Program workspace

“FHA MAP LENDER BY LOAN COUNT 2025 VIEW ORIGINATORS”

“0.5% of costs associated with construction (sub rehab).”

“0.50% of costs associated with construction (substantial rehabilitation).”

“ELIGIBLE BORROWERS Borrowers looking to renovate an affordable multifamily property with financing for the moderate rehabilitation of affordable properties with new Low-Income Housing Tax Credits (LIHTCs). ELIGIBLE PROPERTY TYPES Garden, mid-rise, or high-rise multifamily properties with new 9% LIHTC that are undergoing moderate rehabilitation with tenants in place. TERMS Minimum term: Lesser of 15 years or the remaining LIHTC compliance period; 15 years with HUD Risk Sharing. Maximum term: 35 years. Rehabilitation/stabilization period (maximum of 24 months) will be included in loan term. PRODUCT DESCRIPTION Financing for the moderate rehabilitation of affordable multifamily properties with a new 9% LIHTC and tenants in place. TYPE OF FUNDING Financing for acquisition/rehabilitation based on projected post-rehabilitation NOI; cash or letter of credit collateral required to fund gap between supportable debt on current NOI and loan amount (collateral held until stabilization); interest-only during the rehabilitation/stabilization period. MINIMUM DEBT COVERAGE RATIO (DCR) 1 New tax credits: 1.15x. MAXIMUM LOAN-TO-VALUE (LTV) RATIO 1,2 90% of market value. MAXIMUM AMORTIZATION 40 years. PREPAYMENT PROVISIONS Yield maintenance. SUBORDINATE FINANCING Permitted. TAX AND INSURANCE ESCROWS Required. FEES Application fee, commitment fee, plus other fees, as applicable.”

“A working capital deposit (cash or letter of credit) equivalent to 4% of the loan amount is required by HUD on all new construction projects to cover various costs; 2% of which will be a construction contingency for cost overruns and approved change orders. The working capital for substantial rehabilitation projects is only 2% of the loan amount as the development budget will have a separate construction contingency amount.”

“PRODUCT DESCRIPTION Acquisition financing for newly constructed properties. ELIGIBLE BORROWERS Borrowers must have experience with new construction and/or lease-up properties, and generally have strong financial capacity and real estate management expertise with good performance and credit history. For Targeted Affordable Lease-Ups, borrowers must have experience in the development and/ or ownership of multifamily properties financed with credit-enhanced tax-exempt bonds, state and local affordable programs, Section 8, and/ or Low-Income Housing Tax Credits (LIHTC), and/ or work with an experienced LIHTC Syndicator, as applicable. For Seniors Housing Lease-Ups, borrowers must have experience owning and operating properties in similar service levels and size. ELIGIBLE PROPERTY TYPES Well-constructed properties exhibiting strong lease-up trends in good locations and strong markets. Student housing and manufactured housing community transactions are not eligible. Stabilization expected within 12 months of closing. LOAN TYPES Fixed- and floating-rate loans. Interest-only (I/O) available during the lease-up period. See the Fixed-Rate Loan and Floating-Rate Loan term sheets for details. MAXIMUM LOAN-TO-VALUE (LTV) RATIO (as stabilized) 70% (Conventional and Targeted Affordable). 70% (Seniors Housing with Independent Living and/or Assisted Living). MINIMUM DEBT COVERAGE RATIO (DCR) 1.30x (Conventional and Targeted Affordable). 1.35x (Seniors Housing with Independent Living. 1.45x (Seniors Housing with Assisted Living). MINIMUM CASH EQUITY REQUIREMENT 25% (Conventional and Targeted Affordable). 25% (Seniors Housing with Independent Living and/or Assisted Living). LEASE-UP CREDIT ENHANCEMENT A Lease-Up Credit Enhancement is required for all Lease-Up transactions. The form of the Lease-Up Credit Enhancement will be determined by Freddie Mac. The Lease-Up Credit Enhancement must be at least 5% of the unpaid principal balance (10% if the Lease-Up Credit Enhancement is a guaranty, subject to additional conditions). Release of Lease-Up Credit Enhancement will occur once the property has achieved the required amortizing DCR based on average performance of the past 3 months, net rental income for the past 1 month meets or exceeds the level necessary to reach the required amortizing DCR, and has met other standard conditions as set forth by Freddie Mac. If the required DCR is not reached within 12 months, the Lease-Up Credit Enhancement will be used to resize the loan and recast the payments. CLOSING DEBT SERVICE ESCROW An additional 3-month debt service escrow may be required based on the property’s actual operations at underwriting. RATE LOCK 50% occupied. 60% leased. 60% or more Certificates of Occupancy issued. CLOSING 1.0x DCR. 100% of Certificates of Occupancy issued (Conventional and Targeted Affordable). Assisted Living properties must have all required licenses authorizing operations. APPRAISAL REPORT The appraisal report must provide the as-is and as-stabilized values for the property. MARKETS Except for Seniors Housing, additional flexibility available on a case-by-case basis through an assessment of the sponsor and market as determined by Freddie Mac. Download Term Sheet Financing Options Fannie Mae Freddie Mac HUD/FHA Loans Real Estate Capital Markets Balance Sheet Services Investment Banking Investment Sales Mergers and Acquisitions Investment Management Loan Servicing & Asset Management Mortgage Banking Services Property Specialties Multifamily Housing Affordable Housing Small Loan Multifamily Manufactured Housing Seniors Housing Skilled Nursing Hospital Investment Sales Multifamily Affordable Housing Seniors Housing Available Offerings Insights & Resources Insights Case Studies Newsroom Events Recent Transactions Term Sheets The Servicing Edge Frequently Asked Questions Subscribe About Our People Life at Lument Careers Offices © Copyright Lument 2026. All Rights Reserved Privacy Policy Terms of Use Mortgage Company Licensing Disclosures Counterparty Code of Conduct Lument is a subsidiary of ORIX Corporation USA. Securities, Investment Banking and Advisory Services provided through Lument Securities, LLC, Member FINRA / SIPC . *Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission. We use cookies on this website. By continuing to navigate this website, you consent to the use of cookies. Our Privacy Policy explains what cookies are, how we and our service providers use cookies, your choices regarding cookies and further information about cookies . Continue Copy link Copy Copied Powered by Social Snap Close GDPR Cookie Settings Privacy Overview Strictly Necessary Cookies Powered by GDPR Cookie Compliance Privacy Overview This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Strictly Necessary Cookies Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Enable or Disable Cookies Enabled Disabled Enable All Save Settings”

“ADDITIONAL CONSIDERATIONS During the construction phase, the MTEB execution requires the bonds to be cash collateralized with proceeds of a side-by-side construction loan and bond loan. The MBS will be delivered as bond collateral after conversion, following the MTEB delivery guidelines.”

“APPLICATION Typically market rate applications are submitted under MAP two-stage processing (pre-application/firm application). With HUD permission, the pre-application stage can be skipped for projects in strong markets as long as there are no environmental concerns and the borrower has previous positive experience with FHA Multifamily financing. Affordable 1 or rental assisted 2 properties may utilize MAP one-stage processing.”

“Ability to lock the interest rate and other key deal terms prior to construction.”

“Ability to lock the interest rate and other key deal terms prior to construction.”

“Additional pricing incentives available for non-traditional MHC ownership forms (e.g., non-profit, government entity, or resident owned): https://multifamily.fanniemae.com/financing-options/manufactured-housing-communities/non-traditional-ownership .”

“Navigating the affordable housing finance landscape requires experience, precision, and partnership. Lument’s dedicated affordable housing specialists bring deep expertise in regulatory compliance and access to a full range of debt and equity sources, helping clients secure and structure the optimal financing needed to create and preserve affordability for renters across the country.”

“Available for purchase by third-party Investors and the Fannie Mae Multifamily Trading Desk.”

“Ability to pay off construction loan and add permanent non-recourse financing prior to full stabilization. Competitive pricing. Certainty of execution. Speed in processing and underwriting. ELIGIBILITY Conventional and Multifamily Affordable Housing Properties. Partially leased, newly constructed or recently renovated communities. Strong borrowers with demonstrated lease-up track record. Properties in Strong and Nationwide markets. Available on a Pre-Review basis. LOAN SIZE $10 million or greater. TERM 5, 7, 10, and 12 year term options are available. AMORTIZATION 5 – 30 years. INTEREST RATE Fixed- and variable-rate options available. MAXIMUM LTV Maximum LTV shall be Tier compliant. For a Tier 2 level – 75% of “as stabilized” loan-to-value. MINIMUM DSCR Minimum DSCR shall be Tier compliant. For a Tier 2 level – Underwritten DSCR of 1.25x, 1.15x for MAH loans. Underwritten DSCR is defined as DSCR as deemed achievable within 4 months after rate lock and at Fannie Mae’s discretion. INTEREST ONLY Monthly payments of interest only for the first 12 months of the loan term, based on the actual interest rate. An additional period of interest-only payments may be available. PROPERTY CONSIDERATIONS Minimum physical occupancy of 75% at rate lock. MBS Additional Disclosure is required. Full disbursement of loan proceeds at closing. PREPAYMENT AVAILABILITY Flexible prepayment options available, including yield maintenance and declining prepayment premium. RATE LOCK 30- to 120-day commitments. Borrowers may lock a rate with the Streamlined Rate Lock option. ACCRUAL 30/360 and Actual/360. RECOURSE Non-recourse execution with standard carve-outs for “bad acts” such as fraud and bankruptcy. ESCROWS 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. ASSUMPTION Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience. Download Term Sheet Financing Options Fannie Mae Freddie Mac HUD/FHA Loans Real Estate Capital Markets Balance Sheet Services Investment Banking Investment Sales Mergers and Acquisitions Investment Management Loan Servicing & Asset Management Mortgage Banking Services Property Specialties Multifamily Housing Affordable Housing Small Loan Multifamily Manufactured Housing Seniors Housing Skilled Nursing Hospital Investment Sales Multifamily Affordable Housing Seniors Housing Available Offerings Insights & Resources Insights Case Studies Newsroom Events Recent Transactions Term Sheets The Servicing Edge Frequently Asked Questions Subscribe About Our People Life at Lument Careers Offices © Copyright Lument 2026. All Rights Reserved Privacy Policy Terms of Use Mortgage Company Licensing Disclosures Counterparty Code of Conduct Lument is a subsidiary of ORIX Corporation USA. Securities, Investment Banking and Advisory Services provided through Lument Securities, LLC, Member FINRA / SIPC . *Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission. We use cookies on this website. By continuing to navigate this website, you consent to the use of cookies. Our Privacy Policy explains what cookies are, how we and our service providers use cookies, your choices regarding cookies and further information about cookies . Continue Copy link Copy Copied Powered by Social Snap Close GDPR Cookie Settings Privacy Overview Strictly Necessary Cookies Powered by GDPR Cookie Compliance Privacy Overview This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Strictly Necessary Cookies Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Enable or Disable Cookies Enabled Disabled Enable All Save Settings”

“Ability to lock the interest rate and other key deal terms prior to construction. Single asset security allows for customized loan structures. Certainty and speed of execution. MTEB execution offers optional reimbursement of certain costs of issuance up to 75bps. ELIGIBILITY LIHTC new construction and Properties undergoing substantial rehabilitation, including preservation and rural transactions Lenders approved to deliver forward commitments under Fannie Mae’s Multifamily Affordable Housing product line. INTEREST RATE Fixed- or Variable-rate. GOOD FAITH DEPOSIT 1% of the amount of the Forward Commitment, due at issuance of the Forward Commitment, and refundable upon conversion to the permanent Mortgage Loan FORWARD RATE LOCK 36- month commitments. Up to two delegated six-month extensions available. FORWARD COMMITMENT STANDBY FEE 15 bps per year paid upfront prior to Rate Lock. CONVERSION TO PERMANENT MORTGAGE LOAN The permanent Mortgage Loan will close upon project completion and the issuance of certificates of occupancy for all units and at least 90% occupancy for 90 consecutive days. The permanent Mortgage Loan must meet Fannie Mae’s underwriting requirements. ADDITIONAL CONSIDERATIONS During the construction phase, the MTEB execution requires the bonds to be cash collateralized with proceeds of a side-by-side construction loan and bond loan. The MBS will be delivered as bond collateral after conversion, following the MTEB delivery guidelines. TERM 10 to 30 years. DELIVERY TOLERANCE The original principal amount of the permanent Mortgage Loan must not be greater than 110% of the amount of the Unfunded Forward Commitment, subject to Maximum LTV and Minimum DSCR constraints. AMORTIZATION Up to 35 years. MAXIMUM LTV 90% for Mortgage Loans secured by a Property with at least 90% of units meeting affordability requirements. 85% for a Property with less than 90% of units meeting affordability requirements. 80% for refundings. MINIMUM DSCR 1.15x for Mortgage Loans secured by a Property with at least 90% of units meeting affordability requirements. 1.20x for refundings and properties with less than 90% of units meeting affordability requirements. Download Term Sheet Financing Options Fannie Mae Freddie Mac HUD/FHA Loans Real Estate Capital Markets Balance Sheet Services Investment Banking Investment Sales Mergers and Acquisitions Investment Management Loan Servicing & Asset Management Mortgage Banking Services Property Specialties Multifamily Housing Affordable Housing Small Loan Multifamily Manufactured Housing Seniors Housing Skilled Nursing Hospital Investment Sales Multifamily Affordable Housing Seniors Housing Available Offerings Insights & Resources Insights Case Studies Newsroom Events Recent Transactions Term Sheets The Servicing Edge Frequently Asked Questions Subscribe About Our People Life at Lument Careers Offices © Copyright Lument 2026. All Rights Reserved Privacy Policy Terms of Use Mortgage Company Licensing Disclosures Counterparty Code of Conduct Lument is a subsidiary of ORIX Corporation USA. Securities, Investment Banking and Advisory Services provided through Lument Securities, LLC, Member FINRA / SIPC . *Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission. We use cookies on this website. By continuing to navigate this website, you consent to the use of cookies. Our Privacy Policy explains what cookies are, how we and our service providers use cookies, your choices regarding cookies and further information about cookies . Continue Copy link Copy Copied Powered by Social Snap Close GDPR Cookie Settings Privacy Overview Strictly Necessary Cookies Powered by GDPR Cookie Compliance Privacy Overview This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Strictly Necessary Cookies Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Enable or Disable Cookies Enabled Disabled Enable All Save Settings”

“Allows borrowers to mitigate market risk and reduce loan coupon volatility by locking the Treasury index with less documentation and faster execution than our traditional lock process. ELIGIBILITY Index Lock is available to borrowers that have had a loan purchased by Freddie Mac within the last 24 months. First-time Freddie Mac borrowers may be eligible if certain conditions are met. Freddie Mac evaluates Index Lock eligibility for each loan on a case-by-case basis, with consideration for the loan’s credit quality. Parameters of the Index Lock include: Index lock periods: The lock period for most conventional loans is 60 days after quote expiration. The lock period for Seniors Housing and Manufactured Housing Community loans is 75 days after quote expiration. The lock period for Targeted Affordable Housing loans is 90 days after quote expiration. 2% good faith deposit retained by the Optigo lender. 10% proceeds reduction without triggering breakage; final proceeds greater than 110% of the Index-Locked UPB will be locked at the blended rate using the Treasury index at final spread lock. Not a commitment or credit approval. Applies to property or properties identified in the quote; not transferable to other properties.”

“BUILDER / DEVELOPER’S PROFIT A Builder’s and Sponsor’s Profit and Risk Allowance (BSPRA) equal to 10% of all costs other than land can be utilized for sponsors with an identity of interest general contractor for new construction projects. For affordable 1 and rental assisted 2 transactions a mortgageable developer Fee in lieu of BSPRA is permitted.”

“CONSTRUCTION GUIDELINES Davis-Bacon prevailing wage rates apply to new construction, additions and substantial rehabilitation projects.”

“CONSTRUCTION LOAN TERM N/A.”

“Speak to an originator for more information on how we can help you. View Originators Financing Options Fannie Mae Freddie Mac HUD/FHA Loans Real Estate Capital Markets Balance Sheet Services Investment Banking Investment Sales Mergers and Acquisitions Investment Management Loan Servicing & Asset Management Mortgage Banking Services Property Specialties Multifamily Housing Affordable Housing Small Loan Multifamily Manufactured Housing Seniors Housing Skilled Nursing Hospital Investment Sales Multifamily Affordable Housing Seniors Housing Available Offerings Insights & Resources Insights Case Studies Newsroom Events Recent Transactions Term Sheets The Servicing Edge Frequently Asked Questions Subscribe About Our People Life at Lument Careers Offices © Copyright Lument 2026. All Rights Reserved Privacy Policy Terms of Use Mortgage Company Licensing Disclosures Counterparty Code of Conduct Lument is a subsidiary of ORIX Corporation USA. Securities, Investment Banking and Advisory Services provided through Lument Securities, LLC, Member FINRA / SIPC . *Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission. We use cookies on this website. By continuing to navigate this website, you consent to the use of cookies. Our Privacy Policy explains what cookies are, how we and our service providers use cookies, your choices regarding cookies and further information about cookies . Continue Copy link Copy Copied Powered by Social Snap Close GDPR Cookie Settings Privacy Overview Strictly Necessary Cookies Powered by GDPR Cookie Compliance Privacy Overview This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Strictly Necessary Cookies Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Enable or Disable Cookies Enabled Disabled Enable All Save Settings”

“Speak to an originator for more information on how we can help you. View Originators Financing Options Fannie Mae Freddie Mac HUD/FHA Loans Real Estate Capital Markets Balance Sheet Services Investment Banking Investment Sales Mergers and Acquisitions Investment Management Loan Servicing & Asset Management Mortgage Banking Services Property Specialties Multifamily Housing Affordable Housing Small Loan Multifamily Manufactured Housing Seniors Housing Skilled Nursing Hospital Investment Sales Multifamily Affordable Housing Seniors Housing Available Offerings Insights & Resources Insights Case Studies Newsroom Events Recent Transactions Term Sheets The Servicing Edge Frequently Asked Questions Subscribe About Our People Life at Lument Careers Offices © Copyright Lument 2026. All Rights Reserved Privacy Policy Terms of Use Mortgage Company Licensing Disclosures Counterparty Code of Conduct Lument is a subsidiary of ORIX Corporation USA. Securities, Investment Banking and Advisory Services provided through Lument Securities, LLC, Member FINRA / SIPC . *Investment advisory services are provided by Lument Investment Management, LLC, registered as an investment adviser with the U.S. Securities and Exchange Commission. We use cookies on this website. By continuing to navigate this website, you consent to the use of cookies. Our Privacy Policy explains what cookies are, how we and our service providers use cookies, your choices regarding cookies and further information about cookies . Continue Copy link Copy Copied Powered by Social Snap Close GDPR Cookie Settings Privacy Overview Strictly Necessary Cookies Powered by GDPR Cookie Compliance Privacy Overview This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Strictly Necessary Cookies Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings. Enable or Disable Cookies Enabled Disabled Enable All Save Settings”

“Davis-Bacon prevailing wage requirements do apply to construction/repair costs if the first mortgage loan was financed under FHA’s construction loan program (Section 221(d)(4)). If the existing loan was financed under FHA’s acquisition/refinancing program (Section 223(f)) then Davis-Bacon prevailing wages do not apply.”

“Davis-Bacon prevailing wage requirements do apply to construction/repair costs if the first mortgage loan was financed under FHA’s construction loan program (Section 221(d)(4)). If the existing loan was financed under FHA’s acquisition/refinancing program (Section 223(f)) then Davis-Bacon prevailing wages do not apply.”

“ELIGIBILITY Conventional Properties; Multifamily Affordable Housing Properties; Cooperative Properties (market rate); and Manufactured Housing Communities.”

“ELIGIBILITY Conventional and Multifamily Affordable Housing Properties.”