Fannie Mae Fixed-Rate Multifamily Financing

Multifamily Loans for Apartment Buildings and Multifamily Properties Insured by Fannie Mae

When it comes to financing for apartment properties, it doesn’t get more standard than Fannie Mae Fixed-Rate Apartment Loans. With incredibly flexible loan terms, amortizations between 5 and 30 years, incredibly competitive interest rates, and a plethora of eligible properties, it’s no wonder that Fannie Mae's Fixed-Rate product is so popular. These loans have an LTV allowance of up to 80% for conventional properties, and like many other Fannie Mae multifamily loans, are mostly non-recourse and are fully assumable with lender approval. Fannie Mae Fixed-Rate Multifamily Loans can finance property types including seniors housing, manufactured housing communities, Multifamily Affordable Housing (MAH) developments, student housing properties, and more.

2021 Sample Fannie Mae Terms For Fixed-Rate Multifamily Loans

Size: Varies

Terms: 5-30 years

Amortization: Up to 30 years

Maximum LTV: 80% for conventional properties (other properties vary by asset class)

Minimum DSCR: 1.25x for conventional properties (other properties vary by asset class)

Recourse: Most loans above $750,000 are non-recourse with standard “bad boy” carve-outs

Prepayment Options: Yield maintenance or prepayment premium options available

Eligible Properties:

  • Stabilized conventional properties, seniors housing properties, manufactured housing communities, student housing developments, and Multifamily Affordable Housing (MAH) developments
  • Properties must have 5+ units (50+ pad sites for manufactured housing communities)
  • The borrower must be credit-worthy and a U.S.-owned single-asset entity (indirect foreign ownership interest allowed with proper structuring)


  • Very competitive interest rates
  • Up to 80% LTV
  • Most loans are non-recourse
  • 30- 180 day rate locks available (streamlined rate locks also available)
  • Loans are assumable with lender approval


  • Requires replacement reserves
  • Requires third-party reports including a property appraisal and a Phase I Environmental Assessment