Hey all,
Just curious if anyones got a recent term sheet for a 223f or 221d loan. Curious what they’re looking like after the rate hikes… ive got some direction from a couple lenders just looking for some confirmation.
More interested in the 223f pricing, im hearing mid-high 4’s.
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Seeing very high 3s or low 4s.
Hey- if you’re looking for HUD financing DM me and we can speak.
Haha
Have typically been told it's 150 - 200 bps over the 10 year
Why is everyone not just using these loans?
No IO, no supplemental, 6-9 month processing time (total deal killer in this type of rate environment), coupon isn’t really that great today, inflated PCA repairs, HUD bankers will bend you over and take a boat load of premium on your deal with no remorse, annual audit requirements, MIP insurance cost, 35-year term vs the popularity of shorter term business plans, dealing with HUD is brain damage.
Someone feel free to chime in if I missed anything… :)
Good list - would tack on Davis Bacon wage scale and huge out of pocket fees prior to closing
Probably massive prepay penalties too
Standard HUD PPP is 10/9/8/7/6/5/4/3/2/1.....1
got a term sheet for 6.7 last week... 221
Looking to learn more about HUD/Section 8 renewal options, I've read the basics online but seem somewhat unclear. Option 1 to 3 are the main one's for renewal, can anyone expand?
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