Fannie Mae 5% Down Multifamily Loan for out of state purchase

[Kiyana Hancock]

Greetings from Los Angeles, CA!

I’ll be brief. I am extremely outpriced in my market, and I am a first time home buyer. I am looking to purchase a multifamily out of state. Most likely Indiana. I am pursuing Fannie Mae’s 5% Down Multifamily Loan. I know the loan requires you to live in one of the properties for at least 1 year. I currently hold two jobs in LA and was hoping to manage the property remotely. I can offer more than 5% down. And also, would I have to be employed in the state that I am applying for this loan? The loan officer that has been coaching me is saying that I would have to show proof of employment in the state I purchase the property in. Anyone have ANY experience with this loan type? Is this loan possible for an out-of-state purchase?

[Jordan Ray]

Quote from @Kiyana Hancock:

Greetings from Los Angeles, CA!

I’ll be brief. I am extremely outpriced in my market, and I am a first time home buyer. I am looking to purchase a multifamily out of state. Most likely Indiana. I am pursuing Fannie Mae’s 5% Down Multifamily Loan. I know the loan requires you to live in one of the properties for at least 1 year. I currently hold two jobs in LA and was hoping to manage the property remotely. I can offer more than 5% down. And also, would I have to be employed in the state that I am applying for this loan? The loan officer that has been coaching me is saying that I would have to show proof of employment in the state I purchase the property in. Anyone have ANY experience with this loan type? Is this loan possible for an out-of-state purchase?

Kiyana, you should be very careful because it looks like you are trying to commit loan fraud which could ruin your investing career. I would not be trying to buy a property and say your going to "Live in it" when you are not. That's a huge deal and could result in Federal jail time.