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Fannie Mae DUS Multifamily Loan Program

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Best Program For You
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Not sure if a Fannie Mae apartment loan is the best choice for you and your property. By providing some basic information about yourself, your property and what you are looking for in an apartment loan, we can help you decide which one of our programs is best for you.
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Crefcoa has the knowledge, expertise and strategic relationships required to provide you with the most competitive rates and terms for your commercial or multifamily property.
  • Multiple program options
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Fannie Mae DUS Multifamily Loan Program Overview

The DUS platform is Fannie Mae's standard multifamily loan program for loan size above $6 million with no maximum loan size. More individual and institutional investors turn to the Fannie Mae DUS platform to finance the multifamily class of assets than any other source. The DUS platform is designed to deliver low rate fixed and variable rate apartment financing at industry low rates with customized terms and certainty of execution. Program allows for a specific tenant concentration (student, military, corporate) up to 80% - above 80% available through their respective dedicated program (e.g. Student Housing, Military Housing). Properties with a HAP contract or other regulatory agreement must be processed through the Affordable Housing program.
  • Apartment loans from $6 million
  • Non-recourse with standard carve-outs
  • Up to 80% LTV
  • Interest only payment options
  • Tiered risk based pricing
  • Customized fixed rate terms from 5-30 years
  • Single or multi-asset properties
  • Early and extended rate locks

Fannie Mae DUS Apartment Loan Program Guidelines

Eligible Properties Stabilized 5+ unit multifamily, condos, town homes, co-op, residential/commercial mixed-use, properties with up to 80% tenant concentration, Section 8 (tenant based).
Ineligible Properties Condos with fractured ownership structure, properties belonging to an HOA, HAP contract (must be processed through Affordable Loan program), Phased properties require a waiver, construction, substantial rehab/renovation, town home or duplex properties that are non-contiguous, properties with a healthcare component (may be processed through the Seniors Housing program).
Eligible Locations All 50 states, Puerto Rico, U.S. Virgin Islands, Guam.
Loan Size $6,000,000 with no maximum. Lower loan sizes considered on an exception basis. e.g. Loan sizes below $3,000,000 are processed through the Fannie Mae Small Apartment Loan program.
Fixed Rate Term 5, 7, 10, 12, 15, 18, 20, 25, 30.
Floating Rate Floating rate with option to convert to fixed rate available.
Amortization 30 years. Loans are balloons. Hybrid available at a premium.
Minimum DSCR 1.25.
Maximum LTV 80% for purchase and rate and term refinance. 75% for cash out refinances and for 5-year fixed rate terms.
Mezzanine Financing Available.
Minimum Occupancy 90% physical / 80% economic for 90 days prior to closing.
Interest Only Available.
Interest Accrual Actual/360 or 30/360.
Prepayment Penalty Flexible prepayment options available including yield maintenance and declining prepayment premium.
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.
Impounds Tax and insurance required.
Replacement Reserves Required.
Subordinate Debt Not permitted.
Rate Lock At commitment. 30- to 180-day commitments. Borrowers may lock a rate with the Streamlined Rate Lock option.
Borrower Single asset single purpose bankruptcy remote U.S. entity.


Borrowers may have indirect foreign ownership interests, subject to proper structuring of the borrowing entity and its parent.

Sponsor Requirements
  • 680 minimum credit score (unlike the Fannie Mae Multifamily Small Loan program, some flexibility with credit score and overall credit in general).
  • Local ownership doesn't require prior multifamily ownership experience.
  • Absentee ownership requires two years comparable multifamily ownership experience (exceptions made for strong sponsorship and asset quality).
Pre-Review Markets Michigan, Indiana, Ohio (excluding Columbus) Las Vegas, Tulsa, Atlanta, Houston, Odessa, Midland, San Bernardino, Riverside, Kennewick, Oklahoma City, Atlanta, Puerto Rico, U.S. Virgin Islands, Guam, Fayetteville, Wyoming, New Orleans, Wichita Falls.
Underwritten NOI Fannie requires a minimum expense for specific expense line items, e.g. maintenance and repairs, management, payroll, general and administrative and replacement reserves.
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What You Need to Know

Program descriptions, highlights and underwriting guidelines are helpful when considering if an apartment loan program is right for you and your property. However, they don't always tell the whole story. Below is what you need to know about the Fannie Mae DUS Apartment loan program that program guidelines and highlights don't tell you.
  • Unlike the Fannie Mae Small Apartment Loan program, Fannie Mae doesn't have specific financial capacity requirements for its DUS Apartment Loan program (net worth and liquidity).
  • Various lien, litigation and bankruptcy searches are required for Borrowing Entities and Key Principals.
  • Asset quality and condition are important. A property condition inspection is completed and any life, health and safety related deficiencies must be cured prior to closing. GFCI outlets must be installed in all kitchens and baths.
  • Properties with tuck under or subterranean parking that are located in Seismic zones 3 and 4 require a PML report. Properties built prior to 1980 that have not had a seismic reinforcement or retrofit completed are generally ineligible. Properties with unreinforced masonry construction are ineligible.
  • Insurance for secondary market programs (Fannie, Freddie, HUD CMBS) typically requires more coverage than traditional banks, resulting in a higher insurance expense.
  • Absentee ownership requires professional third party management.
  • While Fannie Mae apartment loans are non-recourse, all key principals must sign an exceptions to non-recourse document and each have joint and several liability.
  • Non-contiguous properties require a Fannie Mae waiver (which is difficult to obtain).
  • Phased properties require a Fannie Mae waiver (which is difficult to obtain).
  • Properties that are a part of a PUD and/or belong to an HOA are generally ineligible.
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