Fannie Mae Fixed-Rate Multifamily Loans
Fannie Mae Fixed-Rate Loans allow investors to purchase or refinance multifamily and apartment properties. They have terms between five and 30 years, amortizations of up to 30 years, and permit LTVs up to 80%.
Fannie Mae Fixed-Rate Multifamily Financing Options
Fannie Mae Fixed-Rate financing is one of the most effective ways to acquire or refinance a multifamily property. With incredibly flexible loan terms and amortizations up to 30 years, competitive interest rates, and a wide variety of eligible properties, its no wonder that Fannie Mae's Fixed-Rate Loans are so popular. These loans have an LTV allowance of up to 80% for conventional properties, and eligible property types include stabilized conventional properties, seniors housing properties, manufactured housing communities, student housing developments, and Multifamily Affordable Housing (MAH) developments. Plus, just like many other Fannie Mae multifamily loans, Fannie Mae Fixed-Rate Loans are mostly non-recourse and are fully assumable with lender approval.
Keep reading below to learn more, or click here to download our easy-to-read Fannie Mae Fixed-Rate Loan term sheet.
Sample Fannie Mae Terms For Fixed-Rate Multifamily Loans in 2022
Terms: 5-30 years
Amortization: Up to 30 years
Maximum LTV: 80% for conventional properties (other properties vary by asset class)
Minimum DSCR: 1.25x for conventional properties (other properties vary by asset class)
Prepayment Options: Yield maintenance or prepayment premium options available
Stabilized conventional properties, seniors housing properties, manufactured housing communities, student housing developments, and Multifamily Affordable Housing (MAH) developments
Properties must have 5+ units (50+ pad sites for manufactured housing communities)
Borrower must be credit-worthy and a U.S.-owned single-asset entity (indirect foreign ownership interest allowed with proper structuring)
Very competitive interest rates
Up to 80% LTV
Most loans are non-recourse
30- 180 day rate locks available (streamlined rate locks also available)
Loans are assumable with lender approval
Requires replacement reserves
Requires third-party reports including a property appraisal and a Phase I Environmental Assessment