Fannie, Freddie Multifamily Loan Purchase Caps to Rise 20% in 2026

The Federal Housing Finance Agency (FHFA) announced yesterday 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 to support the multifamily market. The 2026 caps represent a 20.5% increase from 2025.

In a press release announcing the higher multifamily loan purchase caps for the Enterprises, FHFA said to ensure a strong focus on affordable housing and underserved markets, the agency will require that at least 50% of the Enterprises’ multifamily businesses be mission-driven, affordable housing.

Just like in 2025, when the cap for each Enterprise was $73 billion, multifamily loans that finance workforce housing will be excluded from the 2026 limits. All other mission-driven loans remain subject to the volume caps.

FHFA will continue to monitor the multifamily mortgage market and maintain the ability to raise the caps further, if necessary, to support liquidity in the market. However, to prevent market disruption, if FHFA determines that the actual size of the 2026 market is smaller than what was initially projected, FHFA will not lower the caps.