Principal, Multifamily Credit and Underwriting Affordable Housing

Playing an essential role in the U.S. economy Fannie Mae is foundational to housing finance. Here your expertise can help fuel purpose-driven innovation that expands access to homeownership and affordable rental housing across the country. Join Fannie Mae to grow your career and help people find a place to call home.

Job Description

Our Multifamily Affordable Housing (MAH) Credit & Underwriting team plays a critical role in supporting Fannie Maes mission by financing multifamily properties that provide affordable housing opportunities across the country. We are seeking an experienced Principal to lead the underwriting and credit evaluation of complex affordable housing transactions ensuring prudent risk management while advancing our affordable housing goals.

This role is ideal for a seasoned professional with a strong background in multifamily real estate underwriting deep knowledge of capital A affordable housing programs and the ability to exercise sound credit judgment in a collaborative and fast-paced environment.

Our Impact

• We deliver liquidity and stability to the affordable housing market by financing properties serving low- and moderate-income renters.
• We underwrite and approve loans that leverage public and private resources including LIHTC Section 8 RAD and other federal state and local subsidy programs.
• We partner with lenders developers and housing agencies to create sustainable mission-driven housing solutions.

THE IMPACT YOU WILL MAKE

The Principal Multifamily Credit and Underwriting - Affordable Housing role will offer you the flexibility to make each day your own while working alongside people who care so that you can deliver on the following responsibilities:

• Serve as a credit approver and underwriting lead on complex and high-visibility MAH transactions.
• Perform in-depth financial market and property-level analysis to evaluate credit risk and recommend appropriate structures and mitigants.
• Underwrite a range of executions including LIHTC (4% and 9%) Section 8 RAD conversions and mixed-income or subsidy-layered properties.
• Partner with production legal risk and servicing teams to structure transactions that balance mission and market objectives with sound credit principles.
• Guide and mentor underwriters and analysts promoting knowledge sharing and excellence in affordable housing credit analysis.
• Identify and address policy credit or structural issues providing clear recommendations to senior management.
• Contribute to continuous improvement of MAH underwriting processes standards and policy guidance.
• Represent Fannie Mae in discussions with lender partners sponsors and government or quasi-governmental agencies.

THE EXPERIENCE YOU BRING TO THE TEAM

Minimum Required Experience

• 8 years of experience in multifamily real estate underwriting credit risk management or loan structuring; 10 years of experience preferred
• Proven experience in underwriting or financing affordable housing transactions using programs such as LIHTC Section 8 RAD HOME or state/local subsidies.
• Strong financial modeling and analytical skills; ability to assess complex capital stacks and layered financing.
• Deep understanding of affordable housing programs and credit risk fundamentals.
• Ability to synthesize complex issues and communicate clearly with stakeholders.
• Collaborative solutions-oriented approach to underwriting and credit structuring.
• Demonstrated sound credit judgment and ability to balance mission-driven outcomes with disciplined risk assessment.
• Excellent written and verbal communication skills; able to clearly articulate credit rationale and recommendations.

Desired Experience

• Bachelors degree or equivalent in Finance Real Estate Economics or a related discipline; masters degree or relevant professional credential strongly preferred.
• Skilled in guiding and coaching underwriting teams to achieve performance goals.
• Familiarity with multifamily securitization capital markets and GSE loan programs.
• Prior experience at a GSE financial institution or affordable housing syndicator.

Multifamily Risk - Underwriting - Principal

Target Pay Range: $172000 - $234000 a year

Qualifications

Education:

The future is what you make it to be. Discover compelling opportunities at most roles employees are expected to work onsite on a regular basis at their designated office -office work cadence is determined by your manager. Proximity within a reasonable commute to your designated office location is preferred unless the job is noted as open to remote.

Fannie Mae is an equal opportunity employer and considers qualified applicants for employment without regard to race color religion sex national origin disability age sexual orientation gender identity/gender expression marital or parental status or any other protected factor. Fannie Mae is committed to providing reasonable accommodations to qualified individuals with disabilities who are employees or applicants for employment unless to do so would cause undue hardship to the company. If you need assistance using our online system and/or you need a reasonable accommodation related to the hiring/application process please complete this form.

The hiring range for this role is set forth below. Final salaries will generally vary within that range based on factors that include but are not limited to skill set depth of experience certifications and other relevant qualifications. This position is eligible to participate in a Fannie Mae incentive program (subject to the terms of the program). As part of our comprehensive benefits package Fannie Mae offers a broad range of Health Life Voluntary Lifestyle and other benefits and perks that enhance an employees physical mental emotional and financial well-being. See more here.

Requisition compensation:

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