Freddie Mac Conventional Mortgage Program
General Requirements for Conventional Mortgage Program Offerings
| Eligible Products | Fixed-Rate; Adjustable-Rate; Premier and Standard Lease-Up; Acquisition Upgrade; Acquisition Rehabilitation; Streamlined Refinance; Streamlined Acquisition; New York City Pilot; Student Housing; Seniors Housing |
| Eligible Loan Purpose | Acquisition, refinance, supplemental and acquisition rehabilitation and acquisition upgrade financing |
| Eligible Borrowers | Partnership (general or limited), corporation, trust, joint venture, limited liability company or individual |
| Maximum Amortization Period | 30 years. For Supplemental Mortgages, maximum amortization is the greater of 25 years or term remaining on first mortgage. |
| 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 Freddie Mac approval (subject to a 1% fee) |
| Recourse Requirements | Non-recourse except for standard carve-out provisions |
| Third-Party Subordinate Financing | Generally not allowed; will be considered under some circumstances |
| Appraisal, Environmental Report and Engineering Report | Generally required (not generally required for Streamlined Acquisition and Streamlined Refinance mortgages) |
| Replacement Reserves | 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 |
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PDF Version
- 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.