FHA 223(f) Terms

Multifamily Rental Housing - Evanston Financial Corporation Section 223(f)
Acquisition 85% LTC or Refinance 80% to 85% LTV

We also are a national FNMA DUS correspondent offering 80% LTV and ten year loans

Summary: Insured mortgages may be used to finance acquisition or refinance of rental properties consisting of 5 or more units 3-years old or older.

Eligible Borrowers:
• Single Asset EntityTerms:
• Up to 35 YearsLoan Benefits:
• Non Recourse
• Fully assumable• credit enhancement of Housing Bonds for AAA ratingRates:
• Fixed for the length of the mortgageProcessing:
• Eligible for Multifamily Accelerated Processing (MAP).Mortgage Loan
Limitations:Refinance

The maximum insured mortgage will be the lessor of:
• DSC - 1:17
• 85% loan to value (80% if cash out)
• 100% existing debt plus loan costs, including repairs
• FHA’s per unit mortgage limitsAcquisitionThe maximum insured mortgage will be the lesser of:
• DSC – 1:17
• 85% of the loan to value
• 85% of acquisition costs including loan costs and repairs.
• FHA’s per unit mortgage limitsSecondary financing:• Permitted; repayment is subject to
availability of surplus cash, special conditions apply.Prepayment Terms:• Typically 5-Year
lockout with a declining penalty of 1% per year for years 6 through 10, then 0%.