How the Program Works
The Federally-Insured Multifamily Loan Purchase Program allows individuals, partnerships, joint ventures, limited liability companies, regional housing authorities, for profit or nonprofit corporations working with approved lenders may obtain financing to purchase, renovate or refinance multi-family housing of at least five units for loans with 90 percent or more of the principal balance insured by the federal government. The loan proceeds may be used to acquire, refinance, rehabilitate in conjunction with the acquisition or refinance of the property, and/or extract equity in conjunction with a refinance in order to purchase another multi-family property that is financed by AHFC.
- Maximum loan term is 35 years
- Taxes, insurance and replacement reserves are collected monthly
- There are no unit set-aside requirements
- Underwriting follows the federal guarantors guidelines