Standard FHA Risk Sharing Execution

Highly competitive pricing for MAH transactions. MBS and Credit Enhancement Mortgage Loan for bond executions are available.


  • Highly competitive pricing for MAH transactions.
  • Certainty and speed of execution
  • One stop customer service—borrowers only need to work with their Fannie Mae Lender who handles all HUD/FHA interactions


  • Multifamily Affordable Housing properties with income and rent restrictions effective the entire loan term
  • Immediate and Forward Commitment executions

Loan Amount

No minimum or maximum; however, loans over $50 million require HUD consent.


15 – 40 years.


Up to 40 years; 30 years for balloon structures.

Interest Rate


Maximum LTV

Up to 90% “as stabilized.”

Minimum DSCR

1.15x – 1.20x “as stabilized.”

Property Considerations

The rent and income restrictions applicable to the property must remain in effect for at least the term of the Mortgage loan.

Rate Lock

30- to 180-day commitments.

Prepayment Availability

Flexible prepayment options available.

Subsidy Layering Review

Some transactions will require a subsidy layering review by HUD (or in some cases, a state tax credit allocating agency), including:

  • new construction/substantial rehabilitation LIHTC transactions;
  • LIHTC transactions with credits still flowing to the property (less than 10 years old);
  • a transaction receiving new federal capital resources (e.g., new soft debt from a state or local government funded via HOME funds);
  • transactions with a project-based Section 8 HAP contract; and
  • transactions with an IRP contract.

The Lender and Fannie Mae will coordinate HUD's review on behalf of the borrower. This review will occur simultaneously with the Lender's underwriting of the loan.


Non-recourse execution with standard carve-outs for “bad acts” such as fraud and bankruptcy.


Replacement reserve, tax, and insurance escrows are typically required.

Third-Party Reports

Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment.


Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.