Updates for Loan Programs Means Great News for Investors!

Are you an aspiring property investor? Do you feel like you won’t have the opportunity to “house hack” as a way to kick start your property investments?

Good news! Fannie Mae is talking about making changes to loan programs that allow buyers to purchase multi-family properties where they intend to live in one unit and rent out the others. Starting on or around November 18, 2023, a buyer will have the opportunity to purchase a multi-family property (2-4 units) with the following requirements:

You must occupy one unit as your primary residence
Have only a 5% down payment!

This is a huge change that is going to open the door for many more folks to purchase these types of properties.

But wait, there’s more! Let’s say you own a property (and are having regrets about NOT house hacking). Now you can qualify for this type of loan with up to 75% of the rent you may receive on your existing house AND for the rents you will receive on the units you intend to rent out!

Please keep in mind that Fannie Mae hasn’t released all the details yet, but after November 18, we should know more!

Please connect with your favorite mortgage professional to see how this program may work for your unique financial situation. If you need a referral to a great mortgage partner in the Portland, Oregon Metro area, just let me know.