Fannie Mae Small Mortgage Loans

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Terms

Description
Streamlined fixed rate and variable rate financing for multifamily, manufactured housing and cooperative properties up to $6 million

Loan Amount
Up to $6 million in all markets

Loan Term
5, 7, 10, 12, 15, 18 and 30 year fixed and variable-rate terms

Interest Only
Part-or full-term available

Amortization
Up to 30 years

Prepayment Penalty
Yield maintenance and graduated prepayment options available

Recourse
Non-recourse lending in select large markets; subject to Lender’s discretion

Debt Service Coverage
1.25x minimum DSCR

Loan to Value
Up to 75% maximum LTV for refinances and 80% for acquisitions

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

Occupancy
Properties must demonstrate a minimum occupancy of 90% for a 12 month period prior to commitment, with 90% for 90 days available on a case-by-case basis