Innovative Mortgage proudly offers FHA Multifamily financing options, which are designed for the purchase, refinance, or construction/rehabilitation of various types of multifamily properties. This program, backed by the Federal Housing Administration (FHA), provides competitive, non-recourse loans with substantial terms and amortizations, making it an attractive option for investors in traditional, affordable, senior, cooperative, or manufactured housing communities.
Understanding FHA Multifamily Financing with Innovative Mortgage:
- Program Scope: The FHA Multifamily program is available for properties in good condition (for purchase/refinance) and not more than 30-40 years old unless they have been substantially rehabilitated. It is also essential for borrowers to have previous FHA ownership/management experience or to employ an FHA-approved property manager, unless a waiver is obtained.
- Competitive Terms: FHA loans offer very competitive rates with 35-40-year fixed terms and amortizations, accessible nationwide for any market, regardless of size.
- Non-recourse Loans: Loans under this program are non-recourse, except for standard carve-outs, providing greater peace of mind for borrowers.
- Bridging the Gap: Due to the longer diligence/underwriting period and closing time for FHA mortgages, borrowers might need a short-term bridge loan to finance the property until the closing of their FHA loan.
Benefits of Choosing Innovative Mortgage for FHA Multifamily Financing:
- Customized Solutions: We will review the specifics of your loan request to match you with the most competitive quote available from our diverse network of lenders, each with different overlays.
- Expert Guidance: Our experienced team will navigate you through the complexities of FHA Multifamily financing, ensuring you understand all requirements and terms.
- Efficient Digital Processes: Innovative Mortgage utilizes the FHA Catalyst: Multifamily Application Module, which supports the digital delivery of application documents, streamlining the application process.
Get Started with Innovative Mortgage:
If you’re considering an FHA Multifamily loan, start by gathering the necessary documentation, including:
- Financial Records: You will need detailed financial statements and reports to demonstrate the financial health of the property.
- Property Information: Prepare information on the property’s condition, potential for rehabilitation, and other relevant details.
Reach Out to Us Today:
Whether you are an experienced investor or a new entrant into the multifamily property market, Innovative Mortgage is ready to help you secure an FHA Multifamily loan that meets your investment needs.
Contact Innovative Mortgage to explore your FHA Multifamily financing options. Our team is committed to providing you with personalized service, expert advice, and the competitive terms necessary to make your investment a success.
