5% Down on Multi-Family
Here’s a great homebuying opportunity! Fannie Mae recently announced that the down payment requirement to purchase a multi-family home with up to four units is dropping to 5%. This is a big drop as it previously ranged from 15 to 25%. A key component is that you must be an owner occupant, but it is still a great situation for those who qualify. While anyone of any age can do this, I love the prospects for a first-time homebuyer. Let’s look at a duplex example. For just 5% down, you buy a property that allows you to rent out one side while living in the other and that offsets part of your mortgage payment. It gives young buyers a great way to build wealth. The loan limits are high, so even in the Austin area with our above-average prices, you can still buy a 2-4 multi-family property with this program. If this sounds interesting to you, comment or reach me at 512-650-7300 and I’ll be happy to help.