Quoted over 8% interest rate for owner-occupied fannie mae 5% down 4plex

[Johnny McKeon]

 Hey BiggerPockets family,

I was just approved for an owner occupant, Fannie Mae, 5% down with a purchase price of $1.3 million for a 4plex in the Phoenix Metro of Arizona

My middle FICO credit score is 759

My current DTI debt to income ratio is 30%

I have enough down payment, closing costs for the subject property, and enough liquid reserves for all 10 of my apartment buildings totaling 45 units in PHX Metro AZ

my mortgage lender quoted me with a rate at 8.125% with me paying 0.156 points totaling $1,920

My question is,

does this 8.125% interest rate sound reasonable for an owner-occupied fourplex 5% down Fannie Mae conventional loan as of March 27th, 2024, at 1700 hours?

What has everyone else been quoted or

What is everyone else seeing/hearing with interest rates for

owner occupied fannie mae 5% down for a 2 to 4 unit property or with other low down payment owner occupant loans such as FHA or VA ?

I thought owner occupied loans are supposed be lower interest rates then non-owner occupied loans or DSCR loans

also I asked the lender if she could adjust the purchase price to $750,000 to see if that would lower the interest rate and the interest rate actually went up to 8.625% and pay 0.353 points

I'm thinking I should find a mortgage broker that can quote me with multiple lenders to shop the rate and loan costs instead of a direct lender 

Thank you for the help!

[Matt Devincenzo]

I'm not a lender, but that seems about right...here's the LLPA chart: 

https://singlefamily.fanniemae.com/media/9391/display

Todays vanilla 20% DP, OO SFR rate is what 6-6.25% maybe. So add 0.25-0.5% for a high LTV, another 0.625% for 2-4 unit and 1.0% for high balance (I assume this falls into the high balance category) and you're right around the rate you were quoted.