Fannie Mae’s Multifamily Affordable Housing Financing Jumps YoY

Fannie Mae announced it provided $74 billion in financing to support the U.S. multifamily housing market in 2025, a year-over-year increase of 34 percent compared with $55 billion in 2024.

That is Fannie Mae’s largest annual multifamily volume since 2020.

“Fannie Mae’s multifamily financing was exceptional in 2025, providing roughly $74 billion in loan production volume for the year and crossing $500 billion in our book of business, thanks to the continued partnership of our Delegated Underwriting and Servicing lender partners. Together, we unlocked tremendous new opportunities for multifamily borrowers and investors that will create and preserve thousands of housing units across the country,” said Kelly Follain, Executive Vice President and Head of Multifamily, Fannie Mae. “We’re grateful to all our partners and, with $88 billion in capital allocation this year, we look forward to accomplishing even more in 2026.”

Through its network of Delegated Underwriting and Servicing (DUS) lender partners, Fannie Mae said it served the needs of borrowers, investors, and renters while enabling the creation and preservation of workforce and affordable housing supply in communities throughout the United States.

Fannie Mae said it provided significant liquidity to key housing segments in 2025, including more than $8.3 billion in Multifamily Affordable Housing (up 31 percent from 2024), $7.1 billion in Structured Transactions (up 8.6 percent), $5.9 billion in Small Loans (up 26 percent), and $1.9 billion in Manufactured Housing (up 49.4 percent).

Delegated Underwriting Model

About 40 percent of all deals in 2025 were executed under Fannie Mae’s unique delegated underwriting model that enables lenders to compete effectively and close deals quickly even in shifting market conditions, Fannie Mae said.

Fannie Mae said itis focused on providing responsible products and solutions that benefit partners and help address housing affordability and supply challenges.

For instance, Fannie Mae said it has:

• Enhanced its Multifamily Structured Adjustable-Rate Mortgage (SARM) product to meet growing demand for flexible variable-rate executions with fixed-rate equivalent financing.
• Expanded its Near-Stabilization execution, enabling borrowers to secure permanent, non-recourse mortgage financing before reaching full occupancy in newly constructed or recently renovated multifamily properties.
• Committed more than $5 billion in Low-Income Housing Tax Credit (LIHTC) equity investments since re-entering the LIHTC market in 2018, enabling the creation and preservation of more than 100,000 affordable rental housing units.

The following top 10 DUS Lenders produced the highest business volumes with Fannie Mae in 2025.