I plan to to rent it for 3500 when the time comes (first floor with basement)We are currently looking for our next multi family but just need to figure out the best route forward for financing the purchase.Use our own money, tap into the equity here, refinance here out of our FHA to roll into another one at our new property, go the Fanny Mae route with the 5% down Multi Family home loan program. 

I put that in quotes because the property I am looking at is zoned as a commercial building with a gutted upstairs apartment.I'd like to purchase the property with a renovation loan, something like FHA 203k or Fannie Mae Homestyle. 

It is against Fannie Mae and Freddie and RESPA guidelines to provide such information unless specific information is left out and additional verbiage is added to the DU approval to specify that 1.

Learn about Form 1003 and if you are really motivated, learn the Fannie Mae underwriting requirements, specifically Part B. 

You can close on a property and immediately sell it to a 3rd party unless there's a Fannie Mae Resale Restriction on the property.

Fannie Mae let one apartment's driveways go to tax foreclosure. 

And Fannie Mae dropped its required down payment for multifamily properties where the owner lives in one unit to just 5% last November.

I utilized a Fannie Mae 5% loan to purchase the property.

However, I have a Fannie Mae owned mortgage and the mortgage servicer has advised that Fannie Mae may not allow that "double layered" ownership.

@Daria B.Your attorney can tel you what it will cost.Most attorneys follow Fannie Mae guidelines for foreclosure costs.