HUD 232                                      40 year fixed rate, none recourse, one closing, assumable 75-90% LTV
New construction/substantial
rehab for skilled nursing,
assisted living, assisted board
and living.

HUD 232 / 223(f)                          35 year fixed, none recourse, assumable, 80-85% secondary     
Refinance/acquisition                   financing up to 7.50%.
for skilled nursing,
assisted living, and board
and care

HUD a7 (existing HUD loans)         Refinance up to 12 years beyond remaining term. Maximum term is
Financing for existing                    35 years. No cash out, non-recourse, assumable.
health care HUD loans

HUD 241(a)                                    83-90% of replacement cost. Up to 40 years, non-recourse, assumable
(existing HUD loans)
Provides insured second
mortgages to finance repairs
addition and improvements to
existing health care properties
already held or insured by HUD.