Written & reviewed by Stephen A. Sobin, President of Select Commercial Funding LLC
Fannie Mae Program
Fannie Mae Affordable Mod Rehab Supplemental Loan
The Fannie Mae Affordable Mod Rehab Supplemental Loan is one of the Fannie Mae multifamily programs Select Commercial arranges nationwide. Its highlights and terms are below, and you can compare it on our Fannie Mae multifamily page or view today’s commercial mortgage rates.
Get a Free QuoteAbout the Affordable Mod Rehab Supplemental Loan
The Fannie Mae Moderate Rehab Supplemental Loan for Affordable Housing provides new funds after moderately rehabilitating an affordable housing property that has a Fannie Mae loan. It is excluded from the one-supplemental rule, is generally lower cost than refinancing or other supplementals, and offers longer amortizations, higher LTV and lower DSCR; it is fully assumable with lender approval.
Program Highlights & Terms
- Property Eligibility: Stabilized conventional, affordable, seniors, student or manufactured housing; first mortgage identified as moderate rehab; existing Fannie Mae loan; Fannie Mae is the only debtor
- Term: 5 to 30 years
- Amortization: Up to 35 years
- Interest Rate: Both fixed and variable-rate options available
- Maximum LTV: 85% (may be higher for certain properties)
- Minimum DSCR: 1.15x
- Recourse: Non-recourse with standard carve-outs for bad acts
- Other Terms: Typically assumable; escrows for replacement reserves, taxes and insurance typically required
Terms are indicative and set by Fannie Mae underwriting for your specific property.
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 Quote
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- For 5+ unit and commercial properties, $1.5M and up