One of the questions Howell Investment Finance gets asked is how low will HUD interest rates go? Currently, this multifamily loan has interest rates in the low 2’s. Now keep in mind, these interest rates can change without notice, however, the Fed has said they could keep interest rates low for one to possibly two years, depending on the economy.
Benefits of HUD Financing
If you own a multifamily or mixed use property with a value of $4 million or more, you really need to call Howell Investment Finance and find out how a HUD loan can benefit your property.
- 35 year amortization (40 years on new construction)
- 35 year term (40 years on new construction)
- Assumable mortgage
- 80% LTV
Is HUD only for Low Income Properties?
No, that’s a common misconception. HUD finances properties that are market rate. While HUD does allow Section 8 housing, HUD finances all types of multifamily properties. HUD finances the following:
- Market Rate
- Workforce Housing
- Affordable Housing
What About COVID-19?
HUD kept lending during the COVID-19 lockdown with minimum changes, especially compared to the other agency lenders.
Due to HUD being the only lending that was fully open during the pandemic lockdowns, many Sponsors chose HUD as their preferred financing choice.
Its best to be calling Howell Investment Finance as soon as possible, even if your pre-payment penalty is a few years off. It is very possible you could benefit now by refinancing with a HUD loan with these low interest rates and pay off that pre-payment penalty. Howell Investment Finance can look at your current loan and tell you if that makes sense for you.
A reliable mortgage broker can help you find the perfect financing option for your needs. Located in Ames, IA, sponsors with commercial property look to Howell Investment Finance when they need financing in Cedar Rapids, Iowa City, West Des Moines, and the Quad Cities. They can help you secure sizable loans for many different types of properties, including multifamily and senior housing. They’re also aggressive in their pursuit of funding on your behalf and won’t stop until you receive a quality loan.
Call (515) 233-8228 to schedule an appointment or visit their website for information on different loan types.