Fannie Mae Introduces 5% Down Payment Option for Multifamily Homes; Owner Occupied

[Patricia Steiner]

For those investors who are looking to acquire and occupy a 2-4 unit MF property, it's going to be a lot easier to do so.  Look at this:

"In a significant policy change, Fannie Mae has announced that, starting from the weekend after November 18, 2023, it will accept 5% down payments 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." (Source: The Mortgage Report)

Here's the link for more details: https://themortgagereports.com/107690/fannie-mae-introduces-...

Opportunities exist in every economic cycle...this is a great one for building and preserving wealth.

Best...

[Patricia Steiner]

@Scott Bridgehouse

Unless the lender stipulates differently in their documents (like VA financing that requires owner occupany for the duration of the mortgage), 'owner occupancy' requires that you move in within 60 days and retain it as your primary residence for 12 months.  After 12 full months, the 'life happens' rule applies and you can rent it. 

Hope this helps...keep building that empire!