Why HUD?
HUD multifamily loans offer the most favorable terms available in U.S. commercial real estate — lowest rates, longest amortization (35 years fully amortizing for 223(f); up to 40 years combined for 221(d)(4)), highest leverage (up to 85%), and lowest minimum DSCR (1.11x). The trade-off is a longer process — typically 6–9 months from application to closing for 223(f) — and more extensive borrower and property requirements.
For borrowers planning a long-term hold of a stabilized Florida multifamily property, HUD is often the lowest cost of capital available anywhere in commercial real estate.
HUD Program Comparison
- 223(f) — Refinance or acquire stabilized multifamily. The most common HUD program.
- 221(d)(4) — Ground-up construction or substantial rehabilitation, with single-closing through 35-year perm.
- 223(a)(7) — Streamlined refinance of existing HUD-insured loans.
- 231 — Senior housing (62+) construction or refinance.
- 241(a) — Supplemental loan to existing HUD-insured property.
HUD MAP Lender Network
HUD multifamily loans are originated by MAP (Multifamily Accelerated Processing) lenders — a network of approved lenders authorized by HUD to underwrite and process FHA loans. Florida has multiple active MAP lenders. Authoritative program information is available at HUD Multifamily Housing.
When HUD Makes Sense
- Long-term hold (10+ years)
- Maximum leverage on stabilized assets
- Lowest rate priority over speed of execution
- Affordable housing (LIHTC) deals — HUD is often essential
- Refinancing existing HUD loans (use 223(a)(7))
Frequently Asked Questions
What is a HUD 223(f) loan?
HUD 223(f) is the U.S. Department of Housing and Urban Development's program for refinancing or acquiring stabilized multifamily properties. It offers the lowest rates and longest amortization (up to 35 years fully amortizing) of any commercial real estate loan program. The trade-off is a longer, more complex process — typically 6–9 months from application to closing.
What is HUD 221(d)(4)?
HUD 221(d)(4) is the construction loan equivalent of 223(f) — used for ground-up construction or substantial rehabilitation of multifamily properties. It offers a single closing for both construction and 35-year permanent financing. Required for projects seeking the most attractive long-term debt available; particularly common for affordable housing development.
What is HUD 223(a)(7)?
HUD 223(a)(7) is a streamlined refinance of an existing HUD-insured loan. It allows borrowers with existing HUD loans to refinance into lower rates with minimal underwriting — typically 60–90 days to close. Useful when rates have dropped since the original HUD loan closed.
What are typical HUD multifamily loan terms in Florida?
HUD 223(f): up to 35 years fully amortizing, up to 85% LTV, 1.11x DSCR minimum, non-recourse. HUD 221(d)(4): up to 40 years (construction + 35 perm), up to 85% LTC, non-recourse. Rates are typically the lowest in commercial real estate due to FHA insurance backing.
Who can help me with a HUD multifamily loan in Florida?
Michael R. Linton at Linton Global Solutions works directly with Florida-active HUD MAP (Multifamily Accelerated Processing) lenders. HUD execution requires experienced MAP lender selection and process management; we coordinate the full transaction. Call (312) 612-1031.
Article Summary
HUD multifamily loans offer the most favorable terms in U.S. commercial real estate financing — lowest rates, 35-year fully amortizing structures, up to 85% LTV, and 1.11x minimum DSCR. HUD 223(f) is the most common program (stabilized refinance/acquisition); HUD 221(d)(4) covers ground-up construction with single-closing through perm; HUD 223(a)(7) provides streamlined refinance of existing HUD-insured loans. The trade-off is a longer, more complex process — typically 6–9 months from application to closing. HUD is ideal for long-term holders, maximum-leverage stabilized acquisitions, and affordable housing development. Michael R. Linton works directly with Florida-active HUD MAP lenders.
Key Takeaways
- ✓HUD offers the lowest rates and longest amortization in U.S. commercial real estate.
- ✓223(f) refinance/acquisition; 221(d)(4) construction; 223(a)(7) HUD-to-HUD refi.
- ✓Up to 85% LTV, 35-year fully amortizing, 1.11x DSCR — best terms available.
- ✓Process takes 6–9 months for 223(f); longer for 221(d)(4) construction.
- ✓HUD MAP lender network executes Florida HUD multifamily deals.
- ✓Best fit for long-term holds, maximum leverage, and affordable housing.
- ✓223(a)(7) provides streamlined refinance of existing HUD loans when rates drop.
- ✓Michael R. Linton has 39 years of FL multifamily transaction experience including HUD financing.
About Michael R. Linton
Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor. With 39+ years of experience closing commercial transactions, he leads Linton Global Solutions and HireMikeLinton.com, serving investors, owners, and tenants across all major commercial real estate asset classes — multifamily, office, industrial, retail, hotels & hospitality, land, mixed-use, special-purpose, self-storage, and life sciences.
Michael holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722). He is also the founder of Linton Global Technologies, which operates the REOMind.ai AI-powered REO disposition platform serving 500+ banks.
Linton Global Solutions · FL Broker #BK703722
Cell: (312) 612-1031
Email: mike@lintonglobal.com
Web: LintonGlobal.com
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Schedule a Free ConsultationWorks Cited
- U.S. Department of Housing and Urban Development. "HUD Multifamily Housing Programs." HUD, https://www.hud.gov/program_offices/housing/mfh. Accessed Jun 6, 2026.
- HUD. "Multifamily Accelerated Processing (MAP) Guide." HUD, https://www.hud.gov/program_offices/housing/mfh/map. Accessed Jun 6, 2026.
- Mortgage Bankers Association. "FHA Multifamily Lending Research." MBA, https://www.mba.org/. Accessed Jun 6, 2026.
- NAREIT. "Multifamily Industry Research." NAREIT, https://www.reit.com/. Accessed Jun 6, 2026.
- Florida Housing Finance Corporation. "Florida Housing Programs." Florida Housing, https://www.floridahousing.org/. Accessed Jun 6, 2026.
Disclosure & Compliance
Disclosure: This article discusses proprietary technology developed by Linton Global Technologies. Michael R. Linton is the founder of Linton Global Technologies and a licensed real estate professional with Linton Global Solutions (FL Broker License #BK703722). This content is for informational purposes only and does not constitute investment, legal, or financial advice.
Compliance Statement: All CREDDS and REOMind.ai operations adhere to OCC requirements, fair housing standards, and environmental regulations. Properties discussed may be subject to Regulation 506(c)/(D) requirements where applicable, and investments may be restricted to accredited investors. Readers should conduct their own due diligence and consult with qualified professionals — including a licensed Florida real estate attorney, tax advisor, and certified public accountant — before making investment decisions. Past performance does not guarantee future results.
Interest rates, loan terms, leverage levels, and pricing references shown on this page are estimates only, based on current Florida commercial real estate market conditions and lender feedback as of the page's last update. They are not commitments to lend, are not loan approvals or pre-qualifications, and do not guarantee any specific loan terms or that financing will be available to any particular borrower or property. Actual interest rates, fees, leverage, amortization, prepayment terms, and other loan terms depend on borrower qualifications (credit, net worth, liquidity, experience), property characteristics, lender-specific underwriting requirements, third-party reports, and market conditions at the time of application. All loans are subject to lender credit approval, underwriting, and applicable federal, state, and local lending regulations. Linton Global Solutions is a Florida-licensed commercial real estate brokerage (FL Broker #BK703722); it is not a lender. Financing is sourced through third-party lender relationships, and final loan terms are determined by the originating lender. This page does not constitute consumer credit advertising under Federal Reserve Board Regulation Z (12 CFR Part 1026) and is intended for informational purposes only for commercial real estate professionals, investors, and owners considering commercial mortgage financing. Past loan terms or transactions do not guarantee future results.