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Fannie Mae Cooperative Properties Loan Program

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Fannie Mae Cooperative Multifamily Loan Program Overview

The Fannie Mae Cooperative financing program provides financing options for properties in which the residents collectively own the building(s) and property through their shares in the cooperative corporation. The cooperative corporation grants occupancy rights to the shareholder tenants through proprietary leases.  View Fannie Mae multifamily loan interest rates

Fannie Mae Multifamily Cooperative Loans for Apartment Buildings and Condos Program Guidelines

Eligible Properties
  • Existing stabilized Cooperative Properties in eligible Cooperative Property markets.
  • Cooperative corporations with strong financial management and solid operating history.
  • Limited equity cooperatives targeted for low and moderate-income families may be eligible.
  • Overall Property condition rating of two or better.
  • The property management company is required to have experience with cooperative properties of like size and market.
  • Operating Reserve balance must be equal to or greater than 10% of annual maintenance fees.
  • Maintenance fees must be sufficient to achieve a balanced budget.
Eligible Locations Call.
Loan Size $1,000,000 minimum with no maximum.
Fixed Rate Term 5-30 years.
Amortization 30 years.
Minimum DSCR 1.00 on actual operations and 1.55 based on market rents.
Maximum LTV 55%.
Interest Only Available.
Interest Accrual Actual/360 or 30/360.
Prepayment Penalty The greater of 1% or yield maintenance.
Guarantee Non-recourse for most loans subject to standard carve-outs.
Assumable Yes, subject to lender approval.
Supplemental Loan Available 12 months from date of closing of first loan.
Rate Lock At commitment. Extended rate lock up to six months available.
Property Requirements
  • The average of the last three (3) years of maintenance fee accounts receivable as a percentage of total annual maintenance fees must not exceed three percent (3%).
  • The property management company is required to have experience with cooperative properties of like size and market.
  • Reserve Balance: greater than or equal to 10% of annual maintenance fees.
  • Co-op is required to charge maintenance fees to sufficient levels to achieve a balanced budget.
  • Generally, no more than 40% of the units may be owned by the Sponsor.
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