Multifamily
HUD 223(f) multifamily
HUD 223(f) is an FHA mortgage insurance program that finances the purchase or refinance of existing multifamily rental properties with a long-term, fixed-rate, fully amortizing, non-recourse loan, offered through HUD-licensed MAP lenders.
Key facts
Figures as of 2026-10-31. Program rules change by notice, so an advisor confirms current terms with lenders before you rely on any figure.
| Item | Figure | Source and date |
|---|---|---|
| Term | Up to 35-year fixed, fully amortizing | HUD Mortgagee Letter 2025-03 (Jan 2025); as of 2026-10-31 |
| Market-rate: max LTV / min DSCR | 87% / 1.15x | HUD Mortgagee Letter 2025-03 (Jan 2025); as of 2026-10-31 |
| Affordable or rental assistance: max LTV / min DSCR | 90% / 1.11x | HUD Mortgagee Letter 2025-03 (Jan 2025); as of 2026-10-31 |
| Cash-out refinance: max LTV | 80% | HUD Mortgagee Letter 2025-03 (Jan 2025); as of 2026-10-31 |
| Annual MIP (flat, all FHA multifamily) | 0.25% for applications on or after 2025-10-01 | Federal Register 2025-18379 (Sept 23, 2025); as of 2026-10-31 |
| Indicative pricing | Ten-year Treasury + 1.30–1.70 points | Corin sizing estimate; as of 2026-10-31 |
| Typical processing | 120–180 days | HUD LEAN processing; Corin market research notes; as of 2026-10-31 |
Leverage and coverage
Under HUD Mortgagee Letter 2025-03, market-rate 223(f) loans size to 87% LTV at 1.15x DSCR. Affordable and rental-assistance properties size to 90% at 1.11x. Cash-out refinances remain at 80% LTV.
Debt service coverage is often the binding constraint in practice, not LTV. Our sizer solves both and shows which one controls.
When 223(f) beats agency debt
HUD offers the longest fixed amortization and high leverage with non-recourse terms, and the loans are assumable. Agency loans are faster and carry fewer process requirements. HUD's fixed costs and annual audit favor larger balances and long holds.
- Long hold and a desire for the lowest fixed payment: HUD
- Shorter hold or speed to close: agency or bridge
- Heavy value-add before stabilization: bridge first, HUD takeout later
Frequently asked questions
What is the current HUD 223(f) mortgage insurance premium?
A flat 0.25% annual MIP applies to FHA multifamily applications submitted or amended on or after 2025-10-01. Upfront premium is modeled at 0.25% and should be confirmed with a HUD lender.
Does green certification lower HUD MIP?
No. The separate green, affordable and market-rate MIP categories were removed in favor of a single flat premium.
How long does a 223(f) loan take?
HUD processing typically runs 120–180 days. Timelines are typical ranges after a complete file and are subject to lender approval, appraisal, title, and diligence. They are not guaranteed.
Related programs
- HUD 221(d)(4)Non-recourse construction-to-permanent debt for new or substantially rehabilitated apartments.
- HUD 223(a)(7)Streamlined refinance of an existing HUD-insured multifamily loan.
- Fannie Mae multifamilyFixed-rate, non-recourse agency loans for stabilized apartment communities.
- Multifamily bridgeFloating, interest-only debt for value-add apartment business plans.
- Multifamily financingHUD, agency, bridge and DSCR options for apartment owners.
Talk through your deal with an advisor
Send the basics and a licensed Corin advisor reviews which programs and lenders may fit, or size the loan yourself first.