Overview
Agency programs have different eligibility, sizing and execution requirements. Compare the programs that fit the property before selecting a financing structure.
Why this matters
Most CRE capital sources have a relatively flat program structure. Agency is the opposite. Fannie DUS and Freddie Optigo each have roughly a dozen distinct executions with their own eligibility criteria and pricing benefits.
Routing the deal to the right execution captures 15 to 50 bps of pricing benefit and sometimes meaningful additional proceeds. The placement firm's job is to identify which executions the deal qualifies for and to price each in parallel.
How to use this hub
Start with the agency deep-mechanics pillar for the framework. Use the supplemental + tier calculator to size specific deals. Drop into the Q&A library for tier thresholds, supplemental math, MAH/TAH eligibility, or Green Rewards mechanics. Reach the glossary for terminology.
Pillar guide
Sponsor-side tool
Sibling Q&As
How does Fannie Mae DUS MBS pricing translate into the rate sponsors see on a term sheet?
DUS MBS execution price plus DUS guarantee fee plus servicer spread equals the loan's gross note rate. Rising MBS spreads widen sponsor pricing in real time.
What are the Tier 2, Tier 3, and Tier 4 thresholds on Fannie Mae and Freddie Mac multifamily loans?
Fannie's tiers reward lower-leverage, higher-coverage loans with tighter pricing.
How is a Fannie or Freddie supplemental loan sized?
Supplemental sizing is the binding minimum across (1) combined LTV against current appraised value, (2) combined DSCR including the supplemental's debt.
What are the Fannie MAH and Freddie TAH affordable executions and how do sponsors qualify?
How does the Fannie Green Rewards (and Freddie Green Up) execution save underwriting?
Green Rewards lets the sponsor add projected energy and water savings from defined retrofits to underwritten NOI, typically lifting NOI by $50 to $200 per unit.
How does the Fannie Mae SARM (Structured ARM) execution work?
Fannie SARM is a 7- or 10-year floating-rate execution priced over SOFR with embedded rate caps (cap cost amortized into spread).
How does the Freddie Mac Index Lock work on a multifamily loan?
Freddie Index Lock allows the sponsor to lock the underlying Treasury index (the risk-free rate component of the loan's pricing) early in the application process, sometimes as early as application acceptance.
Glossary
Fannie Mae, Freddie Mac and HUD multifamily financing
Evaluate agency and HUD financing for apartment acquisitions, refinances and eligible development projects.
Multifamily Financing
Debt advisory for apartment, student, and seniors housing. Agency, bank, life company, debt fund, and bridge execution.
Tell us about the property and the financing you need
Send a commercial real estate financing request. Marshall Masterson replies within a timeframe agreed after reviewing the request with proceeds, structure and lender fit. Confidential.