What qualifies for new Fannie Mae 5% Multifamily?

[Bradon Grondel]

Hello, I am looking to house hack near Tampa/St. Pete area and have noticed it is pretty hard to make cash flow let alone break even on multifamily properties out here. As a result I’ve been looking at houses with in-law suites and casitas that tend to be more affordable and give me a better chance of funding my mortgage each month. I was hoping to take advantage of the new Fannie Mae 5% down option for multifamily and was curious if certain in-law suite properties would technically qualify as multifamily so I could use that new loan option. I haven’t been able to find a clear definition anywhere. Any advice is greatly appreciated!

[Bradon Grondel]

Thank you for taking the time to reply. This is great information. I’ve noticed that getting a cash flowing live in house hack is incredibly difficult when running the numbers on all these properties, especially out here so that’s comforting to hear that I’m not the only one trying to find out that pencils out. The goal then is just to cut down my mortgage payment, which sounds great to me! I’ll reach out to him. Thanks again!