Manny Intorrella
REALTOR® /Sales Associate
Realty Executives Exceptional Realtors®
0123977
If you haven't heard, you now need less money to buy a 2 to 4 unit house if you obtain a conventional loan with Fannie Mae. The LTV ratio is now permitting you to put a 5% down payment on OWNER OCCUPIED 2 to 4 unit purchases. Makes sense to me, since you have the income from the other units!
Living in a multi family house can put you in a better financial position as you can take that rental income and use it to help pay your mortgage, taxes, and insurance.
Be sure to contact your mortgage person for all the details. If you need a mortage contact, here is one that provided me this information:
BIG NEWS!
Effective on Nov 18th, 2023 –
Fannie Mae will now be allowing 2-4 unit owner occupied homes to put as little as 5% down payment for conforming Fannie Mae Conventional products, including the First Time Homebuyer products like Home Ready; and including Renovation loans like HomeStyle Renovation, subject to qualification. (High Balance loan amount not included)
This is amazing news; where FHA was primarily dominating the lower down payment arena for multi family homes, they now have competition which is always great for buyers!
Have a great day and please reach out to Bill or I if you have any questions on these products; Bill (201) 707-0735 or Me at (201) 280-0633
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