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Freddie Mac issues high-grade Multifamily securities including K Certificates, Q Certificates, Multifamily Variable Rate Securities (backed by tax-exempt bonds) and PCs.

K Certificates

Multifamily K Certificates are regularly-issued structured pass-through securities backed by multifamily mortgage loans. K-Deals feature a wide range of investor options which include guaranteed senior and interest only bonds. The related underlying private label trust includes unguaranteed mezzanine, subordinate and interest only bonds, and is not issued by Freddie Mac. K-Deal Structured Pass-Through Certificates carry Freddie Mac’s guarantee of timely payment of interest and ultimate payment of principal.

M Certificates (formerly Multifamily Variable Rate Certificates)

Freddie Mac's Class A Multifamily M Certificates are fully guaranteed tax-exempt and taxable securities supported by pools of unenhanced tax-exempt and taxable multifamily housing collateral. Multifamily M Certificates offer Freddie Mac's guarantee of timely payment of principal and interest.

Q Certificates

Multifamily Q Certificates are structured pass-through securities backed by multifamily mortgage loans. Unlike K Certificates, Q Certificates are backed by an underlying trust that holds multifamily mortgage loans that were not underwritten by Freddie Mac at the time they were originated, and the loans may not have been purchased by Freddie Mac prior to securitization.


Multifamily PCs are secured by structures with five or more units designed principally for residential use, with terms generally ranging from five to 30 years. All Multifamily PCs offer the Freddie Mac guarantee of timely payment of interest and full and final payment of scheduled principal.

SB Certificates

Multifamily SB Certificates are backed by multifamily Small Balance Loans underwritten by Freddie Mac and issued by a third-party trust. Freddie Mac purchases and aggregates loans by Seller and then securitizes each Seller’s loans when pool sizes are approximately $100 million to $125 million. Freddie Mac guarantees the senior securities.

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