Fannie Mae Choice Refinance Multifamily Loans

Our Fannie Mae Multifamily Loan Benefits

Fannie Mae Multifamily Loan rates start as low as 2.54% (as of July 27th, 2021)
• No upfront application or processing fees
• Simplified application process
• Financing up to 80% LTV
• Terms and amortizations up to 30 years
• Long term fixed rates
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation

Fannie Mae Choice Refinance Multifamily Loans

The Fannie Mae Choice Refinance Multifamily loanoffers borrowers an option to flexibly refinance their properties with lower costs and faster execution. This product is perfect for borrowers with current Fannie Mae Cash or MBS Mortgage Loans. The Choice Refinance Loan is specifically for properties that are well maintained and stabilized. Additionally, the lender must be the current servicer of the loan being refinanced.


Fannie Mae Choice Refinance Multifamily Loans Highlights

Pre-Review: If pre-review category for the portfolio mortgage loan has already been approved by Fannie Mae, then no pre-review is needed. Borrower Analysis: Lender must review necessary structural documents if borrower’s organizational structure has changed Lender will report ACheck result and obtain financial statements for borrower and all key principals Prepayment Penalty 1% penalty after the expiration of the yield maintenance period 1% penalty may be reduced in certain situations Penalty may be paid from the proceeds of the new loan Property Zoning: Borrower must certify that there has been no change in zoning which impacts the property This certification is in lieu of a full underwriting Other Terms: Escrows are usually required for replacement reserves, taxes and insurance New appraisal and title insurance policy are required Usually a new Phase 1 and Survey will not be required

 

 





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