Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Agency Loan Program
Fannie Mae Multifamily Loans
Fannie Mae multifamily financing is one of several agency programs we arrange for apartment and multifamily properties nationwide. Fannie Mae backs roughly 40% of the $2.2 trillion in U.S. multifamily mortgage debt, and for 2026 the FHFA set its multifamily purchase cap at $88 billion. We place the full Fannie Mae platform, from Small Loan and DUS to a deep set of adjustable, specialty and affordable programs, each with its own page below. Compare today’s commercial mortgage rates.
Get a Free QuoteFannie Mae Multifamily Rates & Terms
| Loan Type | Rate* | Max LTV |
|---|---|---|
| 5 Year Fixed | 5.70% | 80% |
| 7 Year Fixed | 5.76% | 80% |
| 10 Year Fixed | 5.72% | 75% |
- Loan amounts from $1,500,000, Small Loan (under $6M) and DUS (over $6M)
- Loan-to-value up to 80% on purchases and 75% on refinances
- Long-term fixed rates up to 30 years
- Non-recourse, no personal guarantee required
- Assumable, with supplemental financing available
- Interest-only and adjustable-rate options
Rates are indicative and update with the market. Your rate, LTV and amortization are set by underwriting.
Compare Fannie Mae Multifamily Options
Fannie Mae serves both ends of the multifamily market, and we structure whichever fits your property:
| Program | Typical rate* | Max LTV | Best for |
|---|---|---|---|
| Fannie Mae Small Loan (under $6M) | 6.09% | Up to 80% | Streamlined small-balance apartments |
| Fannie Mae DUS / Large Balance (over $6M) | 5.76% | Up to 80% | Larger, institutional multifamily |
Both are non-recourse, assumable, and allow supplemental (secondary) financing. Most Fannie Mae multifamily loans require stabilized occupancy, a 680+ credit score and 9 to 12 months of liquidity.
Fannie Mae Multifamily Loan Programs
Fannie Mae offers one of the broadest multifamily platforms in the market. As a broker we place the full suite. Click any program for its terms:
Core & conventional
- Large Balance (DUS): institutional multifamily over $6 million, fixed 5 to 30 year terms, up to 80% LTV, non-recourse.
- Small Balance: simplified financing from $1.5 million to $6 million, fixed 5 to 30 year terms, up to 80% LTV.
- Conventional: the standard program for stabilized apartments, fixed or variable, up to 80% LTV.
- Fixed-Rate Mortgage: first-lien permanent fixed-rate financing, terms up to 30 years, up to 80% LTV.
- Choice Refinance: low-cost, fast refinance for existing Fannie Mae Cash or MBS borrowers.
Adjustable-rate
- ARM 7-6: 7-year adjustable, up to 80% LTV, convertible to a fixed rate between year 2 and year 6.
- ARM 5-5: initial 5-year adjustable with a 5-year extension option, convertible to fixed, up to 65% LTV.
- Hybrid ARM: fixed for an initial term, then adjustable, over a 30-year loan with no balloon.
- Structured ARM (SARM): variable-rate financing convertible to fixed, for loans of $25 million or more.
Specialty property
- Manufactured Housing Community: communities with at least 50 pad sites, up to 80% LTV, non-recourse.
- Seniors Housing: independent living, assisted living and memory care, up to 75% LTV.
- Student Housing: purpose-built and high student-occupancy properties, up to 75% LTV.
- Cooperative Property: financing for cooperative housing organizations, up to 55% LTV.
Affordable housing & rehab
- Affordable Housing Preservation: stabilized affordable properties with rent restrictions, terms to 30 years, up to 80% LTV.
- Moderate Rehab Supplemental: new funds after a moderate rehab, outside the one-supplemental rule, up to 75% LTV.
- Affordable Mod Rehab Supplemental: the affordable-housing version, up to 85% LTV, 35-year amortization.
- Reduced Occupancy Affordable Rehab (ROAR): permanent financing for affordable properties under renovation, up to 90% of stabilized value.
Fannie Mae Multifamily Benefits
- Long-term fixed rates up to 30 years
- High loan-to-value up to 80%
- Non-recourse, no personal guarantee required
- Loans are assumable and allow supplemental financing
- Fixed and adjustable-rate structures, with interest-only options
Eligibility for Fannie Mae Multifamily Loans
Fannie Mae multifamily loans finance apartment buildings with at least five residential units and no more than 20% of net rentable space leased to commercial tenants. Eligible properties generally must meet:
- Minimum of five residential units (manufactured housing communities need at least 50 pad sites)
- Located in primary or secondary MSAs, with some exceptions for tertiary markets
- Stabilized occupancy, at least 90% for 90 days
- Minimum credit score of 680 with no recent delinquencies
- Liquidity covering 9 to 12 months of debt service
Fannie Mae Multifamily: 2026 Outlook
Fannie Mae remains a cornerstone of apartment finance, backing roughly 40% of the $2.2 trillion in U.S. multifamily mortgage debt.
Higher lending capacity in 2026. The Federal Housing Finance Agency set Fannie Mae’s 2026 multifamily loan purchase cap at $88 billion, part of a combined $176 billion with Freddie Mac that is up about 20.5% from 2025.
A continued affordability focus. At least 50% of Fannie Mae’s multifamily business must be mission-driven, affordable housing, and loans that finance workforce housing are excluded from the cap.
Why agency stays attractive. For stabilized apartments, Fannie Mae generally offers among the lowest long-term fixed rates and non-recourse terms in the market.
Get Expert Guidance on Your Fannie Mae Loan
With more than 30 years of experience and relationships across agency, bank, CMBS, life company and private lenders, we help investors secure the right Fannie Mae program and compare it against every other option. There are no upfront application or processing fees, and we issue written pre-approvals within 48 hours at no cost or obligation.
What Our Clients Say
“I spoke to several commercial lenders before finding Select Commercial. They got me a lower rate and their service was exceptional. If you need a multifamily loan, you need to talk to Stephen.”
Nathan B. · Philadelphia, PA“Select Commercial was very helpful with my multifamily mortgage. Stephen went over several options and we came up with the best lender to meet my needs. I got the funds and also lowered my payments.”
Gary M. · Portland, OR“I found selectcommercial.com and saw they specialized in apartment building loans. In the end, they were by far the best company I have used. Next time I know who to call first.”
Jerry T. · Long Island, NY“As a real estate attorney, I trust that Select Commercial will deliver apartment building loans and commercial mortgages in a timely manner. The rates and terms offered are excellent. I heartily recommend them.”
David S. · New York CityGet Your Fannie Mae Rate Quote
No cost, no obligation. Written answers within 48 hours on multifamily loans from $1,500,000.
- No application or processing fees
- Written answers within 48 hours
- For 5+ unit and commercial properties, $1.5M and up