FHA 223(f) Three Year Rule Waiver Revised

July 29, 2009 Revised Temporary Waivers of three year rule for Section 223(f)

Property must have a Certificate of Occupancy (CO) dated no later than the date of the loan application. In other words, a waiver is possible for all new properties that are built and have a CO.

Happy Days are here again!

More on FHA 223(f) Waivers

FHA 242-223(f)Hosptal Refinance

Hospital financing using FHA to just got better. FHA 242-223(f) was announced on July 2. 2009 and for strong hospitals with market need and positive operating margins FHA can waive the requirement for a new market study and new audit.

This will allow hospitals with good records and strong proven market demand to streamline the financing process. FHA has insured billions in dollars of hospital debt using the FHA 242 new construction program. The FHA 242/223(f) programs allows hospitals with tax-exempt and taxable debt to refinance. For more information go to: http://www.kendallrealtyadvisors.com/FHA242-223f-HOSPITALREFINANCE.html

FHA Section 242 in Conjuction with FHA 223(f) Hospital Finance

SUBJECT: Hospital Mortgage Insurance: Section 223(f) Refinancing in Conjunction with
Section 242 Financing - Taxable and Tax-Exempt Healthcare Housing Bond AA Credit Enhancement

This notice advises that FHA is immediately implementing its authority under section 223(f) of the National Housing Act to provide, in conjunction with financing under Section 242 of the National Housing Act, refinancing of debt for hospitals, without conditioning such refinancing on new construction or renovation as is the current program requirement.

Eligible entities seeking refinancing under Section 223(f) in conjunction with Section 242 financing (Section 242/223(f)) shall follow FHA’s regulations in 24 CFR part 242, except as modified in this notice to accommodate requirements applicable to Section 223(f) refinancing.

For more details go to: FHA 242-223F Hospital Refinance

Healthcare Loan Rates

FHA rates have moved into the six percent plus range due to the rise in 10 and 30 year treasury rates.

New Construction is in the low 7% range

FHA is announcing the new FHA 242/223(f) program soon.

Kendall News Letter 5-15-09

Last year in a series of emails, we discussed solutions to the slow down in condo sales. To review:

• According to Harvard University’s Joint Center for Housing Studies, 14 million new households will be created in the next 10 years, and 6-7 million of these will be renters. In the past 10 years only one million net units have been added to inventory over the last 10 years, so there is going to be a “significant need” for more units.
  

• The need for housing will continue even in these slow economic times for all of the normal reasons such as family formation, job relocation, increase in population, downsizing by senior citizens, and older housing units going out of service.
  

• Many partially sold condo projects have come to us for assistance in conversion to rentals. We have successfully found investment sources to handle this situation, and we anticipate an increasing need as the housing market demands more rental units
  

We have joined with a FHA, Fannie Mae, and Freddie Mac lender and the leader in the New Senior LEAN Processing. We have also forged relationships with large General Contractors to work on unfinished condo projects and convert them to rentals. Together we handle the debt as well as the ownership exit.

We are always looking for more projects. If you think we could help you, please call Chuck Kendall at 773-259-7074 or Scott Kendall at 847-903-7578, or email us at Chuck - ckendall@kendallrealtyadvisors.com or Scott - kendallrealty@gmail.com.

Rates FHA FNMA FREDDIE MAC TREASURY ACTION

Treasury Auction Flops

10 year treasury bond jumps up to 3.28% from 3.15%

Rates are going up.

Apartment and Healthcare Facility Loans

Kendall Realty Advisors is working on FHA 232 Lean, FHA 221(d), FHA 223(f), FHA 242 Hospital Loans.

We are also offering Fannie Mae and Freddie Mac Affordable Multifamily Housing and Market Rate Apartment Loans.

For Apartment, Nursing Home, Assisted Living and Hospital Loans

Call Scott at Kendall Realty Advisors

(847) 903-7578