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.
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