Best HUD/FHA Multifamily Lenders for 2026 Best HUD/FHA Multifamily Lenders for 2026

By Multi-Family USA Editorial Team · Published 2026-10-07 · Updated 2026-10-07 · 9 min read

HUD does not lend directly. FHA-insured multifamily loans are originated by approved Multifamily Accelerated Processing (MAP) lenders and insured by HUD. This page groups lenders that describe HUD/FHA programs on their own sites. It is not a ranking.

Methodology: what we looked at

• Program availability. Whether the lender describes an FHA/HUD multifamily program for properties with five or more units on its own site, and whether it states that it is an approved HUD Multifamily Accelerated Processing (MAP) lender.
• Published terms. Loan size, term, leverage, DSCR and recourse, but only where the lender or agency states them. Where a figure is not published we write “not published” rather than estimate it.
• Loan size range. The minimum and maximum each lender publishes. Many publish neither.
• Geography. Nationwide, or the limits a lender states.

What we did not do. We did not rank lenders, collect or show rates, test service or closing speed, or receive lender-supplied data. Groups are by fit, not by quality. Terms change, so confirm everything with the lender.

Sources and date. Lender program pages, term sheets, Freddie Mac’s Optigo directory and term sheets, and HUD’s program descriptions, all read in October 2026. Each row below links to its source.

What HUD says about the two main programs

Per HUD’s multifamily program descriptions: Section 223(f) insures loans to purchase or refinance existing multifamily rental housing with at least five residential units that was completed or substantially rehabilitated at least three years before the application. The term cannot exceed 35 years or 75 percent of the estimated life of the improvements, whichever is less. Section 221(d)(4) insures construction or substantial rehabilitation of rental and cooperative housing with five or more units, with long-term financing up to 40 years. HUD states that both are eligible for Multifamily Accelerated Processing (MAP).

Published leverage differs by source. For market-rate 221(d)(4), Berkadia’s page shows a maximum of 85% of cost, while Greystone’s 2026 term sheet shows up to 87% of eligible cost for loans up to $130M. HUD’s final sizing governs, so treat each figure as that lender’s description.

Lenders grouped by fit

Lenders that publish HUD program detail

These lenders show 223(f), 221(d)(4) or both with at least some stated structure, such as term, leverage or recourse.

• Greystone: FHA/HUD Section 221(d)(4). Term sheet: non-recourse; market-rate up to 87% of eligible cost with 1.15x minimum DSC; affordable up to 90% with 1.11x. Davis-Bacon wages apply. 40 years fully amortizing after construction.
• Berkadia: FHA 223(f), 221(d)(4), 241(a), 231, 232. 223(f): 35-year fixed, market-rate up to 85% LTV (80% cash-out). 221(d)(4): market-rate up to 85% LTC, interest-only through construction, then 40-year amortization. Rent-assisted up to 90%.
• Lument: FHA 223(f); FHA 221(d)(4). States it is a MAP and LEAN lender. 223(f): up to 35 years fully amortizing. 221(d)(4): interest-only during construction, then 40 years. Both non-recourse with key-principal carve-outs.
• Arbor: FHA 223(f), 221(d)(4), 223(a)(7) and others. States it is an approved MAP lender; loans described as non-recourse. A 2023 post from Arbor says 221(d)(4) loans require a $4M minimum.

Lenders that list HUD/FHA alongside other channels

These lenders list HUD/FHA on their sites without program-level terms. Useful if you want agency and HUD quotes from one lender.

• Dwight Capital: FHA/HUD insured loans. Lists FHA/HUD alongside balance-sheet bridge and construction. A 2023 release on its site describes a $34MM, 40-year fixed 221(d)(4) loan for a 123-unit new-construction community in Connecticut.
• Walker & Dunlop: FHA/HUD financing. Its small-balance page lists FHA lending for market-rate, affordable, mixed-income, healthcare and seniors housing. Its affordable-housing page lists HUD and construction financing.
• Merchants Capital: HUD/FHA; also Fannie, Freddie and USDA 538. Lists HUD/FHA alongside its agency and Rural Housing 538 programs on one page, so a sponsor can compare agency and HUD paths with one lender.
• NewPoint Real Estate Capital: HUD/FHA; also Fannie, Freddie and bridge. Home page lists HUD/FHA next to agency and bridge financing. Program-level terms are not published there.

Comparison table

“Not published” means the lender’s own page or term sheet does not state it. Figures are as published in October 2026 and can change.

Where Multi-Family USA fits

Multi-Family USA is a lender-matching option, not a lender. We review a 5+ unit deal and route it to lenders like the ones on this page. We do not originate, underwrite or fund loans, and we are not a mortgage lender. This page is published by Multi-Family USA, so treat our own listing with the same caution you would apply to any self-published list.

Next steps: send your deal for a lender-fit review, check market context on the rates page, or browse all guides.

When HUD/FHA is the right fit

HUD tends to suit sponsors who value long, fully amortizing, non-recourse debt and can accept a longer timeline. If speed matters more, compare it with agency. Read the FHA and HUD multifamily financing guide, the FHA vs agency comparison and the FHA/HUD multifamily loan type.

Notes and limits

• HUD’s published MAP lender list could not be retrieved when we checked (the file returned not found), so each lender’s MAP status is as stated on its own page. Confirm status with HUD before you engage a lender.
• Expect HUD processing to take longer than agency. Ask each lender for its current timeline before you plan around a closing date.

Keep reading

Back to the hub: best multifamily lenders 2026.

Other lender guides in this set:

• Best Small-Balance Multifamily Lenders for 2026
• Best Multifamily Bridge Lenders for 2026
• Best Multifamily Construction Lenders for 2026
• Best Agency Multifamily Lenders for 2026

Frequently asked questions