Fannie Mae Multi-Fam - 5️⃣% Down

Listing of the week
📍11 STANLEY AVENUE, OSSINING, NY 10562

💥 Days On Market: 133 = potential room for negotiation
💰 listed at $540,000 - taxes - $12,830.
🏡 legal 2-family, built in 1935.
💧Utilities & features: municipal water, municipal sewer, natural gas, heat - forced air.

FANNIE MAE - 5% DOWN PAYMENT OPTION

You have likely heard of an fha loan.
This is when the fair housing administration - a government agency - insures your loan, and allows your lender to offer you a better deal.
the most popular fha loan is a 3.5% down payment option.

in november 2023, fannie mae - a government sponsored mortgage entity - announced they will be accepting 5% down payments on owner-occupied multi-family properties. 
2-4 unit properties can now be purchased with as little as 5% down.
Previously, you would have had to put down 15-25% for any multi-fam property.

pros: 📈
lower down payment = ability to purchase a multi-family sooner.

cons: 📉
must live in the property (at least 1 year)
pmi (private mortgage insurance) - additional monthly expense (estimate $100-200) for mortgage insurance depending on the purchase price.
less likely to get an accepted offer when using a gov-backed loan in competitive markets (westchester)

read more about the fannie mae loans:
themortgageretports.com
crosscountrymortgage.com