I have some great news to report, as Fannie Mae is dramatically reducing the down payment requirements for purchasers utilizing multi-unit properties as their primary residence.
Historically, buyers would need to bring in a minimum of a 25% down payment for a 3-4 unit property or 15% for a duplex. That all changes starting November 18, 2023.
Now, any multi-unit property (2-4 units) can be purchased with just 5% down!
Here are the new calculations:
Here’s a little bit more:
Specifics
This is for a primary residential purchase only, and mortgage insurance will apply if utilizing the 5% down option.
Secondly, 75% of the expected rents of the non-owner occupied unit(s) can be used as qualifying income for the loan application.
Please do contact me for more, as it would be my pleasure to help with this type of purchase.
