Agency multifamily loans: Fannie Mae, Freddie Mac and FHA

If you own apartments, start here. Fannie Mae, Freddie Mac and FHA lend only on multifamily and closely related housing, and in exchange for that narrow focus they offer the most loan per dollar of income, non-recourse terms, and rules they actually publish. On Northmarq’s October 21, 2026 sheet, 10-year Freddie Mac fixed-rate loans priced 95 to 135 bps over the 10-year Treasury and Fannie Mae loans 105 to 165 bps, with the wider end at 80% loan-to-value.

Freddie Mac’s published limits

Freddie Mac posts its term sheets publicly. The conventional fixed-rate sheet and the Conventional Small sheet, both dated April 2026, share one grid:

Term	Amortizing or partial interest-only	Full-term interest-only
5 to under 7 years	75% LTV, 1.25x DCR	65% LTV, 1.25x DCR
7 years	80% LTV, 1.25x DCR	65% LTV, 1.25x DCR
More than 7 years	80% LTV, 1.25x DCR	70% LTV, 1.25x DCR

The DCR is always tested on an amortizing payment, even during an interest-only period. Maximum amortization is 30 years. Loans are non-recourse except for standard carve-outs.

Two details that change real deals. The conventional loan starts at $10 million; below that, Conventional Small covers loans generally from $2 million to $10 million on mostly market-rate properties of 5 to 50 units, with 5, 7, 10, 12 or 15-year terms. And Freddie applies a refinance test unless the loan has at least 1.40x amortizing DCR and no more than 60% loan-to-value.

Freddie’s older Small Balance Loan program became legacy in April 2026, when Freddie moved small loans onto the conventional platform. If a lender is still quoting “SBL” terms, ask which product they actually mean.

Fannie Mae

Fannie Mae lends through its Delegated Underwriting and Servicing (DUS) lenders, who underwrite and close loans under Fannie’s guide. Its multifamily site doesn’t allow automated access, so this page doesn’t restate its limits; ask any DUS lender for the current term sheet for your loan size. On Northmarq’s sheet, Fannie’s 10-year pricing runs from 105 to 125 bps at 55% loan-to-value to 135 to 165 bps at 80%, a clear picture of how much each extra point of loan-to-value costs.

FHA (HUD) 223(f) and 221(d)(4)

FHA-insured loans go further on loan-to-value and term than anything else in commercial real estate, at the cost of a long HUD process and a mortgage insurance premium on top of the rate. Under HUD’s MAP Guide:

Program	Market-rate	Affordable	90%+ rental assistance	Term
223(f) purchase or refinance	85% LTV, 1.176x DSCR	87%, 1.15x	90%, 1.11x	Up to 35 years
221(d)(4) new construction or substantial rehab	85% of cost, 1.176x	87%, 1.15x	90%, 1.11x	Up to 40 years

These come from the 2021 revision of the MAP Guide; HUD amends it through mortgagee letters, so confirm with a MAP lender before you rely on a number. Northmarq’s October 21 sheet showed 223(f) loans at 6.60% to 7.05% and 221(d)(4) at 7.05% to 7.50%, both before the insurance premium.

Multifamily prices tighter than everything else

CBRE’s Q2 2026 survey put average multifamily spreads at 162 bps against 204 bps for commercial property, on fixed-rate, five-to-10-year permanent loans across all lenders. The agencies are a large part of why: they compete for every stabilized apartment loan in the country. If your property isn’t multifamily, compare banks, life companies and CMBS instead.