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Fannie Mae Fixed Rate

Flexible Loan Terms for Existing and Stabilized Conventional Properties

The Fannie Mae Fixed Rate program offers flexible loan terms with predictable payments for existing, stabilized conventional properties that are:

  • Multifamily Affordable Housing properties; 
  • Seniors Housing properties, 
  • Student Housing properties, or 
  • Manufactured Housing Communities.  

The property must have a minimum of five units. Borrowers may have indirect foreign ownership interests, subject to proper structuring of the borrowing entity and its parent.

Term Sheet for Fannie Mae Fixed Rate 

Term 5-30 years.
Amortization Up to 30 years.
Maximum LTV 80% for conventional properties. See the specific asset class or product type term sheet for details.
Minimum DSCR 1.25x for conventional properties. See the specific asset class or product type term sheet for details.
Property Considerations Properties must have stabilized occupancy (typically 90%) for 90 days prior to funding. Loan commitments for pre-stabilized properties will be considered on a case-by-case basis.
Supplemental Financing Supplemental loans are available.
Prepayment Availability Loans may be voluntarily prepaid upon payment of yield maintenance or prepayment premium.
Rate Lock 30- to 180-day commitments. Borrowers may lock the rate with the streamlined rate lock option.
Accrual 30/360 and Actual/360.
Recourse Non-recourse execution is available for most loans greater than $750,000. Standard carve-outs required for “bad acts” such as fraud and bankruptcy.
Escrows Replacement reserve, tax, and insurance escrows are typically required.
Third-Party Reports Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment.
Assumption Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.


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