The 2026 multifamily loan purchase caps for Fannie Mae and Freddie Mac will be $88 billion each for a combined $176 billion to support the multifamily market, announced the Federal Housing Finance Agency (FHFA). The caps are up from the combined $146 billion for 2025.
FHFA will continue to require that at least 50% of the government-sponsored enterprises’ (GSEs’) multifamily business be mission-driven, affordable housing. In addition, just like this year, multifamily loans that finance workforce housing will be excluded from the volume caps.
The agency also noted it will monitor market conditions and may increase the multifamily caps if warranted. If the 2026 market is smaller than projected, the caps will not be reduced.
“Freddie Mac Multifamily delivers essential liquidity to create affordable apartment supply around the country each and every year,” said Kevin Palmer, head of multifamily for Freddie Mac. “In 2026, we will continue to provide that needed liquidity with our full suite of offerings and continued innovation. We thank [FHFA] director Pulte and U.S. Federal Housing for enhancing our capability to finance even more affordable housing in the year ahead.”
Kelly Follain, executive vice president and head of multifamily at Fannie Mae, noted the GSE remains committed to providing dependable liquidity and innovative solutions that support the multifamily housing market.
“U.S. Federal Housing's 2026 multifamily loan purchase cap will enable us to continue this important work, ensuring people have access to quality, affordable places to live in communities throughout the country. We look forward to partnering closely with our lenders and other stakeholders in the year ahead to deliver housing opportunities where they are needed most,” she added.
Mortgage Bankers Association (MBA) president and CEO Bob Broeksmit said the $15 billion increase in multifamily loan purchase caps for each GSE aligns with its expectations for the multifamily market in the coming year.
“Stable market conditions, strong maturity volumes, and a gradual decline in interest rates are expected to lift multifamily lending activity next year. The announced cap levels will help ensure the GSEs remain a reliable source of financing for rental properties, including those serving lower-income households and rural communities,” he noted. “We support the continued cap exemptions for targeted workforce housing and appreciate FHFA’s willingness to adjust caps and mission-driven requirements if needed.”
He said the MBA is committed to ensuring fair competition across all multifamily capital sources and to keeping affordability and availability a policy priority in 2026, adding, “We look forward to partnering with the Trump administration and Congress on efforts to increase rental housing supply and reduce costs for renters.”