Since 1968 FHA Section 242 Hospital finance has provided for billions of dollars of mortgage financing for Hospitals. Up to this time the FHA 242 Mortgage Insurance for Hospitals has been limited to new construction and substantial rehabilitation properties. Due to the Credit Crisis many banks and private lenders are unable to lend. With no private lending alternatives available FHA quickly reacted.
On July 2, 2009, HUD Secretary Shaun Donavon announced an exciting new program, the FHA Section 242-223(f) Hospital Refinance Program. This program allows thousands of Hospital to refinance tax-exempt municipal bonds and taxable debt using FHA 242/223(f) Mortgage Insurance for replacement Credit Enhancement.
FHA 242-223(f) was created to help finance viable hospitals that have been impacted by the credit crisis. Eligible borrowers must show a 1% increase in interest rates since January 1, 2008 or prove that such an increase is imminent.
For more information go to http://www.kendallrealtyadvisors.com/FHA242FHA223F.html
For more information go to http://www.kendallrealtyadvisors.com/FHA242FHA223F.html
