FHA 242/223F HOSPITAL REFINANCE: FHA 242/223(f) Hospital Refinance - FHA 242 Hospital New Construction Loan: FHA 242/223(f) Interest Savings

FHA 242/223(f) Hospital Refinance - FHA 242 Hospital New Construction Loan: FHA 242/223(f) Interest Savings

FHA 242-223(f)Hosptal Refinance

FHA has issued over $13 billion in financing commitments and closed more than 80 FHA 242 property loans in 42 states since it was created in 1968.

In July of 2009 FHA created the FHA Section 242/223(f) straight refinance program for Hospitals in need of refinancing with less than 20 of the mortgage proceeds used for repairs. This program allows FHA to waive the need for a new audit if the existing financial statements present a clear and accurate historical track record.

FHA insures hospitals of all sizes and geographic locations from rural critical access hospitals to some of the largest urban facilities in the country. The FHA 242 Program with mortgage insurance can save the hospital mortgage interest so that the saving can be used for repairs and modernization. The program may be used for existing or start-up hospitals or to finance construction, modernization, equipment, refinancing (limited to 80% of the insured loan amount), remodeling, expansion and acquisition. FHA Section 242 Hospital Mortgage Insurance is for urgently-needed hospitals and to facilitate affordable loans for nonprofit, public-owned, and for-profit borrowers.

FHA 242/223F HOSPITAL REFINANCE

Friday, July 24, 2009

FHA 242/223(f) Hospital Refinance - FHA 242 Hospital New Construction Loan: FHA 242/223(f) Interest Savings

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