Answer first
In brief
Washington has 292 active FHA-insured multifamily and healthcare loans with $3.6 billion of principal balance, according to HUD’s October 2026 active mortgage file. The balance-weighted note rate is 3.60%, and the largest program is 223(f) purchase or refinance (apartments) with 41.8% 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
- 292 active FHA-insured loans with $3.6 billion of principal balance in Washington.
- Balance-weighted note rate of 3.60%; 68.2% of loans are below 4.00%.
- Largest program: 223(f) purchase or refinance (apartments) with 41.8% of loans.
- 19.5% 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) | 122 | 41.8% | $1.7B |
| Section 232/223(f) healthcare purchase or refinance | 54 | 18.5% | $431.8M |
| 221(d)(4) new construction or substantial rehab | 37 | 12.7% | $808.7M |
| Section 232/223(a)(7) healthcare refinance | 35 | 12.0% | $180.0M |
| 223(a)(7) refinance of an existing HUD loan (apartments) | 28 | 9.6% | $240.7M |
| Other and legacy sections (213, 220, 231, 221(d)(3)) | 6 | 2.1% | $179.0M |
| Section 241(a)/232 supplemental loans | 3 | 1.0% | $17.1M |
| Section 232 new construction or substantial rehab | 3 | 1.0% | $26.0M |
| 542(b) and 542(c) risk sharing (HFA and QPE) | 2 | 0.7% | $22.7M |
| Section 242 hospitals | 1 | 0.3% | $15.2M |
| Section 223(d)/232 operating loss loans | 1 | 0.3% | $690,640 |
Deeper cuts for this state: Section 232 healthcare loans in Washington.
Interest rate distribution
| Note rate | Loans | Share of loans | Balance |
|---|---|---|---|
| Under 3.00% | 104 | 35.6% | $1.5B |
| 3.00% to 3.99% | 95 | 32.5% | $1.0B |
| 4.00% to 4.99% | 49 | 16.8% | $463.1M |
| 5.00% to 5.99% | 30 | 10.3% | $446.0M |
| 6.00% and above | 14 | 4.8% | $180.6M |
| Initial endorsement | Loans | Weighted note rate |
|---|---|---|
| Before 2010 | 11 | 4.26% |
| 2010 to 2014 | 66 | 3.49% |
| 2015 to 2019 | 69 | 3.54% |
| 2020 to 2022 | 102 | 2.77% |
| 2023 to 2026 | 44 | 5.62% |
Maturity profile
| Maturity year | Loans | Share of loans | Balance |
|---|---|---|---|
| 2026 to 2030 | 4 | 1.4% | $27.8M |
| 2031 to 2035 | 9 | 3.1% | $40.0M |
| 2036 to 2045 | 32 | 11.0% | $98.5M |
| 2046 to 2055 | 117 | 40.1% | $953.5M |
| 2056 and later | 130 | 44.5% | $2.5B |
Where the loans are
| Metro area (CBSA) | Loans in state |
|---|---|
| Seattle-Tacoma-Bellevue, WA | 142 |
| Spokane-Spokane Valley, WA | 29 |
| Portland-Vancouver-Hillsboro, OR-WA | 22 |
| Kennewick-Richland, WA | 19 |
| Bremerton-Silverdale-Port Orchard, WA | 16 |
| Olympia-Lacey-Tumwater, WA | 15 |
| Wenatchee-East Wenatchee, WA | 9 |
| Bellingham, WA | 8 |
| City | Loans |
|---|---|
| Seattle | 42 |
| Spokane | 21 |
| Vancouver | 16 |
| Tacoma | 15 |
| Everett | 11 |
| Puyallup | 8 |
Holders and active lenders
| Holder of record (HUD file) | Loans | Share | Balance |
|---|---|---|---|
| Lument Real Estate Capital, LLC | 38 | 13.0% | $475.5M |
| Walker & Dunlop LLC | 35 | 12.0% | $150.1M |
| Berkadia Commercial Mortgage LLC | 29 | 9.9% | $391.8M |
| Dwight Capital LLC | 27 | 9.2% | $421.7M |
| Greystone Funding Company LLC | 26 | 8.9% | $465.7M |
| Centennial Mortgage Inc. | 21 | 7.2% | $173.2M |
| Lender at initial endorsement | Loans |
|---|---|
| Centennial Mortgage Inc. | 9 |
| Dwight Capital LLC | 7 |
| Lument Real Estate Capital, LLC | 7 |
| Greystone Funding Company LLC | 5 |
| Colliers Mortgage LLC | 4 |
| Berkadia Commercial Mortgage LLC | 4 |
31 different holders of record appear in Washington.
Recent endorsement activity
| Fiscal year | Loans | Mortgage amount | Units |
|---|---|---|---|
| FY2022 | 16 | $257.4M | 1,435 |
| FY2023 | 15 | $321.2M | 2,146 |
| FY2024 | 2 | $11.8M | 104 |
| FY2025 | 11 | $210.8M | 1,236 |
| FY2026 | 6 | $119.2M | 661 |
Section 8 and affordability overlap
57 of Washington’s active insured loans (19.5%) are on properties HUD flags as Section 8, and 57 (19.5%) are on properties with any active HUD rental assistance contract. HUD’s mortgage file marks 44 loans (15.1%) as low-income housing tax credit properties and 17 as tax-exempt bond financed.
What stands out in Washington
- Risk-sharing loans made with state housing finance agencies make up 0.7% of active loans in Washington, compared with 8.8% for the national portfolio.
- 19.5% of Washington’s insured loans are on properties HUD flags as Section 8, versus 30.4% for the national portfolio.
- The balance-weighted note rate in Washington is 3.60%, 0.35 percentage points below the national portfolio (3.95%).
- 68.2% of loans in Washington carry note rates below 4.00% (60.9% for the national portfolio).
- Section 232 healthcare loans make up 32.9% of active loans in Washington, compared with 25.7% for the national portfolio.
The bridge-to-HUD angle in Washington
HUD’s production database shows 50 apartment loans in Washington reaching initial endorsement from FY2022 through FY2026 ($920.4 million). FY2026 produced 6, up from 2 in FY2024. 36 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 68% of the existing HUD loans here carry rates below 4.00%, few current HUD borrowers in Washington 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.
14 loans in Washington 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.
Healthcare is a large part of the market: 33% of active loans in Washington 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.
For a transaction-specific view, Bravo Capital reviews bridge-to-HUD and HUD 223(f) requests through its loan inquiry.
More HUD data for Washington
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 Washington?
HUD’s active insured mortgage file lists 292 FHA-insured multifamily and healthcare loans in Washington with $3.6 billion of amortized principal balance, covering 33,767 units or beds, as of the October 2026 release.
What interest rates do HUD loans in Washington carry?
The balance-weighted note rate is 3.60%. The most common band is Under 3.00% (35.6% of loans), and 4.8% of loans carry rates of 6.00% or higher. Rates exclude the mortgage insurance premium.
Who holds the most HUD loans in Washington?
Lument Real Estate Capital, LLC is holder of record on 38 loans (13.0%) 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 Washington matures soon?
4 loans (1.4%) 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.