Fannie Mae 2-4 Unit Loans

[Andrew Bosco]

Hey all! 

This helps out house-hackers (like myself) a ton. Starting Nov 18th, buyers can purchase 2-4 unit primary home with only 5% down. FHA is still a good option, but the fact that you can get a 2 family to owner occupy at 5% conventional is a great tool in your toolkit. Getting rid of income restrictions should help out others to put low money down.

How do you think this will impact the buying market?

[Jason Wray]

Quote from @Yu Liu:

Is this for real? That's huge and will make it easier for house hackers since FHA is only one per house. So does that also mean that as long as the sale of a property is after November 18th (pretend I get a property under contract in 2 weeks with a 30 day closing) you can get approved for 5% financing?

Yu - Its real and its a game changer if you look at the beneffits like No UFMIP to avoid the 1.75% fee. Lower MIP/PMI .55% versus in most cases .18-.35 and the PMI falls off at 80% versus FHA is for the life of the loan. FHA also now has a 12 month cash out rule and not on conventional/traditional loans.

You also "Do Not" have to be a first time home buyer and it allows for refinance not just purchase.