Opening of Ace Hardwood Store. Loan provided by Commercial Loan Direct.
Written by Leane Eicoff| December 19, 2018
FHA stands for the Federal Housing Administration. It is a federally guaranteed mortgage program under the Government"s Department of Housing and Urban Development, also known as HUD. FHA loans can be used for the purchase, refinance, construction or substantial rehabilitation of either multifamily or healthcare properties.
There are 3 major FHA programs available for the Borrower to choose from.These 3 programs are the Multi-Family Program, Healthcare Program and Special Needs Program.Property types eligible for FHA financing are–Affordable Housing, Apartments, Hospitals and Senior Housing or Skilled Nursing Facilities.
FHA"s Multi-family program has a wide array of products available depending on the property and loan type. Products offered range from rental housing, cooperative housing, manufactured housing, multi-family and senior housing just to name a few.
FHA"s Healthcare program has two different products available. The first product is specifically designed for Hospital Facilities while the other product is used only for Residential Care Facilities.
Last but not least is FHA"s Special Needs Program. This program offers 5 different loan products ranging from Supportive Housing to Emergency Capital Repair.
The minimum loan amount for FHA is $1M and there is no maximum loan amount. FHA offers a higher LTV, term, and amortization than most institutions. Max LTV for FHA runs around 83%. Term Length is usually between 30-40 years while the amortization is also falling between 30-40 years.
For more information please visit our FHA Loans page.
What Clients Say About Us
Fernando and Leanne are amazing. I had many small businesses that need refinancing over the years. I have met many Brokers and there is always a catch. ALWAYS!… Use them! Once you do you will work with them forever
- Nirav Patel
If you searching for a great experience Commercial Loan Direct is the place. Leanne took care of me and honestly had the greatest experience. She handled all of my needs in a smooth and timely manner listened and addressed any concerns I had about the process and was very patient. I can be quite a handful at times and Leanne was so professional and kind hearted. I'd 100% recommend this company. Thank you again.
- Vincent Arias
We were in unfamiliar territory when it came to refinancing. Commercial Loan Direct streamlined the whole process for us. Leann connected us with lenders that were the right fit for us. The money and time we saved was so worth it. I highly recommend them
- Rita Pisarski
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