Fannie Mae DUS® Student Housing Loan Program

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Non-recourse, fixed and adjustable rate financing for the acquisition or refinance of stabilized Student Housing properties where greater than 40% of the units are leased to undergraduate or graduate students.

Loan Amount
Minimum $3,000,000

Loan Term
5-30 years

Up to 30 years

Loan to Value Maximum
Maximum 75% of appraised value

Coverage Minimum
1.30x fixed rate/1.05x adjustable rate

Domestic, single asset borrowing entity is required

Interest Rate
Fixed and variable rates, varying with LTV and DSC ratios

Yield Maintenance with no lockout

Third Party Reports
MAI Appraisal, Physical Needs Assessment, and Environmental Phase I Reports are required; Seismic Reports may be required for properties in Seismic Zones 3 and 4

30/360 and Actual/360

Non-recourse execution with standard carve-outs required for “bad acts” such as fraud and bankruptcy.