Answer first
In brief
Ohio has 975 active FHA-insured multifamily and healthcare loans with $6.6 billion of principal balance, according to HUD’s October 2026 active mortgage file. The balance-weighted note rate is 3.88%, and the largest program is 223(f) purchase or refinance (apartments) with 34.4% of loans.
Compiled by Bravo Capital, a HUD-approved MAP and LEAN lender, from the HUD public data files listed under Data source and method.
Key figures
- 975 active FHA-insured loans with $6.6 billion of principal balance in Ohio.
- Balance-weighted note rate of 3.88%; 64.3% of loans are below 4.00%.
- Largest program: 223(f) purchase or refinance (apartments) with 34.4% of loans.
- 43.5% of loans are on properties HUD flags as Section 8.
Program mix
| Program (section of the National Housing Act) | Loans | Share | Balance |
|---|---|---|---|
| 223(f) purchase or refinance (apartments) | 335 | 34.4% | $2.1B |
| Section 232/223(f) healthcare purchase or refinance | 258 | 26.5% | $2.4B |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 146 | 15.0% | $425.3M |
| 221(d)(4) new construction or substantial rehab | 132 | 13.5% | $925.1M |
| Section 232/223(a)(7) healthcare refinance | 71 | 7.3% | $453.4M |
| Section 241(a)/232 supplemental loans | 18 | 1.8% | $73.2M |
| Other and legacy sections (213, 220, 231, 221(d)(3)) | 5 | 0.5% | $10.4M |
| 241(a) supplemental loans (apartments) | 3 | 0.3% | $2.9M |
| Section 242 hospitals | 3 | 0.3% | $178.2M |
| 542(b) and 542(c) risk sharing (HFA and QPE) | 3 | 0.3% | $4.3M |
| Section 232 new construction or substantial rehab | 1 | 0.1% | $4.4M |
Deeper cuts for this state: Section 232 healthcare loans in Ohio; 223(f) loans in Ohio; 221(d)(4) loans in Ohio.
Interest rate distribution
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 282 | 28.9% | $2.3B |
| 3.00% to 3.99% | 345 | 35.4% | $1.9B |
| 4.00% to 4.99% | 148 | 15.2% | $626.4M |
| 5.00% to 5.99% | 112 | 11.5% | $1.3B |
| 6.00% and above | 88 | 9.0% | $507.8M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 142 | 4.54% |
| 2010 to 2014 | 221 | 3.36% |
| 2015 to 2019 | 211 | 3.55% |
| 2020 to 2022 | 264 | 2.91% |
| 2023 to 2026 | 137 | 5.81% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 6 | 0.6% | $3.1M |
| 2031 to 2035 | 54 | 5.5% | $48.8M |
| 2036 to 2045 | 205 | 21.0% | $634.6M |
| 2046 to 2055 | 366 | 37.5% | $2.3B |
| 2056 and later | 344 | 35.3% | $3.6B |
Where the loans are
| Metro area (CBSA) | Loans in state |
|---|---|
| Cleveland, OH | 216 |
| Columbus, OH | 171 |
| Cincinnati, OH-KY-IN | 113 |
| Akron, OH | 73 |
| Toledo, OH | 59 |
| Dayton-Kettering-Beavercreek, OH | 57 |
| Canton-Massillon, OH | 37 |
| Youngstown-Warren, OH | 32 |
| City | Loans |
|---|---|
| Cincinnati | 75 |
| Cleveland | 70 |
| Columbus | 64 |
| Toledo | 34 |
| Akron | 25 |
| Dayton | 22 |
Holders and active lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 362 | 37.1% | $2.1B |
| Merchants Capital Corp. | 96 | 9.8% | $430.7M |
| Greystone Funding Company LLC | 73 | 7.5% | $867.1M |
| Bellwether Enterprise Real Estate Capita | 45 | 4.6% | $327.3M |
| Walker & Dunlop LLC | 44 | 4.5% | $247.5M |
| KeyBank National Association | 44 | 4.5% | $526.1M |
| Lender at initial endorsement | Loans |
|---|---|
| Lument Real Estate Capital, LLC | 57 |
| Greystone Funding Company LLC | 10 |
| Bellwether Enterprise Real Estate Capita | 9 |
| Merchants Capital Corp. | 8 |
| Berkadia Commercial Mortgage LLC | 6 |
| Ohio Housing Finance Agency | 3 |
37 different holders of record appear in Ohio.
Recent endorsement activity
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 52 | $541.3M | 6,282 |
| FY2023 | 22 | $196.0M | 2,128 |
| FY2024 | 9 | $117.9M | 1,011 |
| FY2025 | 19 | $275.7M | 2,271 |
| FY2026 | 9 | $101.2M | 1,276 |
Section 8 and affordability overlap
424 of Ohio’s active insured loans (43.5%) are on properties HUD flags as Section 8, and 427 (43.8%) are on properties with any active HUD rental assistance contract. HUD’s mortgage file marks 193 loans (19.8%) as low-income housing tax credit properties and 84 as tax-exempt bond financed.
What stands out in Ohio
- 43.5% of Ohio’s insured loans are on properties HUD flags as Section 8, versus 30.4% for the national portfolio.
- Risk-sharing loans made with state housing finance agencies make up 0.3% of active loans in Ohio, compared with 8.8% for the national portfolio.
- Holder concentration is high: Lument Real Estate Capital, LLC is holder of record on 37.1% of the loans in Ohio.
- Section 232 healthcare loans make up 35.7% of active loans in Ohio, compared with 25.7% for the national portfolio.
- The average balance per loan in Ohio is $6.7 million, smaller than the $12.2 million average for the national portfolio.
The bridge-to-HUD angle in Ohio
HUD’s production database shows 111 apartment loans in Ohio reaching initial endorsement from FY2022 through FY2026 ($1.2 billion). FY2026 produced 9, level with 9 in FY2024. 79 of them were 223(f) purchase or refinance loans, each of which either funded an acquisition or replaced other debt such as a bank, CMBS, construction or bridge loan.
Because 64% of the existing HUD loans here carry rates below 4.00%, few current HUD borrowers in Ohio have a rate reason to refinance. New HUD volume depends mostly on properties that come to HUD from other debt, which is where a bridge loan sized to a HUD exit fits.
88 loans in Ohio carry note rates of 6.00% or higher. For those borrowers the streamlined option is a 223(a)(7) refinance when permanent rates allow; Bravo’s 223(a)(7) guide covers eligibility and process.
With 43% of the insured book on Section 8 properties, HAP contract term, contract rents and renewal strategy are central to underwriting. See refinancing a Section 8 HAP property with HUD.
Healthcare is a large part of the market: 36% of active loans in Ohio are Section 232. Operator transitions and turnaround periods are the usual reasons a skilled nursing or assisted living facility uses a bridge loan before a Section 232 refinance.
Bravo Capital HUD closings in Ohio
- Merchant Apartments, Springdale, OH: HUD 223(f), $18.6 million, closed March 2025
- Merchant Townhomes, Springdale, OH: HUD 223(f), $20.1 million, closed March 2025
These are part of Bravo’s record of 26 HUD firm commitments received since April 2022, all closed, totaling $526.0 million. The method is on the HUD Closing Scorecard.
For a transaction-specific view, Bravo Capital reviews bridge-to-HUD and HUD 223(f) requests through its loan inquiry.
More HUD data for Ohio
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 active in Ohio?
HUD’s active insured mortgage file lists 975 FHA-insured multifamily and healthcare loans in Ohio with $6.6 billion of amortized principal balance, covering 111,092 units or beds, as of the October 2026 release.
What interest rates do HUD loans in Ohio carry?
The balance-weighted note rate is 3.88%. The most common band is 3.00% to 3.99% (35.4% of loans), and 9.0% of loans carry rates of 6.00% or higher. Rates exclude the mortgage insurance premium.
Who holds the most HUD loans in Ohio?
Lument Real Estate Capital, LLC is holder of record on 362 loans (37.1%) in HUD’s file. The holder of record is often the servicer or Ginnie Mae issuer, which can differ from the lender that originated the loan.
How much HUD debt in Ohio matures soon?
10 loans (1.0%) mature by the end of 2031. Most HUD loans are fully amortizing over 35 to 40 years, so maturities are spread thinly and refinancing is usually driven by rates, cash-out needs or a sale rather than a maturity date.
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.