• Single-Family
• Multifamily
  • Multifamily Seller/Servicers
  • Doing MF Business with Freddie Mac
  • Product Information
  • Affordable Rental Housing
  • Multifamily Press Releases
  • Guide Forms and Documents
  • Multifamily REOs
  • Contact Us
• Debt Securities
• Mortgage Securities
• Vendors and Suppliers

Freddie Mac Seniors Housing Mortgage

Freddie Mac's Seniors Housing Mortgage serves the growing segment of rental housing dedicated exclusively to America's aging population. We offer flexible loan terms for property types that include independent living, assisted living, and assisted living with dementia care.

Key Benefits

• Multiple financing options for a variety of senior housing property types, including seniors apartments, independent living properties, assisted living properties, and properties with a limited amount of skilled nursing or dementia care (properties may include up to 20% set-aside for skilled nursing).

At-a-Glance

Product Summary	Independent Living Properties	Assisted Living Properties and Assisted Living With Dementia Care
Loan Terms	Ranging from 5 to 25 years	Ranging from 5 to 25 years (including properties with skilled nursing*)
Eligible Borrowers	Experienced owner/operator of comparable facilities	Experienced owner/operator of comparable facilities
Financing Options	Fixed-rate mortgages Standard and capped ARMs Bond credit enhancements Structured and Affordable transactions including multiple loan pools Supplemental mortgages and other options	Fixed-rate mortgages Standard and capped ARMs Bond credit enhancements Structured and Affordable transactions including multiple loan pools Supplemental mortgages and other options
Maximum Loan-to-Value Amortizing & Partial Interest-only	Acquisition: 5 - < 7 yrs: 70% (60% for partial IO) > 7 - < 10 yrs: 75% > 10 yrs: 75% Refinance: 5 - < 7 yrs: 65% (60% for partial IO) > 7 - < 10 yrs: 70% > 10 yrs: 70%	Acquisition: 5 - < 7 yrs: 70% (60% for partial IO) > 7 - < 10 yrs: 75% > 10 yrs: 75% Refinance: 5 - < 7 yrs: 65% (60% for partial IO) > 7 - < 10 yrs: 70% > 10 yrs: 70%
Maximum Loan-to-Value Full Term Interest-only	< 7 yrs: 60% > 7 yrs: 65%	< 7 yrs: 60% > 7 yrs: 65%
Minimum Debt Coverage Ratio Amortizing & Partial Interest-only	Acquisition & No Cash-out Refinance: 5 – < 7 yrs: 1.35x > 7 - > 10 yrs: 1.30x ARM: 1.10x Cash-out Refinance: 5 – < 7 yrs: 1.40x > 7 – > 10 yrs: 1.35x ARM: 1.15x	Acquisition & No Cash-out Refinance: 5 – < 7 yrs: 1.45x > 7 - > 10 yrs: 1.40x ARM: 1.20x Cash-out Refinance: 5 – < 7 yrs: 1.50x > 7 – > 10 yrs: 1.45x ARM: 1.25x
Minimum Debt Coverage Ratio Full Term Interest-only	1.70x	1.80x
Replacement Reserve Escrow	Required	Required
Tax and Insurance Escrow	Generally required	Generally required
Recourse	Non-recourse except carve-outs	Non-recourse except carve-outs
Early Rate-Lock Available	Yes	Yes
Supplemental Financing Available	Yes	Yes

* Assisted Living with Skilled Nursing: Same LTV parameters as Assisted
Living properties; DCR parameters are an additional 0.05x; full term and
partial IO not available; properties may include no more than 20%
skilled nursing.

Contact Us

• Download and print Freddie Mac's contact information

PDF Version

• Download the Seniors Housing Mortgage term sheet.

The information in this document is not a replacement or substitute for information found in the Freddie Mac Multifamily Seller/Servicer Guide. Terms set forth herein are subject to change without notice.