Fannie Mae and Freddie Mac are among the largest lenders on stabilized apartment communities. Their regulator limits how much multifamily lending each can do in a year, and it has set the limit for 2026.
What changed
On November 24, 2025, the Federal Housing Finance Agency (FHFA) announced the 2026 multifamily loan purchase caps: $88 billion for each enterprise, or $176 billion combined. Industry groups reported the 2025 cap at $73 billion each, which would make this roughly a 20 percent increase. FHFA's release, as we read it, does not state the 2025 figure.
Other terms from the FHFA release:
- At least half of each enterprise's multifamily business must be affordable, mission-driven housing, with a focus on underserved markets.
- Loans that finance workforce housing are excluded from the 2026 limits.
- Other mission-driven loans remain subject to the caps.
- FHFA says it will monitor the market and may raise the caps if needed. It says it will not reduce them if the 2026 market turns out smaller than projected.
Who this affects
Owners who plan to buy, refinance or sell stabilized multifamily property with agency debt, and the brokers and lenders who place it. The caps limit lender capacity. They do not set interest rates or underwriting terms.
Effective date
The caps apply to 2026 lending. FHFA sets them each year. We did not check whether the 2027 caps have been announced.
What owners should do
- If a maturity or refinance falls in 2027, start lender conversations early rather than waiting for the last quarter of a year, when volume limits can matter most.
- Ask your mortgage broker how your property fits the affordable and workforce categories, since those categories are treated differently under the caps.
- Compare agency quotes with bank and life company options.
- Check FHFA's site for the 2027 announcement.
This is a summary, not financial or legal advice. Your lender or broker can advise on a specific loan.