Fannie Mae Expands Multifamily Lending Volume in 2025

On Tuesday, Fannie Mae said it provided about $74 billion in financing to support the US multifamily housing market in 2025, a 34% increase from $55 billion in 2024 and its largest annual multifamily loan production volume since 2020.

Lending was delivered through the Delegated Underwriting and Servicing (DUS) lender network, supporting the creation and preservation of workforce and affordable rental housing across the US.

By segment, Fannie Mae reported more than $8.3 billion in Multifamily Affordable Housing financing in 2025, up 31% from a year earlier. Structured Transactions totaled $7.1 billion, up 8.6%. Small Loans reached $5.9 billion, up 26%, while Manufactured Housing financing rose to $1.9 billion, up 49.4%.

Fannie Mae said about 40% of all multifamily deals in 2025 were executed under its delegated underwriting model, which allows lenders to compete effectively and close transactions more quickly amid volatile market conditions.

In remarks accompanying the report, Fannie Mae Executive Vice President and Head of Multifamily Kelly Follain said:

“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 DUS lending partners. Together, we unlocked tremendous new opportunities for multifamily borrowers and investors that will create and preserve thousands of housing units across the country. 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.”