Smaller Down Payments on Multifamily Homes
Fannie Mae, the Federal National Mortgage Association, recently announced upcoming changes that include smaller down payments on multifamily homes!
You can now purchase a 2-4 multiunit home as an owner-occupied primary residence with as little as 5% down! Previous requirements ranged from 15-25% down.
Subsidizing your monthly mortgage with rental income is a great way to secure residential income.
This change takes effect for loans closing after November 18, 2023. Certain restrictions apply.
Talk to a GMFS Mortgage Loan Officer today to see how this could benefit your financial situation!
*Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.
|Loan Term||Down Payment||Annual Percentage Rate||Estimated Monthly Payment|
|30 year fixed rate||10% (90% LTV)||4.75%||$1,043|