Affordable Housing Small Mortgage Program
For acquisition or refinance of stabilized multifamily properties with rent and income restrictions and/or Section 8 HAP contracts
Nationwide
Fannie Mae and Freddie Mac
$1.5 Million to $5 Million in Baltimore, Boston, Chicago, Los Angeles, New York, Philadelphia, Portland, Sacramento, San Diego, San Francisco, San Jose, Seattle and Washington DC.
$1.75 Million to $3 Million in all other markets.
4.5+ fixed
No upfront fees underwriting pricing and sizing loans; no application or 3rd party fees (such as appraisals) until borrower signs FHA-Hud, Fannie Mae or Freddie Mac terms sheet
Origination: 2 points
Term: 10 years
Amortization: 30 years
LTV: 80%
Nonrecourse
Assumable for 1% fee
Requires one of the following:
- 20%+ of all units have rent or income restrictions to households earning no more than 50% of area median income (“AMI”)
- 40%+ of all units have rent or income restrictions in place to households earning no more than 60% of AMI
- 20%+ of all units subject to a project-based Section 8 HAP contract
To submit your online loan request, please click the blue Get Started Link for your PRE APPROVAL Term Sheet within 48 business hours. No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks required for PRE-APPROVAL.