Each Enterprise has a 2026 multifamily loan-purchase cap of $88 billion, announced November 24, 2025, up from $73 billion in 2025. At least 50 percent of purchases must be mission-driven. Qualifying workforce housing is excluded from the cap. Other mission-driven loans, including targeted affordable, still count against the cap. There is no separate mission cap, and workforce is not a sub-target inside the cap. As the agencies approach their caps later in the year (Q3 and Q4), standard executions can experience wider pricing or reduced appetite until the cap resets January 1.
How the volume caps drive pricing seasonality
FHFA publishes the annual cap for Fannie and Freddie multifamily lending each year, The 2026 cap is $88 billion for each Enterprise, announced November 24, 2025, up from $73 billion in 2025. At least 50 percent of purchases must be mission-driven. Qualifying workforce housing is excluded from the cap. Other mission-driven loans, including targeted affordable, still count against the cap. There is no separate mission cap, and workforce is not a sub-target inside the cap.
Q1 and Q2 dynamics: the agencies have full cap available and price competitively across all execution types. Standard rate-and-term refinances and conventional acquisitions get full attention.
Practical sponsor planning: time conventional agency placements to Q1 or Q2 when possible. Qualifying workforce housing is excluded from the cap. Other mission-driven loans, including targeted affordable, still count against the cap.
Monitor the FHFA's monthly conservatorship scorecard and quarterly multifamily caps disclosures for current cap utilization.
Sources
- Conservatorship Scorecards & Multifamily Caps for Fannie Mae and Freddie Mac · Federal Housing Finance Agency · 2026
- Delegated Underwriting and Servicing (DUS) program disclosures · Fannie Mae · current
- Optigo lending program disclosures · Freddie Mac Multifamily · current