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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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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.

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