What are the standard loan amounts for both refinancing and acquisition?
For REFINANCING, the lesser of:
- 80% of fair market value (85% for non-profits)
- 100% of FHA’s allowable transaction costs (no equity take-out)
- 100% of FHA’s allowable costs less grants, public loans, and tax credits
- Amount that results in a debt service coverage ratio of 1.45x based on the underwritten Net Operating Income
For ACQUISITION, the lesser of:
- 85% of FHA’s allowable acquisition costs (90% for non-profits)
- 100% of FHA’s allowable costs less grants, public loans, and tax credits
- 80% of fair market value (85% for non-profits)
- Amount that results in a debt service coverage ratio of 1.45x based on the underwritten Net Operating Income
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