BIG CHANGES to the Fannie Mae MULTI-FAMILY Down Payment Rules!

There's finally some good news for you "House Hackers"! If you've ever wanted to own a multi family property, live in one side and rent out the other, this is an important update for you. Fannie Mae has a huge change that can make this dream more of a reality.
Joining Dave today is Matt Nelson (NMLS#,153907) Loan Originator, from Cross Country Mortgage. Matt and Dave discuss the new changes, who this will help the most, and discuss other tips for prospective homeowners/investors.
CONTACT INFO
Matthew Nelson
[phone]
[e-mail]
app.crosscountrymortgage.com/...
David Greathouse
[phone]
[e-mail]
www.sellyourgreathouse.com/

[@greathouseteam]

The cool thing about this is if you are looking for your own home…instead of buying a SFH….buy a multi and make your payment only around $600/mo. Then you refinance in a few years, move out and use the equity to buy a bigger house for yourself. Keep the multi as an investment….it’s a great strategy for new investors

[@Joce123]

That takes a lot more energy than my career.
allows me to devote to rental property.

[@waynez5535]

I did the math, 230k list price 11,000 down on a 30 year= 2113/ month @ 7%
Nice that's a net total of 760,680 over 30 years NICE

[@D1PS3T1231]

Can you use this for a multi fam if you have an itin # and social security number but not a US citizen? also will it be the same interest rate or higher?

[@valetadunn3616]

Is this only for 1st time home buyers? I own a SF with an FHA loan

[@greathouseteam]

No, you just have to be owner occupied.

[@Aaron_R]

I disagree with buying the duplex being smart. Maybe not at current price levels and interest rates. The yield on a duplex is like 5% in Lakewood, OH (renting both units). The yield is negative if you live in 1/2, rent other half, pay taxes, maintenance, vacancy... Better off buying a dividend paying stock and rent (paying 1-3%, plus appreciation). Lots of companies are buying back their own stock now so the appreciation is legit.

[@greathouseteam]

The interest rates aren't helping that's for sure! But real estate has generally been very lucrative over the long haul.