Fannie Mae Apartment Loans
Published 12-19-2018


Fannie Mae Apartment Loans

For those of you who are getting familiar with Fannie Mae Loans, this program offers federally guaranteed mortgages and is one of the largest multi-family loan programs in the country.There are both fixed and variable products available for all property types and are offered nationwide. Properties that fall under the Fannie Mae category are apartments, affordable housing, senior housing, student housing and manufactured housing.There are two major Fannie Mae loan programs in which the majority of products fall under. These loan products are called The Standard DUS Mortgage Product and the Small Loan Programs.

The Standard DUS Mortgage Program is best used for the purchase or refinance of existing, stabilized properties and the minimum loan amount is $750,000. The small loan program is very similar to the Standard DUS Mortgage Program having all of the same features except the maximum loan amount.

Unlike the Standard DUS Mortgage Program where there is no certain maximum loan amount, the Small Loans Program can only lend up to $3MM.

The Fixed Rate Mortgage program is for the purchase or refinance of existing, stabilized properties including: traditional, affordable housing, senior housing, and student housing and manufactured housing communities.

The Structured Adjustable-Rate Mortgage product is for the purchase or refinance of existing, stabilized traditional and manufactured housing communities.

The Adjustable Rate Mortgage 7-6 product is for the purchase or refinance of existing, stabilized properties.

The M-PIRE Mortgage provides first lien and supplemental mortgage loans for conventional, affordable and cooperative housing that support additional loan proceeds for energy and water efficiency renovations within New York City’s five boroughs.The Supplemental Loan product is subordinate financing for properties with a pre-existing fixed or adjustable Fannie Mae Mortgage Loan that has been in place for a minimum of 12 months.

The Choice Refinance product is a streamlined refinance process with more limited documentation for existing DUS Cash or MBS loans to be refinanced by the same Lender.

The Student Housing product provides financing options for the finance or refinance of stabilized student housing properties.

The Affordable Housing Preservation is a product that provides options for preserving the availability and affordability of subsidized rental housing for low-income renters.

The Green Preservation Plus product provides additional loan proceeds to finance energy and water efficiency improvements for existing Multifamily Affordable Housing (MAH).

The Bond Credit Enhancement program provides credit enhancement for tax-exempt bonds issued to finance the acquisition, new construction, refinancing, or moderate to substantial rehabilitation of Multifamily Affordable Housing (MAH) properties with Low Income Housing Tax Credit (LIHTC) rent restrictions.

The Senior Housing product is for the finance or refinance of existing properties that provide Independent Living , Assisted Living ,Alzheimer’s/Dementia Care for Senior Citizens.

The Manufactured Housing Community product provides financing options for the purchase and refinance of stabilized communities where the Borrower owns the Manufactured Housing Community (MHC) sites and associated common amenities and infrastructure.

The Cooperative Property product provides financing options for the purchase and refinance of stabilized properties in eligible markets in which the residents collectively own the building(s) and property through their shares in the cooperative corporation.

For more information on Fannie Mae Loans please visit our Fannie Mae Loans page.


Author: Leanne Eicoff

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