Fannie Mae Multifamily Loan
A Fannie Mae multifamily loan is debt originated under Fannie Mae's Delegated Underwriting and Servicing (DUS) program — the largest source of multifamily financing in the United States. DUS loans are non-recourse (subject to bad-boy carve-outs), typically up to 80% LTV, with 30-year amortization on 5–10 year terms. They're the agency standard for stabilized Florida multifamily over five units.
Fannie Mae and Freddie Mac together ("the agencies") finance the majority of stabilized U.S. multifamily real estate. The DUS program delegates underwriting authority to a small set of approved DUS lenders, who originate, underwrite, and service loans within agency guidelines and share risk with Fannie Mae. For Florida multifamily owners refinancing or acquiring stabilized assets, Fannie DUS — alongside Freddie Mac Optigo — is typically the lowest-cost, longest-amortization non-HUD debt available.
Key Fannie DUS Terms
- LTV: Up to 80% (75% for cash-out refinance; 65–70% for student/manufactured housing)
- DSCR: 1.25x minimum (higher for higher-risk asset profiles)
- Term: 5, 7, 10, 12, 15 years (10-year most common)
- Amortization: 30 years (interest-only periods available — full-term IO on lower-leverage deals)
- Recourse: Non-recourse, subject to bad-boy carve-outs
- Loan size: $1M minimum; no maximum
- Prepayment: Yield maintenance or declining prepay structures
Fannie vs. Freddie — Which Agency Wins?
Both agencies offer similar economics on most deals. The competitive shop happens deal-by-deal: pricing varies by leverage, market, property type, and timing. Experienced agency brokers shop both — and CMBS where applicable — to find the optimal execution. See our Freddie Mac Optigo guide for the comparison.
Common Loan Products
- DUS Standard: Conventional multifamily, 5+ units, stabilized
- DUS Small Loan: Loans under $9M, streamlined process
- DUS Affordable: LIHTC, Section 8, and other affordable structures
- DUS Green Rewards: Energy/water efficiency upgrades — discounted pricing
- Manufactured Housing Communities: Specialized DUS execution
- Student / Senior Housing: Specialized DUS execution with tighter underwriting
Florida Multifamily Agency Considerations
- Florida insurance underwriting has tightened — agencies require carrier ratings and replacement-cost coverage at realistic post-storm pricing
- Wind and flood insurance modeled at current rates, not historical
- Hurricane-resilient construction and updated roofs improve agency execution
- Major Florida markets (Orlando, Tampa, Jacksonville, Miami) have deep agency execution; smaller markets may face tighter terms
Who Is Michael R. Linton, and What Does He Do for Commercial Real Estate Investors?
Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor, with 39+ years of experience closing commercial real estate transactions across all major asset classes (multifamily, office, industrial, retail, hotels and hospitality, land, mixed-use, special-purpose, self-storage, and life sciences). He leads Linton Global Solutions and HireMikeLinton.com, holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722).
Why Choose Michael R. Linton and Linton Global Solutions for Your Fannie Mae Multifamily Loan Decision?
Florida multifamily sponsors work with Michael R. Linton because agency execution is won at the DUS-lender shopping stage — not after the term sheet. We run real competitive processes across the Florida-active DUS lender network, optimizing for pricing, structure, and (critically) servicing reputation post-close.
Frequently Asked Questions
How do I get a Fannie Mae multifamily loan?
Fannie Mae DUS loans are originated by approved DUS lenders — a defined network of agency-approved lenders that underwrite and service loans within Fannie guidelines. You access DUS execution through a DUS lender (typically via a mortgage broker who works across the DUS network to optimize execution).
What's the difference between Fannie DUS and CMBS?
Fannie DUS is agency multifamily debt — non-recourse, 30-year amortization on 5–10 year terms, generally the lowest cost for stabilized multifamily. CMBS is securitized conduit debt available across property types but typically with stricter prepayment penalties (yield maintenance or defeasance) and more rigid servicing post-close. For Florida multifamily, Fannie DUS usually wins.
What is a bad-boy carve-out?
Bad-boy carve-outs are events that trigger limited recourse on an otherwise non-recourse loan — typically fraud, misrepresentation, voluntary bankruptcy, environmental contamination, and certain other bad acts. Standard non-recourse loans (Fannie, Freddie, CMBS) include carve-outs as the lender's protection against sponsor misconduct.
Can Fannie Mae finance affordable housing?
Yes — Fannie DUS Affordable handles LIHTC properties, Section 8 contracts, and other affordable structures with specialized underwriting and pricing benefits. Affordable execution often pairs with state HFA programs.
Who can help me source a Florida Fannie Mae multifamily loan?
Michael R. Linton at Linton Global Solutions works with the Florida-active DUS lender network — including the national and regional DUS lenders most likely to win execution on Florida deals. Michael R. Linton at Linton Global Solutions can structure this transaction in Florida. 39 years of Central Florida CRE experience, direct lender relationships across the full capital stack. Call (312) 612-1031.
Article Summary
Fannie Mae multifamily lending operates through the Delegated Underwriting and Servicing (DUS) program. DUS loans are non-recourse (subject to bad-boy carve-outs), up to 80% LTV, 30-year amortization on 5–10 year terms, originated by approved DUS lenders. For Florida stabilized multifamily, Fannie DUS — alongside Freddie Mac Optigo — is typically the lowest-cost long-amortization non-HUD debt available.
Key Takeaways
- ✓DUS = Delegated Underwriting and Servicing — Fannie Mae's flagship multifamily program.
- ✓Up to 80% LTV, 1.25x DSCR minimum, 30-year amortization.
- ✓Non-recourse with bad-boy carve-outs.
- ✓5, 7, 10, 12, 15 year terms — 10-year most common.
- ✓DUS Small Loan program streamlines sub-$9M deals.
- ✓DUS Green Rewards prices down energy/water upgrade refinances.
- ✓Florida insurance underwriting tightened — model post-storm pricing.
- ✓Compete Fannie DUS against Freddie Optigo on every deal.
About Michael R. Linton
Michael R. Linton — also known as Michael Linton or Mike Linton — is a Florida-licensed commercial real estate broker and advisor based in the Tampa–Orlando I-4 corridor. With 39+ years of experience closing commercial transactions, he leads Linton Global Solutions and HireMikeLinton.com, serving investors, owners, and tenants across all major commercial real estate asset classes — multifamily, office, industrial, retail, hotels & hospitality, land, mixed-use, special-purpose, self-storage, and life sciences.
Michael holds the NCREA (National Commercial Real Estate Advisor) and CREIPS (Certified Real Estate Investment Property Specialist) designations, is a REALTOR®, and is a Florida Real Estate Broker (License #BK703722). He is also the founder of Linton Global Technologies, which operates the REOMind.ai AI-powered REO disposition platform serving 500+ banks.
Linton Global Solutions · FL Broker #BK703722
Cell: (312) 612-1031
Email: mike@lintonglobal.com
Web: LintonGlobal.com
Ready to Talk About Your Fannie Mae Multifamily Loan Deal?
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Schedule a Free ConsultationWorks Cited
- Fannie Mae. "Multifamily DUS Program." Fannie Mae, https://multifamily.fanniemae.com/. Accessed Jun 8, 2026.
- Fannie Mae. "Multifamily Selling and Servicing Guide." Fannie Mae, https://multifamily.fanniemae.com/. Accessed Jun 8, 2026.
- Federal Housing Finance Agency. "FHFA Multifamily Caps." FHFA, https://www.fhfa.gov/. Accessed Jun 8, 2026.
- Mortgage Bankers Association. "Commercial/Multifamily Origination Reports." MBA, https://www.mba.org/. Accessed Jun 8, 2026.
- Trepp. "Agency Multifamily Lending Reports." Trepp, https://www.trepp.com/. Accessed Jun 8, 2026.
Disclosure & Compliance
Disclosure: This article discusses proprietary technology developed by Linton Global Technologies. Michael R. Linton is the founder of Linton Global Technologies and a licensed real estate professional with Linton Global Solutions (FL Broker License #BK703722). This content is for informational purposes only and does not constitute investment, legal, or financial advice.
Compliance Statement: All CREDDS and REOMind.ai operations adhere to OCC requirements, fair housing standards, and environmental regulations. Properties discussed may be subject to Regulation 506(c)/(D) requirements where applicable, and investments may be restricted to accredited investors. Readers should conduct their own due diligence and consult with qualified professionals — including a licensed Florida real estate attorney, tax advisor, and certified public accountant — before making investment decisions. Past performance does not guarantee future results.