When it comes to financing multifamily properties, including apartments, student housing, affordable housing, assisted living and other healthcare facilities, mobile home parks and more, Fannie Mae typically offers the most competitive fixed rate and floating rate financing, with the one exception being Freddie Mac®. However prepayments can be an issue, and qualifying can be challenging, as Fannie Mae apartment loans require very experienced borrowers with strong financial statements and rigorous property underwriting. In many situations, borrowers that don't qualify for Fannie Mae financing find that CMBS loans are a highly effective alternative. 

As we mentioned previously, Fannie Mae multifamily loans are particularly well suited for affordable housing financing, and can easily fund housing affordable housing rehabilitation— especially when paired with the LIHTC (Low-Income Housing Tax Credit) program. Fannie Mae financing is also a good choice for financing properties previously under HUD legacy programs that are being converted to Section 8 housing under the Rental Assistance Demonstration (RAD) program.

Sample Fannie Mae Terms For Apartment Loans 2021

Size: Generally $1 million to $100 million

Terms: 5, 7, 10, and 12 year terms

Amortization: 30 years

Maximum LTV: 75% - 80%

Minimum DSCR: 1.25x 

Recourse: Non-recourse with standard “bad boy” carve-outs

Rate Lock: 30 to 90-day commitments. An early rate lock feature is available allowing the borrower to lock a rate 45 to 180 days in advance of closing.

Prepayment Options: Yield maintenance and other graduated prepayment options are available. There is no prepayment premium if the loan is paid within the last 90 days of the loan term.         


  • Highly competitive pricing.

  • Early rate lock.

  • Up to 80% LTV.

  • Non-recourse.


  • Selective of the properties they will finance.

  • Require financially strong borrowers.

Fannie Mae Military Multifamily Housing Loans 


If you're an investor considering acquiring a multifamily property near a military base, or a multifamily property with a 20% or higher concentration of military tenants, a Fannie Mae Military Housing Loan could be a fantastic option. Like other forms of Fannie Mae multifamily financing, these loans start at $1 million and offer a 75% LTV allowance-- making them a great choice for acquiring housing intended for service members and their families. 

Fannie Mae Student Housing Loans


At colleges and universities across America, student housing is in high demand-- and if you're an investor looking to capitalize on that demand, a Fannie Mae Student Housing Loan could be the perfect choice. Designed for properties with an 80% of higher concentration of undergraduate students, Fannie Mae Student Housing Loans begin at $1 million and have a LTV allowance of 75%. 

Click the link below to learn more, or simply click here to download our easy-to-read Fannie Mae Student Housing Loan term sheet.

Fannie Mae Multifamily Affordable Housing Loans

Fannie mae multifamily loans for affordable housing developments

Across the country, housing prices are on the rise-- and many families are struggling to keep up with the increasing costs. Savvy investors and developers are noticing this trend-- and are responding by increasing the amount of affordable housing available on the market, and many are doing so with Fannie Mae Multifamily Affordable Housing Loans. Fannie Mae Multifamily Affordable Housing Loans begin at $750,000- $1 million and allow maximum LTVs of between 80-90%, making them an incredible attractive option for investors. 

Fannie Mae DUS Loans

fannie mae dus multifamily financing options

The Fannie Mae Standard Multifamily Loan, also known as the Fannie Mae DUS loan, is perhaps the most popular type of multifamily financing on the market-- and, with the myriad amount of options this loan provides, it's not hard to see why. Unlike some other kinds of Fannie Mae loans, Fannie Mae DUS loans allow for cash-out refinancing, and have both fixed rate, variable rate, and interest-only options available. Fannie Mae Standard loans begin at $3 million, and have a maximum LTV allowance of 80%. 

Click the link below to learn more, or simply click here to download our easy-to-read Fannie Mae DUS loan term sheet.