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HUD Multifamily Loans in Utah & Today's Rates
Utah, known for its breathtaking landscapes and high quality of life, is also a state where HUD housing loans are readily available and beneficial to many residents. These loans, backed by the U.S. Department of Housing and Urban Development (HUD), offer a lifeline to those who may struggle to secure traditional mortgage financing. A recent development in affordable housing in Utah has seen an increase in the availability of these loans, making homeownership more accessible for many Utahns.
State Housing Market Overview
The housing market in Utah is currently experiencing a period of significant growth. According to data from HUD and the Utah Housing Corporation, demand for housing is outpacing supply, leading to increased home prices. This trend is particularly noticeable in urban areas such as Salt Lake City and Provo. However, despite these challenges, there are numerous housing developments and projects underway aimed at increasing the availability of affordable housing.
Demographic trends are also impacting the housing market in Utah. The state's population is growing at a faster rate than the national average, with a significant portion of this growth coming from younger generations. This younger demographic is driving demand for affordable housing options, including apartments and starter homes. HUD housing loans are playing a crucial role in meeting this demand.
Economic Landscape and Demographic Trends
Utah's economic landscape is diverse and robust, with key sectors including technology, healthcare, and education. According to the Bureau of Labor Statistics, Utah consistently ranks among the states with the lowest unemployment rates. This strong job market, combined with the presence of significant educational institutions such as the University of Utah and Brigham Young University, attracts a steady stream of new residents to the state each year.
Demographic trends in Utah also play a significant role in shaping the state's housing market. The U.S. Census Bureau data shows that Utah has one of the youngest populations in the country, which contributes to a high demand for affordable housing options. Furthermore, Utah's population is projected to continue growing over the next decade, further increasing the need for accessible and affordable housing options like those provided by HUD housing loans.
Today's Interest Rates in Utah
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 Utah? 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 Utah
There are a wide range of HUD financing options for multifamily properties in Utah. 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 Utah, 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 Utah? 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 Utah
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 Utah, 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.