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Fannie Mae (FNMA) Student Housing Multifamily Mortgages

Fannie Mae (FNMA) Student Housing Multifamily Mortgages

Fannie Mae provides financing for student housing properties, which is defined as a conventional multifamily property where 20% or more of the units are leased to undergraduate and/or graduate students, or a property that is specifically built or leased for student housing. This program provides flexible financing, competitive pricing, and fast execution time.

Fannie Mae (FNMA) Student Housing Multifamily Mortgages
Term 5-30 Years
Amortization Up to 30 Years
Max LTV 75%
Min DSCR DSCR Calculator 1.30x
Minimum Underwriting Vacancy/ Collection Loss 10%
Rate Lock 30 to 90-day commitments. An Early Rate Lock feature is available allowing the borrower to lock a rate 45 to 180 days in advance of closing.
Recourse Recourse Non-recourse. Standard carve-outs for “bad acts” such as fraud and bankruptcy are required.
Escrows Standard DUS escrow requirements for taxes and insurance. Replacement Reserves are required at a minimum of $250 per unit per annum, and must be fully funded.
Third-Party Reports Standard third-party reports including Appraisal, Phase I Environmental Assessment and a Physical Needs Assessment are required.
Interest Rate Fixed and variable rate options are available.
Assumption Mortgages are typically assumable.
Prepayment Options Yield maintenance and other graduated prepayment options are available.
Supplemental Financing Supplemental Loans are available.
Additional Considerations
  1. Be near a campus with 10,000 student enrollment (50% full time).
  2. Be within 2 miles of campus or on a college/ university sanctioned public transportation line.
  3. Be into its 2nd full year of operations.
  4. Have 12 month leases with parental guaranties.
  5. Not be on university-owned land nor offer food service
Fannie Mae Loan Programs
Adjustable Rate Mortgage 7-6 Affordable Housing Preservation
Bulk Delivery Choice Refinance Program
Cooperative Property Financing Credit Facility
Fixed-Rate Mortgage Fannie Mae Standard DUS Loans
Green Preservation Plus Manufactured Housing Mortgages
M-PIRE Mortgage Senior Housing Financing
Structured Adjustable-Rate Mortgage Student Housing Financing
Supplemental Tax-Exempt Bond Credit Enhancement

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