Answer first
In brief
HUD’s October 2026 active insured mortgage file lists 15,720 FHA-insured multifamily, healthcare and hospital loans with $191.9 billion of amortized principal balance, covering 2,043,774 units and beds. Section 223(f) is the largest program by count (36.3% of loans), and the balance-weighted note rate across the portfolio is 3.95%.
Key figures
Program mix
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| 223(f) purchase or refinance (apartments) | 5,711 | 36.3% | $67.4B |
| Section 232/223(f) healthcare purchase or refinance | 3,019 | 19.2% | $34.2B |
| 221(d)(4) new construction or substantial rehab | 2,159 | 13.7% | $42.4B |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 2,157 | 13.7% | $17.1B |
| 542(b) and 542(c) risk sharing (HFA and QPE) | 1,383 | 8.8% | $14.2B |
| Section 232/223(a)(7) healthcare refinance | 819 | 5.2% | $5.8B |
| Other and legacy sections (213, 220, 231, 221(d)(3)) | 123 | 0.8% | $2.7B |
| Section 232 new construction or substantial rehab | 108 | 0.7% | $1.4B |
| Section 242 hospitals | 76 | 0.5% | $5.4B |
| Section 241(a)/232 supplemental loans | 70 | 0.4% | $461.8M |
| 241(a) supplemental loans (apartments) | 69 | 0.4% | $789.1M |
| Section 223(d)/232 operating loss loans | 26 | 0.2% | $17.3M |
Apartments, healthcare and hospitals
| Business type | Loans | Balance | Weighted rate |
|---|---|---|---|
| Multifamily residential | 11,602 | $144.6B | 3.83% |
| Healthcare (Section 232) | 4,042 | $41.8B | 4.35% |
| Hospitals (Section 242) | 76 | $5.4B |
Largest state markets
| State | Loans | Balance | Weighted rate |
|---|---|---|---|
| Texas | 1,270 | $22.3B | 4.06% |
| California | 1,016 | $12.6B | 3.89% |
| Ohio | 975 | $6.6B | 3.88% |
| Illinois | 806 | $8.2B | 3.77% |
| Massachusetts | 774 | $10.6B | 3.80% |
| New York | 698 | $16.4B | 4.27% |
| Michigan | 630 | $5.4B | 3.82% |
| Minnesota | 619 | $4.8B | 3.51% |
| Florida | 598 | $10.2B | 4.22% |
| North Carolina | 566 | $6.2B | 3.83% |
| Maryland | 546 | $8.2B | 3.78% |
| Indiana | 521 | $4.0B | 3.60% |
| Virginia | 420 | $8.3B | 3.91% |
| Pennsylvania | 411 | $3.9B | 3.99% |
| Georgia | 351 | $3.7B | 4.11% |
All states: HUD loans by state. All metro areas with 30 or more loans: HUD loans by metro.
Holders of record
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 2,419 | 15.4% | $25.0B |
| Berkadia Commercial Mortgage LLC | 1,288 | 8.2% | $15.1B |
| Walker & Dunlop LLC | 991 | 6.3% | $12.6B |
| Greystone Funding Company LLC | 971 | 6.2% | $16.7B |
| Dwight Capital LLC | 775 | 4.9% | $13.3B |
| Merchants Capital Corp. | 760 | 4.8% | $7.8B |
| Capital Funding LLC | 512 | 3.3% | $4.1B |
| Wells Fargo Bank N.A. | 503 | 3.2% | $6.7B |
| PGIM Real Estate Agency Financing, LLC | 450 | 2.9% | $5.0B |
| PNC Bank, National Association | 422 | 2.7% | $2.9B |
106 institutions appear as holder of record. The holder is often the servicer or Ginnie Mae issuer, not necessarily the lender that originated the loan.
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); HUD FHA Multifamily Firm Commitments and Endorsements Database (FY2001 to Q4 FY2026, data run October 8, 2026); HUD Insured Multifamily Properties, HUD Open Data (updated October 6, 2026) for metro area and Section 8 flags. 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 are there?
HUD’s October 2026 active insured mortgage file lists 15,720 active FHA-insured multifamily, healthcare and hospital loans with $191.9 billion of principal balance.
What is the most common HUD multifamily program?
Section 223(f), used to purchase or refinance existing apartments, accounts for 5,711 active loans (36.3%). Section 232/223(f) healthcare loans are second with 3,019.
Which states have the most HUD loans?
By count: Texas (1,270), California (1,016), Ohio (975), Illinois (806), Massachusetts (774), per HUD’s October 2026 file.
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.