What programs are available for a multi-family home?

Written by Ryan Morgan on . Posted in Resources


Georgian Style Duplex House in Savannah Georgia

Multi-family homes, whether it be a 2 unit, 3 unit or 4 unit are a popular and effective way to build wealth and equity. If you are buying a multi-family home for investment purposes and do not intend on living there, you are most likely going to need to put 25% down to satisfy Fannie Mae and Freddie Mac requirements.

If you plan to occupy one of the units as your primary residence, you can get into a 2 family with 15% down on a conventional product and as little as 3.5% down on an FHA product for a 2 family, 3 family or 4 family.

This allows great flexibility for the prospective buyer. A big advantage for an FHA product on a multi-family is fairly obvious where you are allowed to have a much smaller down payment. The other is the rates are significantly lower in most cases. Typically on conventional loan programs, there is an adjustment to rate for a 2 unit, 3 unit or 4 unit property. On FHA multi-family properties, you do not have the same rate adjustment. Whether it is a single family, condo, 2 unit, 3 unit or 4 unit FHA offers the same rate for you the borrower. Consult your loan officer for more information.

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