Interest Rate Reduction Loan Modification Program

Our HUD interest rate reduction program provides loan modifications for multifamily properties with existing FHA-insured debt.

Eligible Properties

Any property with existing HUD-insured loan.

Term

Unchanged from existing mortgage, no term extension available.

Interest Rate

Locked before closing and fixed for the duration of the term. (Subject to market conditions.)

Prepayment

Customizable, typically a step-down period, other variations possible, based on market conditions and borrower preferences.

Loan Conditions

• 1.05x DSC Ratio
• The annual Mortgage Insurance Premium (MIP) is unchanged from existing mortgage.

Third-Party Reports

Property Capital Needs Assessment (PCNA) may be required.

Timing

Approximately 30 – 45 days for engagement, submission, FHA/HUD review, and closing.

Financing the
Future of Housing™

18 Division Street, Suite 302
Saratoga Springs, NY 12866

Fax: (518) 583-1489

Contact Request Form

Contact Request Form

©2022 Velocity Financial, Inc., DBA Century Health & Housing Capital. All rights reserved. Equal Housing Lender. Rates and programs are subject to change without notice.