FEDERAL NATIONAL MORTGAGE

Agency

AgencyType

154Deals

$1.2BTotal Volume

Active 2025

FHA Lending Activity

154

Total Deals

$1.2B

Total Volume

FY2025 Deals

$136.4M

FY2025 Volume

Source: HUD FHA Multifamily Production Reports

FHA Deal Activity

159

FHA Endorsements

$7.7M

Avg Deal Size

139

Avg Units

States

Individual FHA-insured initial endorsements, FY2001–FY2025

Top 10 Markets: TX (32) · FL (13) · CA (12) · GA (12) · AL (8) · TN (7) · IL (6) · AZ (6) · OH (6) · NY (5)

Programs: Risk Sharing (158) · 223(a)(7) Refi (1)

81% LIHTC · 8% Tax-Exempt Bonds

Source: HUD FHA Multifamily Production Reports

View all 159 FHA deals →

Recent FHA Deals

Sep '25Fort Pierce, FLRisk Sharing

$20.7M

Sep '25GARLAND, TXRisk Sharing

$22.6M

Sep '25DALLAS, TXRisk Sharing

$11.2M

Sep '25CHEYENNE, WYRisk Sharing

$18.1M

May '25COCOA, FLRisk Sharing

$11.7M

Active loans held →Maturity wall →Rate tracker →

FHA Portfolio

Active Loans

$488.1M

Outstanding

4.72%

Recent Avg Rate

20 yr

Avg Term

Rates and balances on FHA-insured loans currently held in portfolio, as of February 2026

Recent FHA Rate Comps

DateLocationAmountUnitsProgramTermRate

May '25Cocoa, FL$11.7M120Risk Share15 yr5.54%

Oct '24St. Paul, MN$6.5M136Risk Share16 yr3.78%

Oct '24Fort Myers, FL$28.4M320Risk Share15 yr6%

Oct '24Ponte Vedra Beach, FL$17.2M160Risk Share16 yr5.85%

Apr '24Cape Coral, FL$17.0M168Risk Share16 yr5.64%

Sep '23Reno, NV$29.8M293Risk Share17 yr5.85%

Dec '22Gallatin, TN$23.4M208Risk Share17 yr5.21%

Feb '22Houston, TX$27.9M240Risk Share17 yr3.7%

Feb '22Reno, NV$36.0M332Risk Share17 yr3.37%

Nov '21Orlando, FL$21.1M172Risk Share16 yr3.29%

Avg rate across last 20 endorsed loans4.72%

Full Portfolio: 5.2% avg rate · range 3.23%–7.2%

12 loans ($50.9M) maturing by 2031

MaturityLocationOutstandingUnitsRate

May 2026Norfolk, VA$8.6M2606.71%

May 2026Stillwater, OK$932K856.76%

Jun 2026Bossier City, LA$6.3M1806.08%

Sep 2026Live Oak, FL$1.2M1106.87%

Aug 2027Kingsport, TN$3.0M2884.6%

Nov 2027Bloomington, IL$1.6M1584.2%

Nov 2027Gallup, NM$1.5M727%

Mar 2028Texarkana, TX$1.9M1207.08%

Mar 2028Durant, OK$214K927.2%

Apr 2029Tacoma, WA$14.3M2316.35%

Jul 2029Bridgeport, CT$8.6M1863.9%

Sep 2029Radford, VA$2.7M1444.98%

Top States: FL (7) · NY (4) · IL (4) · TX (3) · NJ (2)

Source: HUD Insured Multifamily Mortgages

Deal History

Annual volume by program source.

2022

$85.0M3 deals

2023

$53.2M2 deals

2024

$17.0M1 deals

2025

$136.4M8 deals

Sources: HUD

Similar Lenders

NewPoint Real Estate Capital LLC

Agency

Chevy Chase, MD

newpoint.com

NewPoint Real Estate Capital is a Chevy Chase, MD-based agency lender with $7.0B in origination volume in 2024. The firm has originated 87 FHA-insured loans totaling $1.8B since 2013. NewPoint is an approved Fannie Mae DUS, Freddie Mac Optigo, and FHA/HUD lender.

BWE

Agency

Birmingham, AL

bwe.com

BWE is a mortgage banking company providing financing solutions for commercial and multifamily investors, developers, and property owners.

CPC Mortgage Company LLC

Agency

New York, NY

communityp.com

Agency Lender

Berkadia Commercial Mortgage LLC

Agency

Ambler, PA

berkadia.com

Berkadia is a Ambler, PA-headquartered commercial real estate company jointly owned by Berkshire Hathaway and Jefferies Financial Group. The firm is a top Fannie Mae DUS lender, originating $7.0B in Fannie Mae volume in 2025, and is also an approved Freddie Mac Optigo and FHA/HUD lender.

JLL Real Estate Capital, LLC

Agency

Chicago, IL

us.jll.com

JLL Capital Markets is the debt placement and origination arm of Jones Lang LaSalle (Chicago, IL), with $38.0B in CRE capital markets volume in 2024. The firm is a Fannie Mae DUS and FHA/HUD lender, having originated 395 FHA-insured loans totaling $6.2B since 2009 and $3.9B in Fannie Mae volume in 2025. Publicly traded on the NYSE under ticker JLL.