Copyright: a40757
HUD published a notice on March 2 updating existing guidance for the 223(f) FHA refinance program, shortening the criteria for eligibility from three years after issuance of certificate of occupancy to 30 days after a qualifying debt service coverage ratio is met.
The 223(f) FHA refinance program was originally implemented in 1975 and required applicants to show three years of stabilized property-operating results after construction or a substantial rehabilitation. As previously reported, FHA issued new guidance in 2013 allowing select properties outside of the lockout period to benefit from historically low interest rates by requesting a rate reduction.
Further details on the recently updated eligibility standards can be found here.
Related Articles
- NMHC-NAA Letter to FinCEN on Beneficial Ownership Request for Comments
- NMHC Applauds Recent FHFA Actions
- Main St. Employers Coalition Letter to FinCEN on the Corporate Transparency Act (CTA)
- Real Estate Industry Letter to Senate Banking Committee in Support of Bill Pulte as FHFA Director
- Joint Trades Coalition Letter to Department of Treasury Applauding Pause of CTA