Saturday Strategy
Mortgage FAQ's, did you knows and much more...
House Hackers! Buy a Multi Family with 5 % Down!
Fannie Mae just made a big announcement that's going to make it easier for families to buy homes. Let's break it down in simple terms.
Here is the announcement from Fannie Mea on Oct 4 2023
Lower Down Payments for Multifamily Homes
Before this update, if you wanted to buy a multifamily home (that's a place with more than one apartment), you had to put down a big down payment – either 15% or 25%, depending on the unit you were buying. But starting in November, things are changing.
The Big Change
Now, if you're buying a multifamily home to live in as your primary home, you can put down just 5% of the cost of the home. That's great news because it means you don't need as much money upfront to become a homeowner.
There Are Some Rules
But hold on, there are some rules you need to follow. First, you have to live in one of the units for at least 12 months. That means it has to be your main place to live. You can't just buy it and then rent it out right away.
Why This Matters
This is a big deal because it helps people own homes and build wealth. Imagine buying a place with multiple units, living in one for a year, and then renting out the others. It's a smart way to invest in your future.
So, if you know someone who dreams of owning a multifamily home, share this news with them. It's a fantastic opportunity to make homeownership more affordable.
Have a fantastic weekend, everyone!
P.S. Can I count on you to call us when any friends, family or coworkers are looking to buy, sell or refinance a home? We'd love to help! You can just text/call me at 480.553.8770.
The Big Advantage If You Sell This Spring
Kevin Brierton – 4.11.2023 Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low. HousingWire shares: “. . . the big question is whether we are finally starting to see the seasonal spring increase in inventory. The answer…
Two Reasons You Should Sell Your House
Kevin Brierton – 4.4.2023 Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving. A recent survey from realtor.com asked why homeowners are thinking about selling their houses this year. Here are the top two reasons (see graphic below): Let’s break those reasons…
California Dream For All
There is a new down payment assistance option for first time home buyers in CA through CALHFA Dream for all program. Here is a breakdown on how it works and the income qualifications. Want to see if you qualify for it? schedule a call http://mortgagestrategycall.com/ Not ready to schedule a call – learn more about…
P.S. Can I count on you to contact me if you hear that a friend, family or coworker is looking to buy, sell or refinance? Call/Text 480.553.8770 - We'd be honored to help them too!