Fixed-rate mortgages are real estate loans which require monthly payments at a fixed interest rate. All HUD multifamily loans, including HUD 221(d)(4) loans and HUD 223(f) loans, are fixed-rate mortgages. In contrast, HUD-insured loans for single-family loans are typically offered in both fixed and adjustable-rate options.
Created in 1934 by the National Housing Act, the FHA was set up to promote home construction and reduce unemployment. The FHA also operates a variety of loan insurance programs, like the FHA 221(d)(4) program that this website focuses on. Although the FHA insures lenders, it makes no loans and builds no properties.