FHA Programs

Paragon is pleased to be able to offer the following FHA Programs: Section 220 To provide funding for the new construction or substantial rehabilitation of apartments, cooperatives, and single room occupancy projects (SROs). This program also provides permanent take-out financing upon completion of construction. Section 221(d)4 To provide funding for the new construction or substantial rehabilitation of apartments. This program also provides permanent take-out financing upon completion of construction. Section 223(f) Permanent non-recourse mortgage financing for the refinance or acquisition of existing apartments and cooperatives. Minimum rehab allowed, up to $6,500 per unit before area cost adjustment factor. Section 223(a)7 Permanent non-recourse mortgage financing for the refinance of mortgages on multifamily projects already insured under the National Housing Act. Section 232-223(f) Permanent non-recourse mortgage financing for the refinance or acquisition of existing residential care facilities including skilled-nursing, intermediate-care, and assisted-living facilities. Minimum rehab allowed, up to 15% of the property‚Äôs appraised value after improvements. Section 232 To provide funding for the new construction or substantial rehabilitation of nursing homes and assisted living projects. This program also provides permanent take-out financing upon completion of construction. Section 241(a) To provide funding repairs, additions, and improvements to multifamily rental housing and healthcare facilities with FHA insured first mortgages or HUD-held mortgages. Section 242 To provide funding for the new construction, refinance, or substantial rehabilitation of hospitals. This program also provides permanent take-out financing upon completion of construction. FHA insurance requires the lender to place a first mortgage on the entire hospital, including all appurtenances such as parking lots, physical plants, etc.