Government National Mortgage Association
APM 26-14: Update to Securitization Guidance for USDA Section 538 Multifamily Loans
October 20, 2026
Summary
Ginnie Mae APM 26-14 raises the maximum loan amount for USDA Section 538 multifamily loans submitted on or after November 1, 2026, from 70% to 80% of total development costs (80% LTC). The change applies to securitization under the MBS Guide and amends Chapters 31 and 32 of Guide 5500.3 Rev. 1. Issuers and lenders must apply the updated LTC cap to eligible USDA 538 loans.
AI-generated summary · Oct 23, 2026. Verify with your compliance counsel before acting.
How this was generated
We record the exact prompt, model, and output for every AI response so it can be audited for accuracy.
This APM announces an update to the securitization of the United States Department of Agriculture’s (USDA) Section 538 multifamily loans. This update increases access to rental housing for low- and moderate-income families in rural areas. Effective with USDA Section 538 multifamily loans submitted on or after November 01, 2026, the maximum loan amount may not exceed 80% of the total development costs (80% loan-to-cost, or LTC). This is an increase from the previously acceptable maximum loan amount of 70% of the total development costs (70% LTC).
Applicable changes have been made to Chapter 31 and Chapter 32 of the Mortgage-Backed Securities Guide, 5500.3 Rev. 1.
If you have any questions regarding this announcement, please contact your Account Executive in the Office of Issuer and Portfolio Management or contact Ginnie Mae’s centralized help desk at askGinnieMae@hud.gov.
Common questions
- What does "APM 26-14: Update to Securitization Guidance for USDA Section 538 Multifamily Loans" cover?
- Ginnie Mae APM 26-14 raises the maximum loan amount for USDA Section 538 multifamily loans submitted on or after November 1, 2026, from 70% to 80% of…
- Which agency issued this update?
- This update was issued by Government National Mortgage Association.
- When was it published?
- It was published on October 20, 2026.
Related updates
- Mortgagee Letter 2026-11: Updated Minimum Decision Credit Score Methodology for the Implementation of Alternative Credit Scores
- Mortgagee Letter 2026-12: “Build-To-Rent” Developments Underwriting Eligibility
- Guidance of Nontraditional Mortgage Products Risks
- MPF Announcement 2026-68
- Announcement SEL-2026-09: Selling Guide Updates
- Bulletin 2026-13: Selling Updates