Refinance Risk Analysis | Fannie Mae Multifamily Guide

Guide Update 23-07

: Refinance Risk Analysis

Effective: 05/15/23

Retired: 09/18/23

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Associated Documents:

Summary of Changes:

HIGHLIGHTS
Effective for Mortgage Loans Committed as of May 15, 2023, the Refinance Risk Analysis Income Growth Rate for Multifamily Affordable Housing (MAH) Properties was updated.

Primary Changes

Modified the Income Growth Rate requirements in Part II, Chapter II: Valuation and Income, Section 203.01: Base Assumptions. For an MAH Property, the rent growth is based on the proportion of restricted units (affordable at 80% AMI or less) and the proportion of unrestricted units, using:

2% for restricted units; and
the rent growth published in DUS Gateway for conventional properties in the submarket for unrestricted units.

Questions

Please contact Dennis Young at [email protected], or Mark Thoeny at [email protected], with any questions.