Fannie Mae Cooperative Properties Loan Program

• Existing stabilized Cooperative Properties in eligible Cooperative Property markets.
• Cooperative corporations with strong financial management and solid operating history.
• Limited equity cooperatives targeted for low and moderate-income families may be eligible.
• Overall Property condition rating of two or better.
• The property management company is required to have experience with cooperative properties of like size and market.
• Operating Reserve balance must be equal to or greater than 10% of annual maintenance fees.
• Maintenance fees must be sufficient to achieve a balanced budget.

Call.

$1,000,000 minimum with no maximum

5-30 years.

30 years.

1.00 on actual operations and 1.55 based on market rents.

55%.

Available

Actual/360 or 30/360.

The greater of 1% or yield maintenance.

Non-recourse for most loans subject to standard carve-outs.

Yes, subject to lender approval.

Available 12 months from date of closing of first loan.

At commitment. Extended rate lock up to six months available.

• The average of the last three (3) years of maintenance fee accounts receivable as a percentage of total annual maintenance fees must not exceed three percent (3%).
• The property management company is required to have experience with cooperative properties of like size and market.
• Reserve Balance: greater than or equal to 10% of annual maintenance fees.
• Co-op is required to charge maintenance fees to sufficient levels to achieve a balanced budget.
• Generally, no more than 40% of the units may be owned by the Sponsor.