Fannie Mae multifamily
Financing categories include permanent acquisition/refinance loans for eligible conventional multifamily properties, with a separate small-loan category.
Read the guide ↗MULTIFAMILY PROGRAM EDUCATION
Apartment financing
has several paths.
Agency multifamily loans, small balance apartment loans, and HUD/FHA-insured multifamily financing have distinct requirements and delivery channels.
Freddie Mac multifamily
Borrowers work through an approved lending network. Small Balance Loans are a distinct product with property and borrower requirements.
Read the guide ↗HUD/FHA multifamily
Section 223(f) generally addresses eligible existing multifamily acquisitions/refinances; Section 221(d)(4) addresses eligible new construction or substantial rehabilitation.
Read the guide ↗Start with the property’s stage.
A stabilized apartment building, a lease-up, and a ground-up project have different risks and documentation. Bring unit count, occupancy, rent restrictions if any, operating history, condition, project scope, and ownership experience.
Ask about property eligibility, third-party reports, reserves, recourse and carveouts, timing, prepayment provisions, and affordability requirements where applicable. A program name alone does not establish a fit.
What “small balance” means
It is a product category, not a universal loan size. Limits and structures differ across programs and can change. Confirm the current term sheet for the actual lender and property rather than relying on a generic dollar range.
STRAIGHT ANSWERS
Before the next step.
Is FHA multifamily financing the same as an FHA home loan?
No. HUD/FHA multifamily mortgage-insurance programs have different property, project, underwriting, and lender requirements from an individual FHA home mortgage.
Is River Bear an approved agency lender?
River Bear does not represent itself here as an approved agency lender. Confirm whether the team can help through an appropriate approved lender or other permitted relationship before beginning a program-specific application.
Program information checked September 30, 2026. Sources: Fannie Mae multifamily financing · Freddie Mac borrower process · Freddie Mac Small Balance Loans · HUD multifamily programs. Current rules and lender requirements apply.
LET’S LOOK AT THE DETAILS
Bring us the property.
And the questions.
Start with the goal, the timing, and the financing need.