FANNIE MAE SMALL MORTGAGE LOAN

Non-recourse Small Mortgage Loans in DFW Dallas Fort Worth for Manufactured Housing and Multifamily Properties

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Apartment Loan Amount

Up to $6 million in all markets

Fannie Mae Multi-housing Small Mortgage Lenders

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

Assumability
Non-recourse loans are assumable with the Lender’s consent and a 1% fee

Taxes and Insurance Escrows
Required for Tier II business and generally not required for Tiers III and IV

Net Worth and Liquidity
Net worth equal to the loan amount and liquidity equal to 9 months P&I required

Replacement Reserve Escrows
Generally not required for qualifying Borrowers

Rate Lock
Rate lock occurs after commitment is issued; The streamlined rate lock option is also available for fixed rate loans

Fees

Due Diligence Fee: $4,500 – $8,500 non-refundable fee for 3rd party reports and processing; may vary by market
Rate Lock Deposit: Good Faith Deposit of 1% to 2% due upon acceptance of commitment and is refundable upon closing

Timing
45-60 days from complete application to commitment

For current Fannie Mae apartment loan mortgage rates and custom quotes, contact our multifamily lenders in Dallas

Call For a Quote:

(214) 679-9673

Online Estimate Form

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