HUD 223(a)(7) STREAMLINED REFINANCE PRODUCT OVERVIEW
For over a decade, Berkadia FHA/HUD has guided clients through the intimidating, yet rewarding, world of FHA financing. We continue to fortify our position as industry trailblazers through our enhanced HUD 223(a)(7) loan program.
Why Choose Berkadia?
INDUSTRY EXPERTISE
Ranked as the #1 HUD Lender in 2023, Berkadia is the undisputed leader in FHA-insured loans. We guarantee 223(a)(7) application submission within 15 business days of engagement. In addition, borrowers have the option to early rate lock upon the application submission.
CLIENT EXPERIENCE
Berkadia’s automated processes and technology enable our HUD loan experts to prioritize your projects, monitor the loan application process, and provide personalized customer service.
TECHNOLOGY
Berkadia is committed to long-term investments in people and technology. Our streamlined process incorporating Pro Deal Technology allows us to efficiently manage the 223(a)(7) loan process from engagement through closing.
HUD 223(a)(7) Program Highlights
• Only currently insured loans are eligible
• 100% of loan cost (up to original mortgage amount)
• 1.11x DSCR (1.05x for Affordable transactions)
• Up to 12-year extension of current maturity date (not to exceed original term)
• No appraisal or Phase I required
• PCNA required if previous report greater than 10 years old
Application Stages
• Preliminary Loan Analysis
• Engagement Letter
• Firm Application Submission
• HUD Firm Commitment
• Rate Lock (unless locked at Firm App Submission)
• Final Endorsement (Closing)