HUD 221d4 loan for a multifamily
Hello All,
Has anyone ever done a HUD 221d4 for a multifamily? I'm looking at a three family that's a major gut job.
Yes I am getting pretty well versed in them. What do you mean a three family? A triplex? I've never heard of a 221d4 that small. Find a good lender that has done these 221d4 before and they'll walk you through everything. I'm happy to answer any specific questions... but you need a good lender. You can just apply direct to HUD.
Hi Brent thanks for replying. I contacted HUD and they said since I don’t have any experience and assets, I don’t qualify for this type of loan.
I am a director at a HUD mortgagee - for the 221d4 program to be economical you really need a loan request above ~$2.5mm. Additionally an apartment must be at least 5 units to qualify.
I would recommend going the conventional route for the size request.
Kyle Jean