Fannie Mae 2-4 Units with 5% Down
Supreme Lending is thrilled to start taking applications for aspiring homeowners to own 2–4-unit properties with just a 5% down payment. This may make homeownership more accessible while offering a unique opportunity to generate rental income while residing in your own home.
In this article, we will delve into the details and explore the many benefits of this exciting offer.
Exciting News!
The reduced down payment is a game-changer for individuals who may be looking to break into the real estate market. This update is exclusive to conventional loans and requires the property to be the homeowner's primary residence. With a minimum down payment of just 5%, prospective homeowners can now invest in 2–4-unit properties and live in one of the units. This may present several advantages, including financial benefits and the potential opportunity for enhanced homeownership.
A 5% down payment is required for 2–4-unit properties, marking a remarkable 10% decrease for 2-unit properties and a whopping 20% decrease for 3–4-unit properties. This may significantly lower the barrier to entry for homeownership and make it more feasible for those who may have been struggling to save up for a traditional 20% down payment.
Primary Residence Requirement: A Win-Win Situation
One essential requirement is that the property must serve as the homeowner's primary residence. By living in one of the units, you may enjoy the benefits of homeownership while potentially earning rental income from the remaining units. This dual-purpose approach to property ownership may help of owning a home while fostering a sense of community.
Generating Rental Income
Owning a 2–4-unit property may be an excellent way to dip your toes into the world of real estate investing. As a landlord, you may earn a passive income stream by renting out the extra units. This income may help offset your mortgage and property expenses, which may make homeownership more sustainable.
Closing Date
It's important to note that loans are required to close after November 20, 2023. Be sure to keep this date in mind when planning your homeownership journey.
The reduced down payment for 2–4-unit properties may be a game-changing opportunity for those looking to own their own home while possibly earning rental income. Don't miss out on this exciting opportunity to realize your dream of homeownership with the bonus of rental income.
Supreme Lending recognizes the challenges that come with navigating the world of mortgages, especially for first-time homebuyers. That's why our team of dedicated mortgage professionals is standing by, ready to guide you through every step of the home financing journey. Whether you're looking to buy your first home or refinance your current one, we are here to make the process smooth and hassle-free.
