Apartment Loan Rates New Lows!

Apartment loan rates have moved down and now FHA 223(f) 35 year loans from $2,000,000 and up are under 4% fixed and Small apartment Loans from $750,000 to $5,000,000 are well under 5% fixed for up to ten years. This is due to the "TWIST" action by the FED and the EU currency crisis with Greece on the verge of certain default.

This programs is for owners of a few properties with good credit. Cash out loans up to 75% Purchase and no cash out loans up to 80%.

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Small Apartment Loans Chicago - Fixed Rate Non-Recourse Low Cost Apartment Loans Nationally: FNMA SMALL APARTMENT LOAN THE PROCESS

The Process - These loans have a process and they require good documentation. A commitment or rate lock will not happen until all the reports are in and all of the underwriting is complete. Once the commitment is issued, a rate lock and closing can be done quickly. If a loan does not fit the program an application will not be issued.

We will review some basic information about the properties historical income and the borrower's financials situation and then issue a quote. If the borrower likes the quote they will receive and sign the application and send the application deposit. The appraisal and other reports will be ordered. Once the reports are in and the borrower has submitted all the required documentation, the commitment will be issued. The borrower documents include organizational documents, personal financial statements, copies of bank statements, real estate schedules, property income and expense statements, rent roll, copies of leases as well as other forms.

Small Apartment Loans Chicago - Fixed Rate Non-Recourse Low Cost Apartment Loans Nationally: FNMA SMALL APARTMENT LOAN THE PROCESS

FHA 223 F Rates FNMA Freddie Mac Apartment Loan News

FHA 223 F rates are near historical lows with the ten year treasury down to about 3.15%. Rates for 223 F loans are now under 5% for 35 year fixed rate loans.

FNMA and Freddie Mac are in the low to mid 5% range for larger deals and the FNMA small apartment loan rates are under 6%.

It is a good time to refinance your apartment or to lock into low rates on your apartment purchases.

FHA 221(d))(4) new construction rates are about 1.25 higher than FHA 223 F and many FHA offices are looking very closely at new deals to make sure the demand meets any new supply.

FHA 232 LEAN refinance rates are about 10 basis points higher than FHA 223 F apartment rates since they have additional MIP Mortgage Insurance Premium costs.

FHA 232 LEAN also has over 180 deals in the "QUE" or waiting to be processed so the turn around is about seven to eight months for refinance and over 12 months for new construction of assisted living or nursing homes.

National Apartment Lender

Currently Rates have been moving down thanks to the low treasury note interest rates and some improvement between the spreads between our loans and treasury rates. This is due to the government lowering federal funds rates and purchasing GNMA and FNMA mortgage backed securities.

FHA 223(F) Fannie Mae DUS and Freddie Mac Loans in Low 5% range

Kendall Realty Advisors LLLC