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 Mae’s 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

• Bachelor’s degree or equivalent in Finance, Real Estate, Economics or a related discipline; master’s 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: $172,000 - $234,000 a year

Qualifications

Education:

Bachelor's Level Degree (Required)

The future is what you make it to be. Discover compelling opportunities at Fanniemae.com/careers.

For most roles, employees are expected to work onsite