10/10/2023
Starting November 18th, 2023, Fannie Mae will implement a new policy that enables individuals to purchase 2-4 unit primary residences with a minimal 5% down payment requirement.
This exciting change means that individuals now have the opportunity to own multi-unit properties, enabling them to generate rental income while still living in one of the units.
It also has significant implications when compared to the traditional option of FHA loans. While FHA loans have been popular for their low down payment requirements on multi-unit properties, Fannie Mae's conventional loan takes it a step further by eliminating the upfront Mortgage Insurance Premium (MIP) typically associated with FHA loans.
If you would like to learn more, please don't hesitate to reach out to me!
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