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FANNIE MAE FIXED RATE MULTIFAMILY REFINANCE AND ACQUISITION FINANCING

DELEGATED UNDERWRITING AND SERVICING (DUS)

Term and Amortization
5-,7-,10-,15-,18-, or 25-year balloon maturities (fixed rate); 25-year and 30-year amortization

Prepayment
Yield maintenance or defeasance

Loan-to-Value Ratio
Maximum 80% (Tier 1 and 2)

Debt Coverage
125% (Tier 2)

• No personal liability
• Fully assumable
• Capital improvements may be included
• Fixed interest rate

Eligible Properties
All properties must meet the following criteria:

• Occupancy of 90% or higher for the past 3 consecutive months
• Proven location with stable employment
• Initial lease term of at least 6 months
• Single purpose borrower

Requirements

• Escrow accounts for insurance, real estate taxes, and special assessments
• Replacement reserve account
• Repairs must be completed within 12 months of loan closing

Funding
Loans are underwritten and funded by a DUS lender, then sold or swapped to Fannie Mae

Tax-Exempt Bonds
Fannie Mae DUS Loans may be employed to credit enhance tax-exempt bonds

Affordable Housing
Targeted affordable housing properties (such as those with low income housing tax credits) are eligible for special underwriting and special interest rates