Multifamily
Fannie Mae multifamily
A Fannie Mae multifamily loan is a non-recourse mortgage on a stabilized apartment property, made by a Fannie Mae DUS lender and sold to Fannie Mae. Terms are fixed or floating, typically five to twelve years with a 30-year amortization schedule, and sizing is driven by debt service coverage as often as by loan-to-value.
Key facts
Figures as of 2026-10-31. Program rules change by notice, so an advisor confirms current terms with lenders before you rely on any figure.
| Item | Figure | Source and date |
|---|---|---|
| Max LTV | 80% | Corin sizing estimate; as of 2026-10-31 |
| Minimum DSCR | 1.25x | Corin sizing estimate; as of 2026-10-31 |
| Typical term / amortization | 10-year fixed / 30-year schedule | Corin sizing estimate; as of 2026-10-31 |
| Fannie Mae Small Loans | Fannie Mae Small Loans: up to $9M, 80% LTV, 1.25x DSCR, 30-year amortization, terms of 5–30 years | Corin estimate, varies by lender; as of 2026-10-31 |
| Indicative pricing | Ten-year Treasury + 1.45–1.85 points | Corin sizing estimate; as of 2026-10-31 |
| Origination fee / fixed costs | 1.0% / about $45,000 | Corin sizing estimate; as of 2026-10-31 |
| Real-world sizing | Closed agency deals have averaged about 63% LTV and 1.43x DSCR, so DSCR usually binds before LTV | Corin estimate, varies by lender; as of 2026-10-31 |
Sizing: DSCR usually binds
The headline maximum is 80% LTV, but the lesser of the LTV and 1.25x DSCR tests controls. Closed agency deals have averaged about 63% LTV and 1.43x DSCR, so DSCR usually binds before LTV.
Agency or HUD
Agency debt closes faster, has fewer process requirements and allows shorter terms, which suits owners planning to sell or refinance within a decade. HUD offers longer fixed terms and higher leverage but a longer timeline. Corin compares both in the sizer.
- Choose the term to match your hold period and prepayment tolerance
- Green financing options can adjust pricing; confirm current terms
- Properties still in lease-up or heavy renovation usually need a bridge first
Frequently asked questions
What is the minimum Fannie Mae multifamily loan?
Fannie Mae's small loan product serves smaller balances; the current thresholds are listed in the facts table and change by lender and program updates.
Is a Fannie Mae loan recourse?
It is non-recourse with customary carve-outs, which can create recourse liability if triggered.
How is Fannie Mae different from Freddie Mac?
Both are agency lenders with similar leverage and coverage on stabilized properties. Programs, pricing, small-loan products and lender networks differ, so we compare both.
Related programs
- Freddie Mac multifamilyFixed-rate, non-recourse agency loans from Freddie Mac's lender network.
- HUD 223(f) multifamilyLong-term, fixed-rate, non-recourse refinance for existing apartment communities.
- Multifamily bridgeFloating, interest-only debt for value-add apartment business plans.
- DSCR investor loansRental property loans underwritten on the property's debt service coverage.
- Multifamily financingHUD, agency, bridge and DSCR options for apartment owners.
Talk through your deal with an advisor
Send the basics and a licensed Corin advisor reviews which programs and lenders may fit, or size the loan yourself first.