How do I buy a duplex, triplex, or quadruplex with the least amount of money down? Starting November 18th, 2023 Oklahoma home buyers can now purchase a 2-4 unit primary home with only a 5% down payment.
The current Fannie Mae guideline for a buyer using a conventional loan to purchase a 2 unit property as a primary residence would require a minimum 15% down payment (some exceptions). If it was a 3-4 unit property it would require a 25% down payment.
Home buyers will now be able to generate rental income with minimal out of pocket as long as you occupy one of the units.
FHA has been the go-to for low down payments on 2-4 unit properties, but there are definitely some big benefits to being able to do this using a Conventional Loan especially when it comes to mortgage insurance costs.
This guideline improvement creates a new window of opportunity for Oklahomans looking to invest in multifamily homes while also enjoying the advantages of homeownership. Prospective owner-landlords can now purchase these properties with significantly less money out of pocket, thanks to the relaxed down payment requirement by Fannie Mae.
Call us today to take the first step.
You will be glad you did.