Answer first
In brief
Only 258 of 15,720 active FHA-insured multifamily loans (1.6%) mature by the end of 2031, according to HUD’s October 2026 file. HUD loans amortize fully over long terms, so 81.3% of loans mature in 2046 or later.
National maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 162 | 1.0% | $369.3M |
| 2031 to 2035 | 590 | 3.8% | $1.2B |
| 2036 to 2045 | 2,187 | 13.9% | $10.3B |
| 2046 to 2055 | 5,830 | 37.1% | $53.4B |
| 2056 and later | 6,951 | 44.2% | $126.5B |
Maturities by program
| Program | Loans | Maturing by 2031 | Share |
|---|---|---|---|
| 223(f) | 5,711 | 22 | 0.4% |
| 221(d)(4) | 2,159 | 3 | 0.1% |
| 223(a)(7) | 2,157 | 110 | 5.1% |
| Section 232 (all) | 4,042 | 36 | 0.9% |
States with the most near-term maturities
| State | Active loans | Maturing by 2031 | Share |
|---|---|---|---|
| California | 1,016 | 25 | 2.5% |
| New York | 698 | 22 | 3.2% |
| Kentucky | 241 | 21 | 8.7% |
| Indiana | 521 | 16 | 3.1% |
| Missouri | 287 | 14 | 4.9% |
| Illinois | 806 | 11 | 1.4% |
| Ohio | 975 | 10 | 1.0% |
| Alabama | 224 | 9 | 4.0% |
| Oregon | 227 | 9 | 4.0% |
| Maryland | 546 | 8 | 1.5% |
| Pennsylvania | 411 | 8 | 1.9% |
| New Jersey | 298 | 7 | 2.3% |
| Rhode Island | 156 | 7 | 4.5% |
| South Carolina | 240 | 7 | 2.9% |
| District of Columbia | 93 | 6 | 6.5% |
Why maturities matter less for HUD debt
Unlike bank, CMBS or bridge loans, an FHA-insured loan is fully amortizing, so there is no balloon to refinance. The balance remaining near maturity is small, and owners usually refinance or sell for other reasons: to reset a high coupon, take cash out, recapitalize partners or change the property. For owners whose non-HUD debt is maturing, see refinancing a maturing CMBS loan with HUD and refinancing a maturing bank loan with HUD.
Data source and method
Data source: HUD Insured Multifamily Mortgages (active), file FHA-BF90-RM-A, as of the October 2026 release (loans endorsed through September 29, 2026). Aggregates computed by Bravo Capital; no owner or contact information is used.
Balances are HUD’s reported amortized principal balance. Interest rates are note rates as reported by HUD (mortgage insurance premium not included), and the average shown is weighted by balance. Metro areas use HUD’s Core Based Statistical Area assignment for each property. “Holder” is the holder of record in HUD’s file, which is often the servicer or Ginnie Mae issuer rather than the original lender. Initial endorsement counts come from HUD’s multifamily production database, which covers apartment programs and does not include Section 232 healthcare loans.
Common questions
Frequently asked questions
How many HUD multifamily loans mature in the next five years?
258 active loans mature by the end of 2031, about 1.6% of the portfolio in HUD’s October 2026 file.
Do HUD loans have balloon payments?
Generally no. FHA-insured multifamily loans are fully amortizing over terms of up to 35 years for 223(f) and up to 40 years for 221(d)(4), so the balance at maturity is near zero.
When do most HUD loans mature?
6,951 loans mature in 2056 or later and 5,830 mature from 2046 to 2055.
Created by Bravo Capital, a HUD-approved MAP and LEAN lender, and expert-reviewed by the Bravo Capital HUD Underwriting Team. Figures are computed from HUD public data files listed above. Last updated . This page is educational and is not a credit decision or commitment to lend.