House Hacking.. Low Down Payment on Multi-Family Homes

Hi Friends & Family,

Have you ever wanted to “house hack” as a way to building wealth through real estate but the down payment requirement was a barrier?

Incredible news from Fannie Mae from one of my trusted Mortgage Banking partners; Brenda Wyatt at La Salle Mortgage.

Want to learn more? You can call Brenda direct at 510.761.7071 or reach out to me.. I would be happy to make a personal introduction.

– Smooches, Kimberly

5% Down payment On 2-4 Units

Huge news from Fannie Mae today regarding 2-4 unit properties!! Effective November, you can buy a multi-unit property as a principal residence with as little as 5% down (previously 15% for 2 units and 25% for 3-4 units)

Occupy 1 unit and rent out the others with minimal money out of pocket

Main takeaways:

5% down on 2-4 units
No income limits
No self-sufficiency test
Primary residence required
No first-time buyer requirement
Minimum credit score: 620+ and must also pass through an automated underwriting system

Reserve requirement: Based on automated underwriting findings

Maximum Debt to income ratio: Based off of automated underwriting findings (expecting this to be 45%-50%)

Alameda County Loan limits:

2-unit property – $1,394,775
3-unit property – $1,685,850
4-unit property – $2,095,200

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