FHA Multifamily Property Loans reach Record Numbers

Going up chart - BSN

(Best Syndication News) - The demand for Federal Housing Administration (FHA) insured loans for multi-family apartments to refinance and rehabilitate these properties have reached historic loan activity. The FHA has endorsed $10.5 billion in multifamily loans, which is the second time that they have exceeded the $10 billion threshold.

The increase in multifamily homes is seven times higher than just three years ago. The FHA has endorsed almost 1,100 multifamily loans this year. Because of the large demand for multifamily loans, the government agency has updated underwriting and program guidance to speed up processing for the new loan applicants.

The FHA has published the revised Multifamily Accelerated Processing (MAP) Guide and is available today. The MAP guide assigns more underwriting responsibilities to MAP lenders. There is also a consolidation of underwriting and program requirements into one document.

The FHA also issued a new multifamily loan-closing document earlier this year, which has not been changed for 40 years.

The closing documents were updated to match today’s real estate and lending practices. The MAP Guide also goes along with the newly revised closing documents.

By: John Waters

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