Answer first
In brief
Texas has 1,270 active FHA-insured multifamily and healthcare loans with $22.3 billion of principal balance, according to HUD’s October 2026 active mortgage file. The balance-weighted note rate is 4.06%, and the largest program is 223(f) purchase or refinance (apartments) with 36.1% 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
- 1,270 active FHA-insured loans with $22.3 billion of principal balance in Texas.
- Balance-weighted note rate of 4.06%; 64.6% of loans are below 4.00%.
- Largest program: 223(f) purchase or refinance (apartments) with 36.1% of loans.
- 12.9% 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) | 458 | 36.1% | $6.7B |
| 221(d)(4) new construction or substantial rehab | 446 | 35.1% | $11.9B |
| Section 232/223(f) healthcare purchase or refinance | 176 | 13.9% | $1.6B |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 141 | 11.1% | $1.6B |
| Section 232/223(a)(7) healthcare refinance | 16 | 1.3% | $69.0M |
| 542(b) and 542(c) risk sharing (HFA and QPE) | 9 | 0.7% | $78.8M |
| Section 232 new construction or substantial rehab | 7 | 0.6% | $62.7M |
| Other and legacy sections (213, 220, 231, 221(d)(3)) | 7 | 0.6% | $125.5M |
| 241(a) supplemental loans (apartments) | 5 | 0.4% | $130.5M |
| Section 242 hospitals | 5 | 0.4% | $102.1M |
Deeper cuts for this state: Section 232 healthcare loans in Texas; 223(f) loans in Texas; 221(d)(4) loans in Texas.
Interest rate distribution
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 358 | 28.2% | $5.8B |
| 3.00% to 3.99% | 462 | 36.4% | $6.8B |
| 4.00% to 4.99% | 165 | 13.0% | $3.0B |
| 5.00% to 5.99% | 217 | 17.1% | $5.7B |
| 6.00% and above | 68 | 5.4% | $1.2B |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 50 | 4.24% |
| 2010 to 2014 | 181 | 3.41% |
| 2015 to 2019 | 350 | 3.55% |
| 2020 to 2022 | 414 | 3.08% |
| 2023 to 2026 | 275 | 5.59% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 6 | 0.5% | $21.7M |
| 2031 to 2035 | 16 | 1.3% | $54.8M |
| 2036 to 2045 | 71 | 5.6% | $245.6M |
| 2046 to 2055 | 391 | 30.8% | $3.6B |
| 2056 and later | 786 | 61.9% | $18.4B |
Where the loans are
| Metro area (CBSA) | Loans in state |
|---|---|
| Dallas-Fort Worth-Arlington, TX | 323 |
| Houston-Pasadena-The Woodlands, TX | 211 |
| San Antonio-New Braunfels, TX | 145 |
| Austin-Round Rock-San Marcos, TX | 122 |
| McAllen-Edinburg-Mission, TX | 45 |
| Beaumont-Port Arthur, TX | 33 |
| Corpus Christi, TX | 33 |
| Killeen-Temple, TX | 28 |
| City | Loans |
|---|---|
| San Antonio | 113 |
| Houston | 97 |
| Austin | 55 |
| Dallas | 54 |
| Fort Worth | 38 |
| El Paso | 24 |
Holders and active lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 272 | 21.4% | $4.8B |
| Greystone Funding Company LLC | 123 | 9.7% | $2.5B |
| Berkadia Commercial Mortgage LLC | 121 | 9.5% | $2.5B |
| Dwight Capital LLC | 87 | 6.9% | $1.8B |
| Colliers Mortgage LLC | 74 | 5.8% | $1.0B |
| Davis-Penn Mortgage Co. | 71 | 5.6% | $738.7M |
| Lender at initial endorsement | Loans |
|---|---|
| Greystone Funding Company LLC | 59 |
| Mason Joseph, LLC | 40 |
| Berkadia Commercial Mortgage LLC | 35 |
| Lument Real Estate Capital, LLC | 26 |
| Dwight Capital LLC | 24 |
| Colliers Mortgage LLC | 18 |
47 different holders of record appear in Texas.
Recent endorsement activity
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 138 | $2.9B | 25,090 |
| FY2023 | 57 | $1.4B | 11,574 |
| FY2024 | 43 | $1.3B | 9,628 |
| FY2025 | 53 | $1.6B | 10,941 |
| FY2026 | 87 | $3.1B | 19,622 |
Section 8 and affordability overlap
164 of Texas’s active insured loans (12.9%) are on properties HUD flags as Section 8, and 166 (13.1%) are on properties with any active HUD rental assistance contract. HUD’s mortgage file marks 310 loans (24.4%) as low-income housing tax credit properties and 59 as tax-exempt bond financed.
What stands out in Texas
- 221(d)(4) construction and substantial rehab loans make up 35.1% of active loans in Texas, compared with 13.7% for the national portfolio.
- 12.9% of Texas’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 0.7% of active loans in Texas, compared with 8.8% for the national portfolio.
- Section 232 healthcare loans make up 15.7% of active loans in Texas, compared with 25.7% for the national portfolio.
- Holder concentration is high: Lument Real Estate Capital, LLC is holder of record on 21.4% of the loans in Texas.
The bridge-to-HUD angle in Texas
HUD’s production database shows 378 apartment loans in Texas reaching initial endorsement from FY2022 through FY2026 ($10.3 billion). FY2026 produced 87, up from 43 in FY2024. 186 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 65% of the existing HUD loans here carry rates below 4.00%, few current HUD borrowers in Texas 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.
68 loans in Texas 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.
221(d)(4) construction loans are 35% of the book, so a pipeline of recently completed properties exists. Owners that financed construction conventionally often use a short bridge through lease-up and then refinance with HUD 223(f); see lease-up to HUD 223(f).
Bravo Capital HUD closings in Texas
- The Grove at Killeen, Killeen, TX: HUD 223(f), $14.6 million, closed July 2024
- Skyview Apartments, Killeen, TX: HUD 223(f), $13.1 million, closed October 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 Texas
- Section 232 healthcare loans in Texas
- HUD 223(f) loans in Texas
- HUD 221(d)(4) loans in Texas
- Dallas-Fort Worth-Arlington, TX metro
- Houston-Pasadena-The Woodlands, TX metro
- San Antonio-New Braunfels, TX metro
- Austin-Round Rock-San Marcos, TX metro
- McAllen-Edinburg-Mission, TX metro
- Beaumont-Port Arthur, TX metro
- Corpus Christi, TX metro
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 Texas?
HUD’s active insured mortgage file lists 1,270 FHA-insured multifamily and healthcare loans in Texas with $22.3 billion of amortized principal balance, covering 221,089 units or beds, as of the October 2026 release.
What interest rates do HUD loans in Texas carry?
The balance-weighted note rate is 4.06%. The most common band is 3.00% to 3.99% (36.4% of loans), and 5.4% of loans carry rates of 6.00% or higher. Rates exclude the mortgage insurance premium.
Who holds the most HUD loans in Texas?
Lument Real Estate Capital, LLC is holder of record on 272 loans (21.4%) 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 Texas matures soon?
6 loans (0.5%) 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.