Fannie Mae recently announced that it will drastically reduce multifamily home down payment requirements for owner-occupied transactions (where the buyer will live in one of the units).
Starting November 18, 2023, Fannie Mae will allow 5% down payments for owner-occupied 2-, 3-, and 4-unit homes. This reversal of the prior policy of requiring 15-25% down for duplexes, triplexes, and fourplexes will be a major benefit to those looking to purchase a multifamily home to live in.
Anyone in the market to live in a home while collecting rent and building landlord experience should take action to secure this financing option when it becomes available.
Wendy M. Reutebuch | Practice Areas: Real Estate, Real Estate Finance and Creditors’ Rights
Wendy represents clients in both Illinois and Wisconsin in a wide variety of commercial real estate and real estate finance transactions. In addition to handling acquisitions, dispositions and leases, Wendy also advises lenders on loan transactions, loan workouts, loan restructurings, forbearance and pre-foreclosure matters. If you need assistance with a related matter, contact Wendy.