Apartment Loan Eligibility Checker: Agency, HUD, Bank

Short answer

The eligibility checker compares eight facts about your deal (units, occupancy, months at that occupancy, loan amount, DSCR, LTV, sponsor net worth and liquidity) with each program's published criteria. Each line returns pass, fail or check with the lender, the last for criteria that programs leave to lender judgment.

What the checker answers

The checker answers whether your deal clears each program's published bar, and exactly which line it trips on if it does not. It looks at the building and at you, the sponsor, because lenders underwrite both. It is for owners of 5+ unit buildings who want to know where they stand before a lender tells them.

Program eligibility checker

UnitsPhysical occupancy (%)Months at that occupancyLoan amount ($)DSCR at that loan (x)LTV (%)Sponsor net worth ($)Sponsor liquidity ($)

A screen against published program criteria, not a credit decision. Lenders apply more tests than these.

How to use it

Eight inputs. Use the numbers a lender will see, not the best month you have had.

Units

Residential units in the property, from your rent roll. Some programs cap unit count: Freddie Mac's Conventional Small loan is written for 5 to 50 units.

Occupancy and months at that occupancy

Physical occupancy from your current rent roll, and how many consecutive months the building has held at or above that level. Lenders care about how long occupancy has held, not only today's figure, because a building that filled up last month has not proven it can stay full. Count months from your monthly rent rolls or your property management reports.

Loan amount

The loan you are asking for. For a refinance, run the cash-out calculator first to see what the building supports, then enter that figure or your payoff plus costs, whichever you are actually pursuing.

DSCR and LTV

Debt service coverage on the proposed loan, using lender-underwritten NOI and an amortizing payment, and loan-to-value against an appraisal-grade value. If you have only your own NOI, run it through the T-12 underwriting calculator first. Entering a DSCR from your own statement is the most common way to get a pass here and a fail from a lender.

Net worth and liquidity

Net worth is the total on your personal financial statement, combining all guarantors if there are several. Liquidity is cash and marketable securities you could access, not equity in other buildings or retirement accounts you cannot draw without penalty. Lenders usually test both against the loan amount or the annual debt service.

Worked example

Say you own a 36-unit building that has been 93% occupied for three months. You want a $4,200,000 loan, which underwrites to a 1.32x DSCR and 70% LTV. You and your partner together show $5,000,000 of net worth and $450,000 of liquidity.

Program	Screen result
Fannie Mae Small Loans	likely fits
Freddie Mac Conventional Small	likely fits
HUD 223(f), market rate	likely fits

Read the results by column, then by row. A program column with no fails is a real candidate. A single fail usually points at the fix: a loan amount just outside a size band, or occupancy that needs more months of history. A check-with-lender result is not a soft pass. It means the program leaves that criterion to the lender's judgment, so the answer depends on who underwrites the loan and what else is in the file.

What this tool assumes

Published criteria only. Fannie Mae, Freddie Mac and HUD publish headline limits, such as Fannie Mae's $9 million cap on small loans and Freddie Mac's 1.25x minimum coverage. Lenders add overlays on top. Freddie Mac's own term sheet says it sets credit parameters for each transaction at its discretion.
Some sponsor tests are not published. Net worth and liquidity requirements often sit in seller and servicer guides or lender policy rather than public term sheets, and they vary. Where the program does not publish a number, the checker returns check with the lender instead of inventing one.
Credit, experience and history are not checked. Credit reports, prior defaults, bankruptcies, litigation and how many similar buildings you own all matter to a lender. None of them are inputs here.
Property features are not checked. Ground leases, student or seniors use, commercial space and condition issues can exclude a property. Ask about any of them before you rely on a pass.
It does not rank. For a ranked list based on recourse, hold period and renovation plans, use Which Apartment Loan?

What to do with your result

If a program passes every line, start the file: the refinance checklist lists what the lender will ask for, and the maturity planner tells you when to start. If it fails on occupancy history, the fix is time: note the month you will clear it and plan the application for then. If it fails on DSCR or LTV, a smaller loan may pass, so rerun the cash-out calculator at the program's limits. If it fails on net worth or liquidity, lenders often accept an additional guarantor whose balance sheet is combined with yours.

For check-with-lender lines, gather the supporting document before you ask: a personal financial statement, a schedule of real estate owned and recent bank statements. The refinance requirements guide explains what each program looks at and why.

Frequently asked questions

What does check with lender mean?

It means the program does not publish a hard limit for that line, so the decision is left to the lender's underwriting. Sponsor net worth and liquidity are common examples, and occupancy history can be another. It is neither a pass nor a fail. Bring the supporting documents, such as a personal financial statement and bank statements, and ask the lender how it will treat that line on your deal.

Can I qualify for an agency loan with one guarantor?

Often yes, if that person meets the lender's net worth and liquidity tests and its experience requirements. If one guarantor falls short, lenders commonly allow a second guarantor whose balance sheet is combined. The checker accepts combined figures, so enter the total for everyone who would sign. Confirm with the lender how it combines guarantors before you finalize the ownership structure.

Why does my DSCR pass here but fail with a lender?

Usually because the DSCR came from your own statement. Lenders recalculate NOI with a vacancy floor, a management fee floor and replacement reserves, and they size on an amortizing payment even when the loan has interest-only months. Run your trailing-12 through the T-12 underwriting calculator and enter the underwritten DSCR to get a result closer to what a lender will see.

Does passing mean I am approved?

No. Passing means your numbers clear the program's published criteria. Approval comes only after a lender underwrites the full file, including the appraisal, property condition report, environmental report, your credit and your experience. Treat a pass as a strong sign that the program is worth pursuing, and a fail as a sign to change the deal or the program before you apply.

Which programs does the checker test?

It tests the main permanent-loan programs for 5+ unit buildings: Fannie Mae Small Mortgage Loans, Freddie Mac Conventional Small and HUD 223(f), with typical criteria for bank and bridge lending where no single published standard exists. Freddie Mac retired its Small Balance Loan program on April 15, 2026, so the checker uses the Conventional Small criteria in its place.