Multifamily
HUD 223(a)(7)
HUD 223(a)(7) is an FHA refinance option for multifamily properties that already carry a HUD-insured mortgage. It replaces the existing loan with a new one under streamlined processing, typically to reduce the interest rate or monthly payment, and it works within limits set by the existing mortgage.
Key facts
Figures as of 2026-10-31. Program rules change by notice, so an advisor confirms current terms with lenders before you rely on any figure.
| Item | Figure | Source and date |
|---|---|---|
| Eligible property | Multifamily with an existing HUD-insured mortgage | HUD 223(a)(7) program rules; as of 2026-10-31 |
| Typical purpose | Lower rate or payment; limited cash-out | HUD 223(a)(7) program rules; as of 2026-10-31 |
| Processing | Streamlined compared with a full 223(f) | HUD 223(a)(7) program rules; as of 2026-10-31 |
| Annual MIP (flat, all FHA multifamily) | 0.25% for applications on or after 2025-10-01 | Federal Register 2025-18379 (Sept 23, 2025); as of 2026-10-31 |
| Sizer availability | Behind a flag in the Corin sizer while terms are verified | Corin sizing estimate; as of 2026-10-31 |
How it differs from a 223(f)
A 223(f) is a full new underwriting for an existing, uninsured property. A 223(a)(7) leans on the fact that HUD already insures the property, so it avoids much of the third-party work, but the new loan is generally limited to the existing balance plus eligible costs, and the term follows HUD's rules for the existing loan.
Because eligibility, term and fee details turn on the existing mortgage and HUD's current guidance, an advisor confirms each case with a HUD lender before quoting.
When it fits
- Rates are lower than the existing HUD loan's coupon
- The owner wants to keep the HUD structure without a full re-underwrite
- The property performs, and no major recapitalization is needed
Frequently asked questions
Can I take cash out with a 223(a)(7)?
The program is designed for rate and payment relief, not equity extraction. If cash out matters, a 223(f) may fit better. Confirm limits with a HUD lender.
Does the mortgage insurance premium change?
The flat 0.25% annual MIP applies to FHA multifamily applications on or after 2025-10-01. Verify how it applies to your existing loan.
Is a 223(a)(7) available for senior housing?
A similar streamlined refinance exists for Section 232 loans. Ask an advisor to review your loan.
Related programs
- HUD 223(f) multifamilyLong-term, fixed-rate, non-recourse refinance for existing apartment communities.
- HUD 221(d)(4)Non-recourse construction-to-permanent debt for new or substantially rehabilitated apartments.
- Fannie Mae multifamilyFixed-rate, non-recourse agency loans for stabilized apartment communities.
- Multifamily bridgeFloating, interest-only debt for value-add apartment business plans.
- Multifamily financingHUD, agency, bridge and DSCR options for apartment owners.
Talk through your deal with an advisor
Send the basics and a licensed Corin advisor reviews which programs and lenders may fit, or size the loan yourself first.