GROUNDBREAKING MOVE:

You Now Have A 5% Down Payment Option for Multifamily Homes!

Attention future real estate investors! Fannie Mae is transforming the path to homeownership with a groundbreaking move.

Easier Ownership: Fannie Mae Lowers Down Payments for Multifamily Homes!

• Starting November 18, 2023, Fannie Mae will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes.

• This marks a departure from the previous requirement of 15-25% down payments for duplexes, triplexes, and four-plexes.

• The new policy provides a great opportunity for individuals to invest in multifamily homes while enjoying the benefits of homeownership.

• Prospective owner-landlords can now more easily afford these properties due to the reduced down payment requirement by Fannie Mae.

• The rental income of the other units you’re not living in can and will be applied to your loan qualification.

Browse Multi-Family Homes in Philly:

More Ways to Finance and Faster Approvals for Multifamily Homes!

• The policy change extends to standard purchases, no cash-out refinances, HomeReady, and HomeStyle Renovation loans for owner-occupied transactions.

• First-time buyers and those looking to ease high mortgage payments can benefit from Fannie Mae's more accessible financing options.

• The maximum loan amount for 2-4 unit properties is capped at $1,396,800, providing flexibility for purchasing larger and more expensive properties.

• The elimination of the FHA self-sufficiency test for 3-4 unit properties streamlines the pre-approval process for buyers of these multifamily homes.

Capitalizing on Fannie Mae's Updated Policies

• Mortgage loan applicants can apply now to benefit from Fannie Mae's policy change, effective in their system after November 18, 2023.

• For owner-occupant landlords, the policy shift offers a significant opportunity to reduce mortgage payments by leveraging rental income.

• Smaller down payments make multifamily homes more accessible and allow buyers to gain valuable landlord experience while building equity.

• Fannie Mae's decision to lower down payment requirements is a positive step towards improving access to credit and affordable rental housing.

• The policy change makes the dream of owning a multifamily home while generating rental income more attainable for mortgage loan borrowers.

What is Fannie Mae?

Established in 1938 during the Great Depression as part of the New Deal, the Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a government-sponsored enterprise (GSE). Its fundamental purpose was to boost the housing market by expanding mortgage availability for moderate- to low-income borrowers. Fannie Mae holds a prominent position as one of the largest purchasers of mortgages on the secondary market, alongside its sibling entity, the Federal Home Loan Mortgage Corporation (Freddie Mac), both created by Congressional mandate.

Multi-Family Homes for Sale:

Venture Philly Group

Buy. Sell. Invest.

info@venturephilly.com

o. 215.592.9522

604 S Washington Square, Philadelphia PA 19106

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