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Fannie Mae 5% Down Program
Hi guys, quick question regarding the Fannie Mae owner occupied program. This last March a used the 5% down program to buy a duplex in NH. If I live in the property for a year, can I use the same program to purchase and occupy another multi or, can you only have one of these types of mortgages open at a time? I guess the question is, could I house hack with these program over and over just as I would with a conventional mortgage?
- Real Estate Broker
- Houston | Dallas | Austin, TX
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The Fannie Mae owner-occupied program allows individuals to use the program multiple times, but with certain limitations. The program requires living in the property for at least one year as the primary residence. After that year, you can move and purchase another property with an owner-occupied loan, as long as you intend to live in the new property as your primary residence. You can qualify for another Fannie Mae loan with 5% down, as long as you meet lender criteria, including debt-to-income ratio and credit score. However, you can only use the program for a new property each time you move. Additionally, you can "house hack" by buying a new primary residence every year, but be cautious not to genuinely occupy each property.
Good luck!
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Real Estate Agent Texas (#736740)
- (832) 776-9582
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Yep you're all set! Rinse and repeat! Just have to be sure that it makes sense for your primary.
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Lender New Mexico (#2450327), Ohio (#2450327), Arizona (#2450327), Maine (#2450327), Tennessee (#2450327), California (#2450327), Wisconsin (#2450327), Indiana (#2450327), and Michigan (#2450327)
- Gold Star Mortgage - Derek Brickley
- 734-645-7722
- https://www.goldstarfinancial.com/loansbyDB
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At most, while getting approved for the next loan, underwriters might ask you a series of additional questions as to why you're moving especially if the new unit is relatively the same size, area, value.
Thanks for all the replies! Much appreciated.