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.
| CIRT Transaction Name | 2024-H1 | 2024-L2 | 2024-L1 | 2023-9 | 2023-8 | 2023-7 | 2023-6 | 2023-5 | 2023-4 | 2023-3 | 2023-2 | 2023-1 | 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 | >80-97 | >60-80 | >60-80 | >80-97 | >60-80 | >80-97 | >60-80 | >80-97 | >60-80 | >80-97 | >60-80 | >60-80 | >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) | 18 | 18 | 18 | 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 | 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 | 2/1/2024 | 2/1/2024 | 1/1/2024 | 9/1/2023 | 8/1/2023 | 5/1/2023 | 5/1/2023 | 4/1/2023 | 3/1/2023 | 2/1/2023 | 2/1/2023 | 1/1/2023 | 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 | 1/2023-5/2023 | 4/2023-7/2023 | 1/2023-4/2023 | 10/2022-12/2022 | 9/2022-12/2022 | 7/2022-9/2022 | 4/2022-8/2022 | 3/2022-6/2022 | 3/2022-5/2022 | 1/2022-3/2022 | 2/2022-3/2022 | 1/2022-1/2022 | 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 | 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 | $12,134,222,381 | $9,894,263,926 | $9,003,632,921 | $11,519,596,467 | $8,397,593,116 | $16,935,416,887 | $9,646,251,436 | $18,060,305,539 | $12,862,034,563 | $17,979,109,006 | $13,793,287,656 | $11,811,520,695 | $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 | $212,348,892 | $158,308,223 | $135,054,494 | $190,073,342 | $117,566,303 | $262,498,962 | $125,401,269 | $243,814,124 | $135,051,363 | $179,791,090 | $131,036,233 | $88,586,405 | $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 | $303,355,560 | $405,664,821 | $355,643,500 | $270,710,517 | $344,301,317 | $397,982,297 | $390,673,183 | $424,417,180 | $501,619,348 | $422,509,062 | $503,454,999 | $407,497,464 | $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 % | 1.75% | 1.60% | 1.50% | 1.65% | 1.40% | 1.55% | 1.30% | 1.35% | 1.05% | 1.00% | 0.95% | 0.75% | 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 % | 2.50% | 4.10% | 3.95% | 2.35% | 4.10% | 2.35% | 4.05% | 2.35% | 3.90% | 2.35% | 3.65% | 3.45% | 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) | 5.4 | 6.3 | 7.62 | 8.16 | 10.44 | 11.4 | 12.48 | 10.08 | 12 | 9.84 | 10.56 | 10.08 | 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 | 1/31/2042 | 1/31/2042 | 12/31/2041 | 2/29/2036 | 1/31/2036 | 10/31/2035 | 10/31/2035 | 9/30/2035 | 8/31/2035 | 7/31/2035 | 7/31/2035 | 6/30/2035 | 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 | 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 | 10/1/2023 | 2/1/2024 | 2/1/2024 | 9/1/2022 | 8/1/2023 | 8/1/2023 | 6/1/2023 | 6/1/2023 | 4/1/2023 | 4/1/2023 | 9/1/2023 | 9/1/2023 | 2/1/2023 | 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. |