FHFA Raises Multifamily Caps by $30 Billion
November 25, 2025
On November 24, the Federal Housing Finance Agency (FHFA) announced that the 2026 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $88 billion for each Enterprise, for a combined total of $176 billion.
- Caps Increased to $88 billion: This is an increase from the $73 billion loan purchase caps per Enterprise in 2025.
- FHFA will closely monitor the multifamily mortgage market and may increase the caps if necessary. Should the actual size of the 2026 market be smaller than initially projected, FHFA will not reduce the caps.
- 50% Mission-Driven Maintained: To maintain a strong emphasis on affordable housing and underserved markets, FHFA will continue to require that at least 50% of the Enterprises’ multifamily businesses be mission-driven, affordable housing.
- Workforce Housing Continues to Be Exempt from Caps: To further promote affordable housing preservation, loans classified as supporting workforce housing properties in the definitions will remain exempt from the volume caps. (All other mission-driven loans remain subject to the volume caps.)
Go deeper: CLICK HERE for CREFC’s Side-by-Side analysis of the 2026 Multifamily Caps.