All Forum Posts by: Alex Yao

Hi Chris,

Thanks so much for clearing that up! We will definitely keep that in mind.

However I got confused by your first paragraph, why is it that only SFR is relevant to me? Doesn't HomeReady Mortgage cover 2-4 units too? We have been talking to a loan officer and he said that we should qualify too.

We are open to LA County, Orange County and Ventura County. Thinking of opening up our choices to nearby states, but that's still in discussion right now. Santa Clara and San Mateo works too, but the prices are way too high for us.

Hi everyone!

I just found BiggerPockets last week and has been learning TONS of useful knowledge about investing in real estates. This is my first post on BP so pardon me if I asked/said something wrong. 

My wife and I are looking into buying our first multi-family house (also first home) in So-Cal so we can house hack and (hopefully) have some cashflow.

We have been looking around for house and mortgage options and we are very interested in Fannie Mae's HomeReady Mortgage. Comparing HomeReady to FHA, HomeReady seems way more affordable in the long term, as long as we are able to provide the upfront down payment (15% to 25% depending on # of units).

However, after researching a bit more, I found the ConsumerReport on Fannie Mae, with the last review as recent as of Oct 2nd 2016. It has more than 95% 1 star reviews and each of them has a bad experience to tell. I got disheartened by all those experiences as Fannie Mae is supposed to "create housing opportunities for homebuyers and renters in all communities across the nation".

Has anyone gotten the HomeReady mortgage and/or the ReadyBuyer closing cost assistance from Fannie Mae?

Has anyone bought houses from Fannie Mae without using HomeReady mortgage?

What are your experiences so far? 

Ultimately, I'm wondering if I should get a house from Fannie Mae and use other mortgage option, or use the HomeReady Mortgage but get a house elsewhere or not use Fannie Mae at all.

Thanks everyone!