2014 Mortgage Changes

[Sam White]

Howdy BP members,

Introducing myself real quick: My name is Sam and I am a young investor. This is my first post in BP, although I have been a fly on the wall, observing for about a year.

I am looking to buy a duplex in the DFW. I have my financing lined up and I have had a few properties under contract, but backed out during options for various reason (found out one was on the edge of a sec. 8 neighborhood, and another paid all utilities for tenants).

Just this week, I found what I thought was the right investment for me. However, when I sent the contract over to my lender, he informed me that there were some changes coming from Fannie in 2014 that will make it more difficult to go with a conventional loan with 5% down on an owner occupant duplex.

So my question for the BP community is, what do you know about the changes coming in 2014 and what effects will it have on a young investor like me who wants to start with an owner occupied duplex?

-Sam