Mortgage Loan Updates for Multi Family Homes with Realtor, Stephen Ford!
Burk Brokerage Real Estate October 25, 2023
Burk Brokerage Real Estate October 25, 2023
Previously, a Conventional Mortgage has required a 15-25% down payment for owner-occupied two-, three-, and four-unit homes. Starting November 18th Conventional Mortgages will be accepting a 5% down payment for properties up to nearly $1.4 Million! This is GREAT news for first time home buyers also wanting to invest. Owner-Occupying is a great option for many first-time homebuyers because the owner can live in one unit and rent out another, reducing their out-of-pocket mortgage payments. Previously, the only option for a 5% down payment on a Multi-Family Home was a FHA loan. This gives buyers more options and flexibility. FHA loans will be discussed in our next video, so make sure to follow us to dive deeper into your loan options.
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