19.6.2.1 General

HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021) · 2026 edition · updated 2026-10-05 · United States

A. Section 223(a)(7) of the National Housing Act authorizes refinancing of an existing FHA-insured Loan. The 223(a)(7) Loan can be used to reduce the interest rate, provide funds for repairs, or extend the term of the Loan. The rationale for the latter two objectives must be documented by HUD.

B. Loans financed pursuant to Section 223(a)(7) are insured under the same section of the National Housing Act as the original loan, i.e. Section 221(d)(4), pursuant to Section 223(a)(7). Therefore, the original principal amount of the 223(a)(7) Loan cannot exceed the original unpaid principal balance of the FHA-insured loan being refinanced. If there has been a partial payment of claim on the FHA-insured loan, the 223(a)(7) cannot exceed the amount of the modified FHA-insured loan. Further instructions for 223(a)(7) loan applications are included in Chapter 18.

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▸Contents — HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

HUD Multifamily Accelerated Processing (MAP) Guide, HUD Handbook 4430.G (2020 ed., rev. Mar. 19, 2021)

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