Freddie Mac Fixed-Rate Amortizing Mortgages

Eligible Loans

Refinance, acquisition and moderate rehabilitation financing

Minimum Loan Amount

$1 million

Maximum Loan Amount

$50 million.  Freddie Mac will purchase mortgages greater than $50 million on a case-by-case basis.

Eligible Properties

Garden, mid-rise and high-rise apartments and cooperative properties

Eligible Borrowers

Partnership (general or limited), corporation, trust, joint venture, limited liability company or individual

Eligible Lenders

Program Plus® lenders

Maximum LTV

80%

Minimum DCR

1.25x

Standard Loan Terms

5, 7, 10, 15, 20, 25 or 30 years

Maximum Amortization Period

30 years

Prepayment Provisions

Prepayable in full, subject to applicable yield maintenance premium

Subordinate Financing

Generally not allowed.  Will be considered under some circumstances

Supplemental Mortgages*

Freddie Mac may place a supplemental mortgage on an existing Freddie Mac first mortgage or originate a first and supplemental mortgage at the same time

Recourse Requirements

Nonrecourse except for standard carve-out provisions

Minimum Occupancy

90% for 90 days prior to loan closing

Appraisal, Environmental Report and Engineering Report

Required

Replacement Reserves

Generally not required

Real Estate Tax Escrow

Generally required

Property Insurance Escrow

Generally required

Transfers/Assumptions

Transfers/assumptions allowed during life of loan with Freddie Mac’s approval

Application Fee

Greater of $2,000 or 0.1% of loan amount

Servicing Fee

Sliding scale between 0.2% and 0.03% based upon actual loan amount

Pricing

Risk-based pricing
Borrower can choose 30/360 or actual/360 interest calculation
On-the-run U.S. Treasuries used

Early Rate-Lock Delivery Option**

• Available

Funding Period

Immediate fundings are standard
Extended/forward fundings available on a case-by-case basis

*   See our term sheet on Supplemental Mortgages for details. 
**  See our term sheet on the Early Rate-Lock delivery option for details.