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HUD Multifamily Loans in Florida & Today's Rates
Florida, the Sunshine State, is not just known for its beautiful beaches and vibrant tourism industry, but also for its robust housing market. The availability and benefits of HUD housing loans in Florida have made homeownership a reality for many residents. A striking fact about the state's housing market is that despite the high demand, Florida has been successful in maintaining a balance between affordability and quality, thanks to the HUD housing loans.
Florida's housing market is a dynamic entity, constantly evolving to meet the needs of its diverse population. The state has faced its share of housing affordability challenges, particularly in urban areas like Miami and Orlando. However, HUD housing loans have played a significant role in addressing these challenges. According to data from HUD and state housing authorities, these loans have facilitated the development of affordable housing projects across the state, thereby improving the overall state of the housing market.
State Housing Market Overview
The current state of Florida's housing market is a reflection of its commitment to providing affordable housing options to its residents. Despite the high demand for housing, especially in urban areas, the state has managed to maintain a balance between supply and demand. This has been made possible through various housing developments and projects, many of which have been funded through HUD housing loans.
Demographic trends have also had a significant impact on Florida's housing market. The state's population is growing at a rapid pace, leading to an increased demand for housing. However, thanks to the availability of HUD housing loans, the state has been able to meet this demand by facilitating the development of affordable housing projects across various regions.
Economic Landscape and Demographic Trends
Florida's economic landscape is as diverse as its population. The state is home to several key employment sectors, including tourism, agriculture, and aerospace. These sectors not only contribute significantly to the state's economy but also influence its housing market. For instance, the presence of major tourist destinations and employment hubs in the state has led to an increased demand for housing in these areas.
Demographic shifts in Florida have also played a significant role in shaping its housing market. According to data from the Bureau of Labor Statistics and the U.S. Census Bureau, Florida has seen a steady increase in its population over the years. This increase, coupled with the presence of significant educational institutions and healthcare facilities in the state, has led to an increased demand for housing. However, thanks to HUD housing loans, Florida has been able to meet this demand by facilitating the development of affordable housing projects across various regions.
Today's Interest Rates in Florida
Find today's rates in the table below.
Please note that these are only benchmark index rates — each loan product will have a rate that varies depending on the property, the location, the borrower's financial strength and experience, and several other factors.
Our Experts
When it comes to getting a HUD loan for your multifamily property, there are several amazing options. The names of the loans themselves are not particularly descriptive, however — more alphabet soup than proper name — yet they have major differences in purpose, eligibility, and terms.
Our team connects you with lenders across the U.S. to find the best financing terms for your property, even if that ends up being outside the world of HUD financing. It doesn't matter if you're buying or building, renovating or expanding, shopping your loan to multiple lenders puts you in a strong position to pick the financing terms that meet your needs.
Our experienced team of capital markets advisors will source the very best terms from our unparalleled network of lenders to ensure your property gets the best financing terms available. We offer this service completely free of charge.
Looking for more information about Florida? Read on below. Otherwise, click the button below, and we'll get right back to you with your free multifamily loan quote.
Current HUD Multifamily Loans in Florida
There are a wide range of HUD financing options for multifamily properties in Florida. Keep reading to learn which one could be the most suitable for your property.
HUD 223(f) Loans
A HUD 223(f) loan is an extremely versatile financing option that can be used for the acquisition or refinance of a multifamily property with more than five units. With long, fully amortizing terms, fixed interest rates and high LTVs, these loans can be the ideal financing vehicle to acquire a multifamily property.
HUD 221(d)(4) Loans
The HUD 221(d)(4) loan is the highest-leverage, lowest-cost construction loan available for a multifamily development. Offering terms of up to 43 years at a fixed interest rate, this financing is extremely popular with developers for good reason. During construction, the loan is interest-only (for up to three years), and upon completion the note has a fully amortizing, 40-year term.
HUD 223(a)(7) Loans
Fast isn't what most people might think of when they think of getting a HUD multifamily loan. However, a HUD 223(a)(7) loan offers both speed and simplicity, with fewer reports and documentation needed. At the same time, this program offers loans with lengthy, fully amortizing terms, and low, fixed rates in a non-recourse package.
Note that while a HUD 223(a)(7) loan can be a wonderful option, it is only available for properties with existing HUD multifamily debt.
HUD 241(a) Loans
If you need supplemental financing for your apartment building in Florida, a HUD 241(a) loan could be a great option. These loans are non-recourse and offer financing at a loan-to-cost ratio of 90% for for-profit entities and 95% for nonprofits. You need an existing HUD loan on your apartment building or healthcare property to qualify.
Interest rates are fixed, and the loan's term length typically will match the term of the senior HUD loan on the property, though in many cases this term can be extended up to 40 years.
HUD 232/223(f) Loans
HUD's healthcare property loan, the 232/223(f) loan, is similar to the previously mentioned HUD 223(f) financing option. Useful for purchasing or refinancing healthcare properties (including skilled nursing and assisted living facilities), the loan does have some restrictions in terms of commercial space. However, the benefits of a 35-year, fully amortizing term at a fixed rate is unparalleled in the healthcare sector.
Think a HUD multifamily loan could be right for your property in Florida? Add your details to the form below, and we’ll match you with the best lender — and loan — for your investment strategy.
Multifamily Property Insurance in Florida
This part isn't about loans, but it's just as important to your investment's success: insurance.
Multifamily insurance premiums have shot through the roof over the past few years, as I'm sure you know. Whether you own (or plan to own) a market-rate apartment building or an affordable housing property, this will have a huge impact on your profitability — and, worst case, ability to operate at all.
Janover Insurance Group is dedicated to finding the best insurance solutions for your multifamily property in Florida, regardless of if it's affordable housing or if you're using a HUD loan. Click to get a free insurance quote for your property — no obligation whatsoever.