CIRT Pricing


The CIRT program helps reduce credit risk for Fannie Mae while bringing additional private capital to the Single-Family housing market. Below is detailed pricing information for all transactions since the inception of the program in 2014.

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CIRT Transaction Name 2022-11 2022-10 2022-9 2022-8 2022-7 2022-6 2022-5 2022-4 2022-3 2022-2 2022-1 2021-2 2021-1 FE 2020-2 FE 2020-1 2020-2 2020-1 2019-5 2019-4 2019-3 2019 LR FE -1 2019 FE -2 2019 FE -1 2019-2 2019-1 2018-8 2018-7 2018-6 2018-5 2018-4 2018-3 2018-2 2018 FE -2 2018 FE -1 2018-1 2017-7 2017-6 2017-5 2017-4 2017-3 2017 FE-2 2017-2 2017-1 2017 FE-1 2016-9 2016 FE-1 2016-8 2016-7 2016-6 2016-5 2016-4 2016-3 2016-2 2016-1 2015-6 2015-5 2015-4 2015-3 2015-2 2015-1 2014-1
OLTV >60-80 >80-97 >60-80 >80-97 >60-80 >60-80 >80-97 >60-80 >80-97 >60-80 >60-80 >80-97 >80-97 >80-97 >60-80 >80-97 >60-80 >70-97 >80-97 >60-80 >80-97 >80-97 >60-80 >80-97 >60-80 >75-97 >80-97 >80-97 >60-80 >60-80 >80-97 >80-97 >80-97 >60-80 >60-80 >75-97 >60-80 >60-80 >80-97 >80-97 >80-97 >60-80 >60-80 >60-80 >75-97 >80-97 >60-80 >60-80 >80-97 >80-97 >80-97 >60-80 >60-80 >60-80 >60-90 >80-97 >80-97 >60-80 >60-80 >60-80 >60-95
Term (years) 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 12.5 13 13 12.5 12.5 9 12.5 12.5 10 10 10 10 10 7.5 10 10 10 10 10 10 10 10 10 7.5 10 10 10 10 10 10 10 10 7.5 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10
Effective Date 10/1/2022 9/1/2022 8/1/2022 6/1/2022 6/1/2022 5/1/2022 4/1/2022 3/1/2022 2/1/2022 2/1/2022 1/1/2022 10/1/2021 9/1/2021 2/1/2020 2/1/2020 1/1/2020 1/1/2020 10/1/2019 9/1/2019 8/1/2019 6/1/2019 5/1/2019 5/1/2019 2/1/2019 2/1/2019 9/1/2018 8/1/2018 8/1/2018 6/1/2018 6/1/2018 4/1/2018 4/1/2018 3/1/2018 3/1/2018 2/1/2018 10/1/2017 8/1/2017 8/1/2017 5/1/2017 5/1/2017 4/1/2017 2/1/2017 2/1/2017 1/1/2017 10/1/2016 10/1/2016 8/1/2016 8/1/2016 5/1/2016 5/1/2016 5/1/2016 3/1/2016 2/1/2016 2/1/2016 11/1/2015 10/1/2015 10/1/2015 8/1/2015 7/1/2015 6/1/2015 11/1/2014
Covered Loan Acquisition Period 11/2021-12/2021 9/2021-12/2021 10/2021-10/2021 8/2021-9/2021 9/2021-9/2021 8/2021-9/2021 10/2021-12/2021 6/2021-8/2021 7/2021-9/2021 4/2021-6/2021 1/2021-3/2021 4/2021-6/2021 1/2021-3/2021 1/2019-1/2021 11/2019-1/2021 7/2019-10/2019 7/2019-10/2019 6/2018-6/2019 12/2018-6/2019 12/2018-6/2019 1/2018-8/2018 and 7/2019-6/2020 5/2019-4/2020 5/2019-4/2020 4/2018-11/2018 7/2018-11/2018 4/2017-5/2018 10/2017-3/2018 10/2017-3/2018 10/2017-3/2018 10/2017-3/2018 4/2017-9/2017 4/2017-9/2017 3/2018-2/2019 3/2018-2/2019 1/2017-9/2017 1/2016-3/2017 8/2016-12/2016 8/2016-12/2016 1/2016-1/2017 1/2016-1/2017 4/2017-12/2017 1/2016-7/2016 1/2016-7/2016 1/2017-12/2017 1/2015-12/2015 10/2016-3/2017 7/2015-12/2015 7/2015-12/2015 12/2014-12/2015 12/2014-12/2015 12/2014-12/2015 5/2015-6/2015 12/2014-4/2015 12/2014-4/2015 1/2014-12/2014 9/2013-12/2013 and 4/2014-12/2014 9/2013-12/2013 and 4/2014-12/2014 9/2014-12/2014 4/2014-8/2014 9/2013-12/2013 1/2014-3/2014
Initial Step Down (anniversary month) 12 12 12 12 12 12 12 12 12 12 12 12 12 18 18 12 12 12 12 12 16 18 18 12 12 12 12 12 12 12 12 12 18 18 12 12 12 12 12 12 18 12 12 18 24 30 36 36 36 36 36 36 36 36 36 36 36 36 36 36 36
Total Initial Principal Balance $10,074,204,387 $9,618,660,001 $20,893,671,722 $12,867,666,541 $19,833,132,645 $19,333,089,266 $20,952,093,940 $23,145,210,991 $23,325,903,823 $26,538,429,785 $26,125,588,310 $30,659,864,038 $31,695,932,579 $16,440,233,581 $23,147,366,615 $12,205,127,867 $18,454,052,550 $18,541,320,511 $10,457,116,289 $14,758,880,982 $1,060,497,386 $5,998,785,285 $7,999,597,192 $17,903,736,311 $11,764,400,689 $12,784,981,984 $1,129,349,487 $7,905,448,916 $2,749,666,664 $19,347,933,811 $1,332,876,412 $9,031,228,264 $7,982,335,996 $11,646,054,341 $16,876,125,080 $16,281,116,305 $2,222,080,567 $20,765,119,500 $2,185,148,173 $17,679,827,869 $5,199,992,209 $2,300,055,343 $18,090,698,569 $15,702,859,270 $11,710,240,584 $3,699,989,319 $4,000,007,813 $10,383,389,918 $3,759,916,857 $9,027,301,103 $9,719,970,271 $5,693,715,271 $10,673,047,334 $8,799,903,325 $8,229,276,271 $4,859,859,121 $7,399,926,257 $7,047,669,992 $8,101,361,988 $4,675,764,002 $6,418,898,025
Aggregate Retention $65,482,329 $72,139,950 $114,915,194 $83,639,833 $109,082,230 $106,331,991 $136,188,611 $104,153,449 $151,618,375 $66,346,074 $65,313,971 $199,289,116 $190,175,595 $65,760,934 $81,015,783 $48,820,511 $64,589,184 $27,811,981 $41,828,465 $59,035,524 $26,512,435 $29,993,926 $39,997,986 $107,422,418 $70,586,404 $44,747,437 $6,776,097 $47,432,693 $16,498,000 $116,087,603 $6,664,382 $45,156,141 $39,911,680 $58,230,272 $84,380,625 $40,702,791 $11,110,403 $103,825,597 $10,925,741 $88,399,139 $25,999,961 $11,500,277 $90,453,493 $78,514,296 $40,985,842 $12,949,963 $20,000,039 $51,916,950 $18,799,584 $45,136,506 $48,599,851 $28,468,576 $53,365,237 $43,999,517 $41,146,381 $24,299,296 $36,999,631 $35,238,350 $40,506,810 $23,378,820 $32,094,490
Limit of Liability $342,522,949 $264,513,150 $699,938,003 $353,860,830 $664,409,944 $724,990,847 $733,323,288 $844,800,201 $898,047,297 $889,037,398 $770,704,855 $1,180,404,765 $998,421,876 $600,068,526 $729,142,048 $427,179,475 $553,621,577 $241,037,167 $392,141,861 $479,663,632 $93,323,770 $194,960,522 $259,986,909 $581,871,430 $382,343,022 $191,774,730 $33,880,485 $237,163,467 $82,490,000 $580,438,014 $39,986,292 $270,936,848 $259,425,920 $378,496,766 $464,093,440 $203,513,954 $49,996,813 $467,215,189 $60,091,575 $486,195,266 $137,799,794 $57,501,384 $452,267,464 $392,571,482 $204,929,210 $98,049,717 $100,000,195 $259,584,748 $93,997,921 $225,682,528 $242,999,257 $142,342,882 $266,826,183 $219,997,583 $205,731,907 $121,496,478 $184,998,156 $176,191,750 $202,534,050 $116,894,100 $192,566,941
Retention % 0.65% 0.75% 0.55% 0.65% 0.55% 0.55% 0.65% 0.45% 0.65% 0.25% 0.25% 0.65% 0.60% 0.40% 0.35% 0.40% 0.35% 0.15% 0.40% 0.40% 2.50% 0.50% 0.50% 0.60% 0.60% 0.35% 0.60% 0.60% 0.60% 0.60% 0.50% 0.50% 0.50% 0.50% 0.50% 0.25% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.35% 0.35% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
Limit % 3.40% 2.75% 3.35% 2.75% 3.35% 3.75% 3.50% 3.65% 3.85% 3.35% 2.95% 3.85% 3.15% 3.65% 3.15% 3.50% 3.00% 1.30% 3.75% 3.25% 8.80% 3.25% 3.25% 3.25% 3.25% 1.50% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.25% 3.25% 2.75% 1.25% 2.25% 2.25% 2.75% 2.75% 2.65% 2.50% 2.50% 2.50% 1.75% 2.65% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 3.00%
Annual Premium (bps) 10.56 9.24 9.48 9 8.88 9.36 10.92 7.92 9.48 7.32 5.52 8.04 7.8 13.32 13.08 15.72 13.56 8.88 17.76 16.68 48.48 13.68 12 14.88 14.52 8.52 13.8 13.8 12.96 12.96 12.96 12.96 17.04 15.24 10.56 8.88 11.04 11.04 14.04 14.04 20.4 12.96 12.96 16.8 10.56 24.6 14.04 14.04 14.64 14.64 14.64 13.32 13.32 13.32 14.04 14.04 14.04 13.32 13.32 13.32 14.04
Termination Date 3/31/2035 2/28/2035 1/31/2035 11/30/2034 11/30/2034 10/31/2034 9/30/2034 8/31/2034 7/31/2034 7/31/2034 6/30/2034 3/31/2034 2/28/2034 1/31/2033 1/31/2033 6/30/2032 6/30/2032 9/30/2028 2/29/2032 1/31/2032 11/30/2029 10/31/2029 10/31/2029 1/31/2029 1/31/2029 2/28/2026 7/31/2028 7/31/2028 5/31/2028 5/31/2028 3/31/2028 3/31/2028 8/31/2028 8/31/2028 1/31/2028 3/31/2025 7/31/2027 7/31/2027 4/30/2027 4/30/2027 9/30/2027 1/31/2027 1/31/2027 6/30/2027 3/31/2024 3/31/2027 7/31/2026 7/31/2026 4/30/2026 4/30/2026 4/30/2026 2/28/2026 1/31/2026 1/31/2026 10/31/2025 9/30/2025 9/30/2025 7/31/2025 6/30/2025 5/31/2025 10/31/2024
Time-based Cancellation Option (beginning anniversary month) 60 60 60 60 60 60 60 60 60 60 60 60 60 66 66 60 60 48 60 60 66 66 66 60 60 48 60 60 60 60 60 60 66 66 60 48 60 60 60 60 66 60 60 66 48 66 60 60 60 60 60 60 60 60 60 60 60 60 60 60 N/A
Effective Date of Optional Cancellation 9/1/2022 10/1/2021 8/1/2022 8/1/2022 5/1/2022 5/1/2022 10/1/2022 2/1/2022 2/1/2022 7/1/2022 5/1/2021 5/1/2021 8/1/2021 8/1/2021 6/1/2021 6/1/2021 6/1/2021 6/1/2021 5/1/2021 5/1/2021 12/1/2021 5/1/2021 5/1/2021 5/1/2021 5/1/2021 5/1/2021 N/A
Notes Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period. Total Initial Principal Balance, Aggregate Retention, Limit of Liability and Annual Premium reflect completion of fill up period.