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

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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
(440)527-1099

David Greathouse
(440)409-9121
  1. The GREATHOUSE Team
  2. house hacking real estate
  3. house hacking duplex
  4. house hacking
  5. house hacking for beginners
  6. house hacking 2023
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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

greathouseteam
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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

waynez
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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?

DPST
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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.

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

valetadunn