Fannie Mae Loans
Trusted financing solutions for apartment owners nationwide with competitive rates and flexible terms.
Fannie Mae Loans Program is one of the most trusted financing solutions for apartment owners nationwide. With competitive interest rates, flexible loan structures, high loan-to-value (LTV) ratios, and non-recourse terms, it’s ideal for a wide range of multifamily property types.
Whether you’re acquiring, refinancing, or improving a property, Fannie Mae offers both fixed and floating rate options to meet your investment needs.
Eligible Property Types
Market-Rate Apartments
Affordable Housing (e.g., LIHTC, Section 8)
Student Housing
Senior Housing
Cooperative Housing
Manufactured Housing Communities
Mixed-Use Properties (20% Maximum Commercial)
Healthcare and Assisted Living Facilities
Fannie Mae Multifamily Loan Programs
Standard DUS Mortgage
Designed for the purchase or refinance of stabilized properties with 5+ units.
Loan Amount: Starting at $5 million or $7 million in eligible markets
Small Loan Program
Tailored for smaller properties with 5–50 units.
Loan Amount: $750,000 to $5 million or $7 million in eligible markets
Key Loan Features
| Name | Value |
|---|---|
| Loan Terms | 5–30 years fixed; 7 years adjustable |
| Amortization | Up to 30 years |
| Interest-Only | Partial or full-term available (based on LTV and deal structure) |
| Maximum LTV | 55% (Tier 4), 65% (Tier 3), 75–80% (Tier 2) |
| Minimum DSCR | 1.55x (Tier 4), 1.35x (Tier 3), 1.25x (Tier 2) |
| Recourse | Non-recourse, with standard “bad boy” carve-outs |
| Prepayment | Yield maintenance or step-down on fixed; 1% post-lockout on adjustable |
| Assumability | Available with pre-approval and 1% assumption fee |
Underwriting & Property Guidelines
- Location: Primarily in MSAs with populations of 200,000+ (exceptions for tertiary markets)
- Occupancy Requirements:
- 90% physical occupancy for 90 days prior to funding
- 75% for newly built or recently renovated properties
- Minimum Units:
- 5+ units for multifamily
- 50+ pad sites for manufactured housing
- Lease Terms:
- Standard 12-month leases
- Parental guarantees required for student housing
- Financial Performance:
- Strong, stable, or increasing Net Operating Income (NOI)
Ready to Get Started?
Our team of multifamily loan experts is here to help you explore Fannie Mae financing options that fit your investment strategy. Contact us today to learn more or to request a quote.
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