FHA Multifamily Mortgage Originations Breaks Record

The Federal Housing Administration’s (FHA) fiscal year ends in October, yet they’ve already broken their record for the number of multifamily rental housing originations they endorse. With 1,100 multifamily loans, totaling $10.5 billion, the FHA has increased their endorsements by “seven times the amount three years ago.”

FHA’s acting commissioner, Carol Galante, states, “FHA has never been more relevant in making sure the multifamily apartment marketplace continues to function even during these tough economic times. While we’re seeing record volume, we also recognize we have to accelerate the time it takes us to process these applications so we continue to meet this demand at the very time the market needs us the most.” In an effort to speed up the time required to approve applications, FHA released their new guidelines in August. http://bit.ly/nbI49u

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