A fixed-rate mortgage is a mortgage loan with monthly payments set at fixed interest rates. All HUD 223(a)(7) and HUD 232 loans are fixed-rate mortgages, which decreases risk and uncertainty for borrowers. Fixed-rate mortgages are designed to refinance and provide long-term financing for multifamily properties.
For more information about HUD 232 loans, please fill out the form here to speak to a HUD/FHA loan expert.