5% DOWN PAYMENT

Build your wealth with a multi family property.

At Pure Funding we are focused on bringing our clients great opportunities to purchase homes with great products. Fannie Mae's 5% down payment program for multifamily residents is a new policy that allows borrowers to purchase owner-occupied 2-, 3-, and 4-unit homes with a down payment as low as 5%. This is a significant departure from the previous multifamily financing requirement of 15-25% down payments for duplexes, triplexes, and four-plexes.

The program is designed to make multifamily homeownership more accessible to borrowers, particularly first-time homebuyers and low- to moderate-income borrowers. It is also intended to support the development and preservation of affordable rental housing.

To qualify for the program, borrowers must meet the following criteria:

• The property must be an owner-occupied 2-, 3-, or 4-unit home.

• The borrower must have a credit score of at least 660.

• The borrower must have a debt-to-income ratio (DTI) of no more than 50%.

• The borrower must complete a homeownership education course.

Borrowers can use a variety of sources to fund their down payment, including personal savings, and gifts from family.

The program will be available through Pure Funding in November of 2023.

Here are some of the benefits of Fannie Mae's 5% down payment program for multifamily residents:

• It makes multifamily homeownership more accessible to borrowers with lower incomes and credit scores.

• It allows borrowers to keep more of their cash on hand for other expenses, such as closing costs or home repairs.

• It can help borrowers build equity in their homes more quickly.

• It can support the development and preservation of affordable rental housing.

If you are interested in purchasing a multifamily home with a down payment as low as 5%, you should contact a loan consultant with Pure Funding Mortgage to learn more about your eligibility and options.