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Fannie Mae

Fannie Mae Overview

The Federal National Mortgage Association is known as Fannie Mae. There are 25 Fannie Mae DUS lenders approved for originating multi-family mortgages. Each DUS lender could offer a different quote on the same property because each lender has different liquidity at the time of origination. Of these 25 lenders, some can lend nationwide while others are limited to particular markets. All DUS lenders have access to Fannie Mae’s Small Loan Program, however, only a few specialize in this program.


Forward/MBS Commitment: Is a mortgage loan for new construction and substantial rehabilitation of affordable and market-rate multifamily housing.
Immediate Funding Loans: Are for acquisition, refinancing, and moderate rehabilitation of existing affordable and market-rate multifamily housing.
Bond Credit Enhancement: Is a loan for enhancement credits for acquisition, new construction, and substantial rehabilitation of affordable and market-rate multifamily housing.
FNMA Green Refinance Plus: This program supports green retrofits and renovation of existing affordable properties for multifamily housing.


Occupancy: Must be 90% occupied for the three months (90 days) prior to loan commitment (aka 90 for 90).
Loan Amount: $2,000,000 Minimum.
Loan Term: Up to 18-years.
Amortization: Up to 30-years.
Debt Coverage: 1.25x Minimum.
Loan to Value: 90% Maximum.
Reserves: Minimum replacement reserves of $300 per unit and operating reserves up to 6 months of debt service.