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.
Why Achieving the Dream of Homeownership Can Be More Difficult for Some Americans
Kevin Brierton – 6.20.2022 Today we take time to honor and recognize the past and present experiences of Black Americans. When it comes to real estate specifically, equitable access to housing has come a long way, but the path to homeownership is still steeper for households of color. The Gap in Homeownership Rate in America…
Excited to announce our recent move to NEO Home Loans
I’m very excited to announce my recent move to NEO Home Loans. NEO represents THE NEW EXPECTATIONS that clients & partners should have of their mortgage company. We found that the NEO mission aligned perfectly with our teams Mission to provide a NO excuse, transparent, educational, seamless process to empower families & partners with a more confident…
Home Price Deceleration Doesn’t Mean Home Price Depreciation
Kevin Brierton – 6.16.2022 Experts in the real estate industry use a number of terms when they talk about what’s happening with home prices. And some of those words sound a bit similar but mean very different things. To help clarify what’s happening with home prices and where experts say they’re going, here’s a look at a…
A Majority of Consumers Say It’s a Good Time To Sell Your House
Kevin Brierton – 6.15.2022 If you’re a homeowner thinking about selling your house, you’re probably looking for the best time to make your move. That means you’re likely balancing a number of factors, like your changing needs, where you’ll go when you sell, and today’s mortgage rates in order to time it just right. According to recent data,…
Is the Housing Market Correcting?
Kevin Brierton – 6.14.2022 If you’re following the news, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here’s what you need to know. The housing market is moderating compared to the last two years, but what everyone needs…
More Americans Choose Real Estate as the Best Investment Than Ever Before
Kevin Brierton – 6.13.2022 Americans’ opinion on the value of real estate as an investment is climbing. That’s according to an annual survey from Gallup. Not only is real estate viewed as the best investment for the ninth year in a row, but more Americans selected it than ever before. The graph below shows the results of the…
Luxury Homes Are in High Demand
Kevin Brierton – 6.9.2022 As people realize their needs are changing, some are turning to luxury housing to find their dream home. Investopedia helps define what pushes a home into this category. In a recent article, they point out that a luxury home isn’t only defined by its price. Location is also an important factor. It could be…
What Are the Best Options for Today’s First-Time Homebuyers?
Kevin Brierton – 6.8.2022 If you’re looking to buy your first home, you’re likely balancing several factors. Because both mortgage rates and home prices have risen this year, it costs more to buy a home than it did even just a few months ago. But that doesn’t mean you have to put your plans on hold. If you partner with…
Why the Growing Number of Homes for Sale Is Good for Your Move Up
Kevin Brierton – 6.7.2022 Are you thinking about selling your current home? If so, the biggest question on your mind may be: if I sell now, where will I go? If this resonates with you, there’s something you should know. The number of homes coming onto the market is increasing and that could make it easier for you to…
Why You Need an Expert To Determine the Right Price for Your House
Kevin Brierton – 6.6.2022 If your lifestyle has changed recently and you’re ready to make a move, taking advantage of today’s sellers’ market might be just the answer for your summer plans. With homes continuing to get multiple offers, this could be your moment to get the contract you’re looking for on your house if you’re ready to sell.…
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!