Fannie Mae DUS programs:
2026 multifamily lending guide
Everything multifamily lenders, sponsors, and operators need to know about Fannie Mae's DUS platform — Standard DUS, Small Balance Loans (SBL), MAH affordable, seniors housing, Green MBS, and credit facilities — current as of 2026.
What is Fannie Mae DUS?
DUS stands for Delegated Underwriting and Servicing — Fannie Mae's primary multifamily lending platform. Since 1988 the DUS model has financed multifamily properties in every state in the U.S. by delegating underwriting authority to a small network of approved lenders, in exchange for those lenders sharing credit risk on every loan they originate.
That risk-sharing alignment is why DUS works at scale. A DUS lender doesn't just originate a loan and walk away — they retain a loss-sharing position (typically the first 5% on a Tier 2 loan) for the life of the loan. The result: roughly half of all conventional multifamily debt in the United States flows through Fannie Mae DUS.
On this page you'll find a current snapshot of every active DUS execution — Standard DUS, Small Balance Loans, MAH, Seniors Housing, Green MBS, and Credit Facilities — plus eligibility highlights, the 2026 FHFA volume cap, and answers to the questions multifamily borrowers ask most.
DUS programs at a glance (2026)
The table below summarizes Fannie Mae's six primary DUS executions, including minimum loan size, maximum term, leverage caps, and minimum DSCR. The mission badge denotes programs whose volume counts toward FHFA's 50% mission-driven requirement.
| Program | Purpose | Min loan | Max term | Max LTV | Min DSCR |
|---|---|---|---|---|---|
Standard DUS Conventional multifamily | Acquisition & refinance of stabilized 5+ unit properties | $3M | 30 yrs | 80% | 1.25x |
Small Loan (SBL) Smaller multifamily | Streamlined financing for smaller stabilized properties | $1M | 30 yrs | 80% | 1.25x |
MAHmission Affordable housing | Multifamily Affordable Housing; LIHTC & Section 8 eligible | $1M | 30 yrs | 90% | 1.15x |
Seniors Housing Age-restricted / healthcare | Independent living, assisted living, memory care facilities | $3M | 30 yrs | 75% | 1.30x |
Green MBSmission Energy / water efficiency | Improved pricing for certified green & energy efficient properties | $1M | 30 yrs | 80% | 1.25x |
Credit Facility Large portfolio / REIT | Cross-collateralized pool financing for large REIT borrowers | $100M+ | 5–30 yrs | Varies | Varies |
Program deep-dives
Standard DUS
Standard DUS is the workhorse execution: conventional acquisition and refinance financing for stabilized 5+ unit multifamily properties. Minimum loan size starts around $3M, terms run up to 30 years (typical 5/7/10/12/15 fixed terms with 30-year amortization), and leverage tops out at 80% LTV with a 1.25x DSCR. Sponsors trade DSCR coverage for pricing through Fannie Mae's tiered pricing matrix (T1–T4): higher coverage earns lower coupons.
Small Balance Loans (SBL)
SBL is the streamlined execution for smaller transactions, with loan sizes from $1M to ~$7.5M. The program uses a simplified underwriting checklist and reduced third-party reporting requirements compared to Standard DUS, which cuts both cost and close timeline. Common uses: small multifamily acquisitions, refis of workforce housing in secondary and tertiary markets, and bridge-take-out scenarios.
Multifamily Affordable Housing (MAH)
MAH is Fannie Mae's execution for properties with rent or income restrictions — including LIHTC properties, Section 8 HAP-contracted properties, state and local HFA-financed transactions, and other affordability-restricted assets. MAH unlocks more aggressive credit (up to 90% LTV at 1.15x DSCR) than Standard DUS because the affordability restrictions reduce credit risk and the loan counts toward FHFA's mission-driven threshold. Learn more about MAH eligibility →
Seniors Housing
Seniors housing financing covers independent living, assisted living, and memory care properties — but not skilled nursing facilities. Underwriting is more conservative than Standard DUS (typically 75% LTV / 1.30x DSCR) and a replacement reserve is mandatory. Operator experience and limited Medicaid revenue concentration are key gating items. Senior housing executions can also count as mission-driven if at least 80% of units are restricted at 80% AMI or below.
Green MBS & Green Rewards
The Green MBS execution provides preferential pricing for properties certified under recognized standards (LEED, ENERGY STAR, NGBS, EarthCraft, GreenPoint Rated, and others) or for borrowers committing to Green Rewards retrofits — capital improvements that reduce energy or water use by at least 30%, with at least 15% from each. Both Green MBS and Green Rewards count toward FHFA's mission-driven volume.
Credit Facility
Credit Facilities provide cross-collateralized pool financing for large multifamily REIT borrowers — typically $100M+ committed pools. Properties move in and out of the collateral pool over time as the borrower acquires, sells, and refinances. Terms range from 5–30 years, with both fixed and floating-rate executions. Credit Facility transactions are bespoke and pricing is confidential.
2026 volume cap & the mission-driven requirement
FHFA set the 2026 Fannie Mae multifamily purchase cap at $88 billion, announced in December 2025. At least 50% of that volume must qualify as mission-driven: properties affordable at or below 80% AMI, workforce housing, manufactured housing communities, certain energy efficiency rehabs (Green Rewards), and small balance loans in low-and-moderate-income census tracts.
Workforce housing loans and certain mission-driven categories are exempt from counting against the cap, which gives DUS lenders meaningful runway on transactions that meet FHFA's housing-mission criteria. The mission-driven calculus often determines pricing: lenders chasing mission-driven attribution will price more aggressively on qualifying assets, especially in the back half of the calendar year as they push toward their 50% threshold.
DUS eligibility essentials
The core borrower and property requirements that apply across DUS executions:
- Borrower: single-asset U.S. entity (typically Delaware LLC); experienced multifamily operator; carve-out guarantor with a track record
- Property: stabilized — 90%+ occupancy for 90 days prior to funding (with limited exceptions for new construction take-out)
- Minimum units: 5 residential units (50 pad sites for manufactured housing communities)
- Recourse: non-recourse to the borrowing entity, with standard bad-boy carve-outs (fraud, voluntary bankruptcy, environmental, unauthorized transfer)
- Commercial space: up to 35% of net rentable area and 20% of effective gross income may be commercial
- Assumability: fully assumable subject to DUS lender approval and a 1% assumption fee
Frequently asked questions
What is the Fannie Mae DUS program?
DUS — Delegated Underwriting and Servicing — is Fannie Mae's flagship multifamily lending platform. Through a small network of approved DUS lenders (~25 firms), Fannie Mae purchases, securitizes, and guarantees multifamily loans on stabilized 5+ unit properties. DUS lenders share risk with Fannie Mae through a loss-sharing structure, which incentivizes disciplined underwriting and gives Fannie Mae confidence to delegate underwriting authority. Most conventional multifamily debt in the United States flows through DUS.
Who qualifies as a Fannie Mae DUS lender?
DUS lender status is held by approximately 25 firms approved directly by Fannie Mae. The roster includes balance-sheet banks, mortgage REITs, and dedicated agency lenders — names like Walker & Dunlop, Berkadia, JLL, CBRE, Greystone, Newmark, KeyBank, Wells Fargo Multifamily, and PNC Real Estate. Becoming a DUS lender requires demonstrated multifamily underwriting experience, capital adequacy, an approved loss-sharing tier, and ongoing performance reviews by Fannie Mae.
What is the minimum loan size for a Fannie Mae DUS loan?
The Small Balance Loan (SBL) program services loans starting at roughly $1 million, with most SBL transactions falling in the $1M–$7.5M range. Standard DUS loans typically start at $3 million and scale into the hundreds of millions. MAH and Green MBS executions are also available at the $1M floor. There is no published hard maximum — credit facility executions for large REITs can exceed $1 billion in cross-collateralized pool financing.
What is the 2026 Fannie Mae multifamily volume cap?
FHFA set the 2026 Fannie Mae multifamily purchase cap at $88 billion (announced December 2025). Of that volume, at least 50% must qualify as mission-driven, meaning loans on properties affordable to households at or below 80% of area median income (AMI), workforce housing, manufactured housing communities, or other categories that meet FHFA's housing-mission criteria. Workforce housing and certain mission-driven loans are exempt from counting against the cap.
What is the 50% mission-driven requirement?
FHFA requires that at least 50% of each GSE's multifamily purchase volume support mission-driven affordability. For Fannie Mae, mission-driven includes MAH (LIHTC, Section 8, state HFA-restricted), seniors housing where ≥80% of units are at ≤80% AMI, manufactured housing communities, energy and water efficiency improvements (Green Rewards), and small balance loans on workforce housing in low- and moderate-income census tracts. The 50% threshold has shaped DUS pricing and lender go/no-go decisions since FHFA introduced it.
Are Fannie Mae DUS loans non-recourse?
Yes. DUS loans are non-recourse to the borrower at the entity level, with standard 'bad-boy' carve-outs for fraud, voluntary bankruptcy, environmental contamination, unauthorized transfers, and similar borrower misconduct. Non-recourse status applies to the single-asset borrowing entity; it does not protect against guarantor obligations under the carve-out guaranty.
Can a Fannie Mae DUS loan be assumed?
Yes. DUS loans are fully assumable subject to DUS lender review, Fannie Mae approval, and a 1% assumption fee. The assuming buyer must demonstrate experience, financial capacity, and an acceptable replacement guarantor for the carve-out guaranty. Assumability is a meaningful value driver in rising-rate environments because it allows a buyer to take over an in-place, below-market coupon.
What's the maximum LTV and minimum DSCR on a Standard DUS loan?
Standard DUS conventional loans support up to 80% LTV with a minimum 1.25x DSCR for tier 2 pricing. MAH executions allow up to 90% LTV at 1.15x DSCR. Seniors housing is more conservative — 75% LTV / 1.30x DSCR. Tiered pricing (T1, T2, T3, T4) lets sponsors trade higher DSCR for lower coupon — T4 at 1.55x DSCR earns the best pricing.
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