Fannie Mae Apartment Loans - Small Balance

Our Fannie Mae Multifamily Loan Benefits

Fannie Mae Multifamily Loan rates start as low as 5.72% (as of July 19th, 2024)
• A commercial mortgage broker with over 30 years of lending experience
• 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 Apartment Loans - Small Balance

Fannie Mae is one of the nation’s leading secondary market sources of capital for apartment building financing. The Fannie Mae Apartment Loans - Small Balance program provides mortgage capital for conventional, affordable housing, cooperatives, senior housing, student housing, manufactured housing communities and mobile home parks nationwide. The Fannie Mae apartment loans - small balance program offers many distinct advantages over traditional bank programs, including long-term fixed rates up to 30 years, high LTV ratios up to 80%, and nonrecourse financing (no personal guarantee to the principals). Fannie Mae offers first lien permanent financing for the acquisition or refinance (including cash-out) of multifamily properties nationwide.

Fannie Mae Apartment Loans - Small Balance Highlights

Simplified loan approval process for long term fixed rate financing for apartments, manufactured housing, mobile home parks, and cooperative apartments.

Loan Amount

$1,500,000 – $6,000,000+ nationwide (larger balance loans available through the Fannie Mae DUS platform)

Loan Terms

Fixed rates for 5, 7, 10, 12, 15, 20 and 30 years


Up to 30 years, based on the age and condition of the property

Prepayment Penalty

Yield maintenance and step-down options available


Loans are non-recourse lending (with standard carve-outs for “bad-boy” acts)

Debt Service Coverage

1.25x minimum

Loan to Value

Up to 80% maximum LTV for purchases and 75% for refinances

Subordinate Financing

Supplemental mortgages are available after the first 12 months of the loan term or loan assumption


Typically expect to see 90% occupancy for the previous 3 months


Non-recourse loans are assumable with the Lender’s consent

Taxes and Insurance Escrows

May be waived on lower LTV loans

Net Worth and Liquidity

Net worth and liquidity requirements must be met.  Speak to us for details.

Replacement Reserve Escrows

To be determined based upon appraisal and engineering reports

Rate Lock

Rate lock occurs after commitment is issued; an early rate lock option is also available


45-60 days from complete application to closing



Recent TRUSTPILOT Reviews

Select Commercial Funding Reviews from TRUSTPILOT

A three year journey
"Thanks Stephen for all of your hard work in getting our deal closed! I appreciate your professionalism and patience throughout a complicated process. You always were there for my partner and I whenever we had questions and needed answers quick. It was a pleasure to have worked with you and Select Commercial!"