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Conventional Mortgage Program Offerings

General Requirements

Product Summary	Requirements
Eligible Products	Fixed-Rate Adjustable-Rate Premier and Standard Lease-Up Acquisition Upgrade; Acquisition Rehabilitation Streamlined Acquisition New York City Pilot Student Housing Seniors Housing
Eligible Borrowers	Partnership (general or limited) Corporation Trusts, including IL Land Trusts Joint venture Limited liability company Individual Tenant in Common borrower (Maximum 3 TICs, non-syndicated only) New York cooperatives
Maximum Amortization Period	30 years
Minimum Occupancy	Generally 90% for 90 days prior to closing (see Standard and Premier Lease-Up term sheet for an additional option)
Transfers/Assumptions	Allowed during the life of the loan with prior approval
Recourse Requirements	Non-recourse except for standard carve-out provisions
Third-Party Subordinate Financing	Generally not allowed; will be considered under limited circumstances
Appraisal, Environmental Report and Engineering Report	Generally required
Replacement Reserves	Generally required
Real Estate Tax Escrow	Generally required
Property Insurance Escrow	Generally required
Application Fee	Standard is the greater of $2,000 or 0.1% of loan amount
Pricing	Risk-based pricing On-the-run Treasuries used for fixed-rate loans For fixed-rate loans, choice of 30/360 or Actual/360 interest calculations Choice of indices for ARM financing: 1-month or 3-month Freddie Mac Reference Bill® index or a 1-month or 3-month London Interbank Offered Rate (LIBOR) index Choice of Freddie Mac embedded cap or third party cap

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Download the Conventional Mortgage Program term sheet.

The information in this document is not a replacement or substitute for information found in the Freddie Mac Multifamily Seller/Servicer Guide. Terms set forth herein are subject to change without notice.

© 2012 Freddie Mac