Fannie Mae has announced that, starting from the weekend after November 18, 2023, it will accept 5 down payment mortgage opportunity for owner-occupied 2-, 3-, and 4-unit homes.
This marks a departure from the previous multifamily financing requirement of 15-25% down payments for duplexes, triplexes, and four-plexes.
The maximum loan amount allowed for these 2-4 unit properties is set at $1,396,800, ensuring that larger and more expensive properties can be purchased with flexibility.
This new option presents a great opportunity for individuals looking to invest in multifamily homes while also enjoying the benefits of homeownership.
Prospective owner-landlords can now afford these properties more easily, thanks to the reduced down payment requirement by Fannie Mae.
Our loan team is here to help you understand the process and achieve your goal of becoming the owner of a multi-family residence while earning rental income. It is time to contact us to see if you are eligible to purchase a multi-family home today.
Are you interested in taking advantage of this 5 down payment mortgage opportunity?
Apply now, this gives you a chance to prepare and gather all the necessary documentation before the new policy implementation (November 18, 2023).
Remember, .this policy shift represents a significant opportunity to reduce mortgage payments by leveraging rental income. The ability to make a smaller down payment not only makes multifamily homes more accessible, but it also allows home buyers to gain valuable landlord experience;
as they have the opportunity to collect rent from other units while simultaneously building equity in their own property.