Definition: Federal National Mortgage Association; commonly known as “Fannie Mae’, the FNMA is the largest buyer of existing mortgages. The Federal National Mortgage Association was originally organized by the federal government in 1938 to purchase FHA-insured mortgages. The association was reorganized in 1968 as a quasi-private corporation whose entire ownership is private. Fannie Mae raises capital by issuing corporate stock which is actively traded on the New York Stock Exchange and by selling mortgages out of its portfolio to various investors.
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FNMA's Multifamily Mortgage Business provides first lien permanent mortgage loan financing for the acquisition and/or refinancing for apartment and multifamily properties.
This program provides flexible financing, access to additional capital, fast execution, and provides a lower cost than refinancing.
Fannie Mae’s Multifamily Mortgage Business offers long term financing with a very competitive variable interest rate that is convertible to a fixed rate.
A Fannie Mae (“Fannie Mae” or FNMA) mortgage is a loan product for apartment buildings with 5+ units. These loans can be fixed or floating and are generally non-recourse. It is a great product for various multifamily property types, including conventional apartments, affordable housing, senior housing, student housing, cooperative housing, and manufactured housing. It can also be used for mixed-use buildings where the other commercial units make up 20% or less of the gross income. Fannie Mae loans are only available for experienced multifamily investor/managers.
Fannie Mae loans provide financing for student housing properties, which is defined as a conventional multifamily property where 20% or more of the units are leased to undergraduate and/or graduate students, or a property that is specifically built or leased for student housing.
Fannie Mae’s Multifamily Mortgage Business offers financing options for loans up to $3 million for the acquisition or refinance of apartment buildings and other multifamily properties.
Fannie Mae provides loans for multifamily seniors housing properties and assisted living homes. Commercial loan direct provides low interest rates for assisted living property mortgages.
This program financing options for properties in which the residents collectively own the building(s) and property through their shares in the cooperative corporation.
