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Fannie Mae Introduces 5% Down Payment Option for Multifamily Homes

In a signifcant move, effective November 18th of this year, Fannie Mae has lowered the down payment requirement for owner-occupied 2-4 family property loans to 5%!  This is a reduction from the previous limits of 15-25!  

The most basic requirment is that the loan must be used for an owner-occupied purchase.  This means that the borrower will have act as a resident landlord. As a bonus - future rental income can be used to partially qualify for your mortgage.

A cap on the loan program has been set at $1,396,800 which far exceeds any reasonable need in our area.

Owner will need to move into their new purchase within 60 days of closing. The potential downside, of course, is that you, the investor, will have to live alongside your tenants in a multifamily unit, which won’t appeal to everyone.  Still, the additional responsibilities and potential sacrifices of privacy will be worth it for many who have dreamed of real estate investing but have lacked the cash needed to enter the real estate investment market.

Local 2-4 Family Listing that May Meet Requirements for this Program June 15, 2024
21
Listed
99
Avg. DOM
$87.05
Avg. $ / Sq.Ft.
$198,000
Med. List Price
21 Properties
Page 1 of 2
4
Beds
2
Baths
1,911
Sq.Ft.
1910
Year Built
8
Days on Site
S1536204
MLS
8
Beds
3F11/2
Baths
2,376
Sq.Ft.
1972
Year Built
24
Days on Site
S1540287
MLS
Under Contract
7291 - 7295 Vienna Rd Blossvale,  NY 13308
7
Beds
3F11/2
Baths
780
Sq.Ft.
1965
Year Built
26
Days on Site
S1539962
MLS
Under Contract
12221 State Route 12 Boonville,  NY 13309
5
Beds
2
Baths
2,025
Sq.Ft.
1946
Year Built
38
Days on Site
S1535129
MLS
Pending
9799 State Route 812 Croghan,  NY 13327
6
Beds
4
Baths
5,271
Sq.Ft.
1912
Year Built
40
Days on Site
S1536627
MLS
Pending
3356 Lincoln St Port Leyden,  NY 13433
5
Beds
2F11/2
Baths
2,240
Sq.Ft.
1868
Year Built
41
Days on Site
S1535730
MLS
Under Contract
310 & 314 S James St Carthage,  NY 13619
11
Beds
4
Baths
7,668
Sq.Ft.
1905
Year Built
45
Days on Site
S1534602
MLS
3
Beds
2F11/2
Baths
2,194
Sq.Ft.
1900
Year Built
51
Days on Site
S1534121
MLS
Under Contract
6385 Pine Grove Rd Glenfield,  NY 13343
$210,000
Neighborhood: Macombs Purchase
5
Beds
2
Baths
2,134
Sq.Ft.
1988
Year Built
61
Days on Site
S1531763
MLS
5
Beds
3
Baths
3,394
Sq.Ft.
1830
Year Built
62
Days on Site
S1531877
MLS
Pending
717-723 Alexandria St Carthage,  NY 13619
10
Beds
4
Baths
6,430
Sq.Ft.
1889
Year Built
63
Days on Site
S1531556
MLS
Under Contract
821 State St Carthage,  NY 13619
5
Beds
3
Baths
3,803
Sq.Ft.
1910
Year Built
64
Days on Site
S1529867
MLS