Real Estate Update - October 2023

Breaking News!

It’s official: Starting the weekend after November 18, 2023, Fannie Mae will allow 5% down payments for owner-occupied 2-4-unit properties.

This is a surprising reversal of the years-long policy of requiring 15-25% down for duplexes, triplexes, and four-plexes. It will be a major benefit to those looking to purchase a multifamily home to live in.

What does this mean for multifamily homebuyers?

The benefits of the change can’t be overstated.

Currently, the only low-down-payment multifamily home loan (if you don’t have eligible military service) is the FHA loan. For just 3.5% down, buyers can own a 2, 3, or 4-unit home.

Now that Fannie Mae has rolled out a 5% down conventional option with no self-sufficiency requirement, many buyers could finally get pre-approved for a 3-4 unit property.

First-time buyers, house hackers, and those who just want to offset high mortgage payments could finally get a chance at homeownership and real estate investing.

Use the following link to schedule a 15-minute-buyer-consultation-general-questions

15 Minute Buyer/ Seller Consultation/ General Questions

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Warm regards,

Tyrone Green,