on the original loan.

Maximum Loan Amount

The lesser of:

• Up to the original amount of the old loan
• Amount supported by 90% of the NOI
• Total cost including existing debt, repairs, transaction costs, and prepayment penalties

Prepayment Terms

The prepayment is reset because it is a new loan

Interest Rate

Changes daily, please call for an estimate

FHA Application Fee and MIP

.3% at the time of application and MIP of .45% per year

Loan Origination Fee

1.00% payable at closing

Third Party Costs

PCNA (Project’s Capital Needs Assessment)) required

Replacement Reserves

Readjusted if necessary

FHA Inspection Fees

None if no repairs are required. $30 per unit if repairs under $3,000 per unit, 1% of repair cost if over $3,000 per unit.  Collected at closing.

Exhibits Needed

• Three years audited financials
• Current rent roll
• Mortgagee’s Letter showing current balances
• Original Deed of Trust or Note
• New title report
• PCNA

Contact Darach Advisors Today For The Most Competitive FHA 223A7 Streamlined Refinance Loans In The Nation

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