{"id":2042,"date":"2023-10-11T22:14:07","date_gmt":"2023-10-12T02:14:07","guid":{"rendered":"https:\/\/multi.nycnewsnetwork.com\/nycpolitics\/2023\/10\/11\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/"},"modified":"2023-10-11T22:14:07","modified_gmt":"2023-10-12T02:14:07","slug":"fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers","status":"publish","type":"post","link":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/","title":{"rendered":"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers"},"content":{"rendered":"

From The Mortgage Reports<\/em><\/a><\/p>\n

Lowered down payment requirements for multifamily homes<\/h2>\n

In a significant policy change,\u00a0Fannie Mae<\/a>\u00a0has announced that, starting from the weekend after November 18, 2023, it will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes. This marks a departure from the previous multifamily financing requirement of 15-25% down payments for duplexes, triplexes, and four-plexes.<\/p>\n

This new option presents a great opportunity for individuals looking to invest in multifamily homes while also enjoying the benefits of homeownership. Prospective owner-landlords can now afford these properties more easily, thanks to the reduced down payment requirement by Fannie Mae.<\/p>\n

Expanded financing choices and easier approvals for multifamily homes<\/h2>\n

The policy change applies to standard purchases, no-cash-out refinances,\u00a0HomeReady<\/a>, and\u00a0HomeStyle<\/a>\u00a0Renovation loans for owner-occupied transactions. This means that first-time buyers and individuals seeking to offset high mortgage payments can take advantage of Fannie Mae\u2019s more accessible financing options.<\/p>\n

The maximum loan amount allowed for these 2-4 unit properties is set at $1,396,800, ensuring that larger and more expensive properties can be purchased with flexibility. Additionally, the elimination of the FHA self-sufficiency test for 3-4 unit properties means that buyers will face fewer hurdles when seeking pre-approval for these types of multifamily homes.<\/p>\n

Taking advantage of Fannie Mae\u2019s policy change<\/h2>\n

Mortgage loan borrowers interested in taking advantage of this opportunity can apply now, with the changes set to take effect in Fannie Mae\u2019s system after November 18, 2023. This gives potential buyers a chance to prepare and gather all the necessary documentation before the new policy implementation.<\/p>\n

For owner-occupant landlords, this policy shift represents a significant opportunity to reduce mortgage payments by leveraging rental income. The ability to make a smaller down payment not only makes multifamily homes more accessible, but it also allows home buyers to gain valuable landlord experience, as they have the opportunity to collect rent from other units while simultaneously building equity in their own property.<\/p>\n

Fannie Mae\u2019s move to lower the down payment requirements for multifamily homes is a promising step towards improving access to credit and affordable rental housing. With this progressive policy change, the dream of owning a multifamily home while generating rental income is becoming more attainable for mortgage loan borrowers.<\/p>\n

SUBSCRIBE to EastNewYork.com<\/strong><\/a> for updates on housing, development, politics, events, dining, community resources and more.<\/p>\n","protected":false},"excerpt":{"rendered":"

From The Mortgage Reports Lowered down payment requirements for multifamily homes In a significant policy change,\u00a0Fannie Mae\u00a0has announced that, starting from the weekend after November 18, 2023, it will accept […]<\/p>\n","protected":false},"author":5887,"featured_media":2043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17,15,32,16],"tags":[],"class_list":["post-2042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bronx","category-brooklyn","category-housing","category-manhattan"],"yoast_head":"\nFannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers - NYC Political News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers\" \/>\n<meta property=\"og:description\" content=\"From The Mortgage Reports Lowered down payment requirements for multifamily homes In a significant policy change,\u00a0Fannie Mae\u00a0has announced that, starting from the weekend after November 18, 2023, it will accept […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/\" \/>\n<meta property=\"og:site_name\" content=\"NYC Political News\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-12T02:14:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"875\" \/>\n\t<meta property=\"og:image:height\" content=\"583\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dave MArks\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dave MArks\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/\",\"url\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/\",\"name\":\"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers - NYC Political News\",\"isPartOf\":{\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg\",\"datePublished\":\"2023-10-12T02:14:07+00:00\",\"author\":{\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/#\/schema\/person\/6f22baea766035ac8b8bf9c1116a18a5\"},\"breadcrumb\":{\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#primaryimage\",\"url\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg\",\"contentUrl\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg\",\"width\":875,\"height\":583},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/#website\",\"url\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/\",\"name\":\"NYC Political News\",\"description\":\"Hyperlocal NYC Political News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/#\/schema\/person\/6f22baea766035ac8b8bf9c1116a18a5\",\"name\":\"Dave MArks\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/dbca92db9183021a38a7f10c796b3f3173f74f9f85291c8e71891f7063934368?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/dbca92db9183021a38a7f10c796b3f3173f74f9f85291c8e71891f7063934368?s=96&d=mm&r=g\",\"caption\":\"Dave MArks\"},\"url\":\"https:\/\/nycnewsnetwork.com\/nycpolitics\/author\/vernonjones\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers - NYC Political News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/","og_locale":"en_US","og_type":"article","og_title":"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers","og_description":"From The Mortgage Reports Lowered down payment requirements for multifamily homes In a significant policy change,\u00a0Fannie Mae\u00a0has announced that, starting from the weekend after November 18, 2023, it will accept […]","og_url":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/","og_site_name":"NYC Political News","article_published_time":"2023-10-12T02:14:07+00:00","og_image":[{"width":875,"height":583,"url":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg","type":"image\/jpeg"}],"author":"Dave MArks","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Dave MArks","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/","url":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/","name":"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers - NYC Political News","isPartOf":{"@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#primaryimage"},"image":{"@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#primaryimage"},"thumbnailUrl":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg","datePublished":"2023-10-12T02:14:07+00:00","author":{"@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/#\/schema\/person\/6f22baea766035ac8b8bf9c1116a18a5"},"breadcrumb":{"@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#primaryimage","url":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg","contentUrl":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-content\/uploads\/sites\/11\/2023\/10\/Fannie-Mae-5-percent-down-payment.jpg","width":875,"height":583},{"@type":"BreadcrumbList","@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/fannie-mae-introduces-5-down-payment-option-for-owner-occupied-multifamily-home-buyers\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nycnewsnetwork.com\/nycpolitics\/"},{"@type":"ListItem","position":2,"name":"Fannie Mae Introduces 5% Down Payment Option for Owner Occupied Multifamily Home Buyers"}]},{"@type":"WebSite","@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/#website","url":"https:\/\/nycnewsnetwork.com\/nycpolitics\/","name":"NYC Political News","description":"Hyperlocal NYC Political News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nycnewsnetwork.com\/nycpolitics\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/#\/schema\/person\/6f22baea766035ac8b8bf9c1116a18a5","name":"Dave MArks","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nycnewsnetwork.com\/nycpolitics\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/dbca92db9183021a38a7f10c796b3f3173f74f9f85291c8e71891f7063934368?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/dbca92db9183021a38a7f10c796b3f3173f74f9f85291c8e71891f7063934368?s=96&d=mm&r=g","caption":"Dave MArks"},"url":"https:\/\/nycnewsnetwork.com\/nycpolitics\/author\/vernonjones\/"}]}},"acf":[],"_links":{"self":[{"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/posts\/2042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/users\/5887"}],"replies":[{"embeddable":true,"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/comments?post=2042"}],"version-history":[{"count":0,"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/posts\/2042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/media\/2043"}],"wp:attachment":[{"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/media?parent=2042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/categories?post=2042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nycnewsnetwork.com\/nycpolitics\/wp-json\/wp\/v2\/tags?post=2042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}