FNMA $1 Million to $5 Million Affordable Housing Loans
Nationwide
3 to 4.5% fixed
Refinance, cash-out and purchase loans
Streamlined underwriting
Property types: stabilized multifamily with rent & income restrictions and/or Section 8 HAP Contracts.
$1,000,000 – $5,000,000 in Baltimore, Boston, Chicago, Los Angeles, New York, Philadelphia, Portland, Sacramento, San Diego, San Francisco, San Jose, Seattle and Washington DC. $1,000,000 – $3,000,000 in all other markets.
Affordability: Must have rent and income restrictions that meet or exceed one of the following:
- At least 20% of all units have rent or income restrictions to households earning no more than 50% of Area Median Income (“AMI”)
- At least 40% of all units have rent or income restrictions in place to households earning no more than 60% of AMI
- At least 20% of all units subject to project-based Section 8 HAP contract
Loan Term: 7 to 30 years
Amortization: 30 years
Prepayment Penalty: Yield maintenance formula with 1% minimum (Declining Percentage Fee schedule available upon request)
Non-recourse subject to lender discretion
Debt Service Coverage: 1.20x+
Let’s Move your project forward…
Please click blue FNMA Small Balance Affordable Multifamily Loan Link for FREE PRE APPROVAL LOI within 24 business hours. With a few clicks of your mouse it TAKES LESS THAN 4 MINUTES TO GET STARTED NOW. No upfront fees, credit cards, Social Security Numbers or credit checks required.