Reduce your interest rate and extend your loan term in as little as 60-90 days with streamlined FHA 232/223(a)(7) refinancing
Close in 60-90 days vs 9-12 months for standard refinancing. Streamlined underwriting with minimal documentation.
Reduced closing costs, no appraisal required, and lower processing fees compared to full refinancing.
Add up to 12 years to your remaining loan term, improving cash flow and debt service coverage.
Your facility must have an existing FHA 232 or 232/223(f) insured loan. Minimum 10-year term remaining (or extension to 10 years).
We analyze current FHA rates vs your existing rate to calculate potential savings. Even a 0.50% reduction can save hundreds of thousands over the loan term.
Submit minimal documentation—most financial data is already on file with HUD from your original loan. No full appraisal required.
HUD reviews and approves the rate reduction. Close in 60-90 days and start saving immediately.
| Feature | FHA 232 IRR (223a7) | Standard Refinancing |
|---|---|---|
| Processing Time | 60-90 days | 9-12 months |
| Documentation | Minimal (streamlined) | Full underwriting |
| Appraisal | Not required | Full appraisal required |
| Closing Costs | Lower (est. 1-2%) | Higher (est. 2-4%) |
| Term Extension | Up to +12 years | Full new term (up to 35 years) |
| Loan Amount | Limited to existing balance + costs | Can increase (cash-out) |
| Best For | Rate reduction, term extension | Cash-out, major restructuring |
Any senior housing or healthcare facility with an existing FHA 232 or 232/223(f) insured loan is eligible, including skilled nursing, assisted living, memory care, and board & care facilities.
Savings depend on the rate reduction achieved. A 0.75% rate reduction on a $10M loan saves approximately $75,000 annually. Over 20 years, that's $1.5M in interest savings.
No, FHA 232 IRR is a rate reduction and term extension program only. The new loan amount is limited to your existing balance plus closing costs. For cash-out refinancing, you would need a standard FHA 232/223(f) refinance.
You can refinance again with another IRR transaction. There's no limit on how many times you can use the IRR program, making it a flexible tool for ongoing rate optimization.
HUD allows term extensions up to 12 years beyond your remaining term, as long as the total term doesn't exceed 40 years or the original statutory maximum. This improves cash flow and debt service coverage.
Let's analyze your existing FHA 232 loan and calculate your potential savings with an IRR refinance.