Fannie Mae Owner Occupied 5%
Happy Friday BP!
As we all know, Fannie Mae has come out with their 5% down, owner occupied loan for multifamily (2-4) properties. I understand this eliminates the "self sufficiency" test that the FHA requires for 3-4 units - which is great news.
I already own an FHA house-hack in Northern NJ and I'd like to land another one in Q4 2024 which would roughly be a year since closing on my first. Ideally, I'd like to purchase another house-hack in the same town I currently am at, but... I hear that can be difficult securing lending on two owner occupied properties in the same town / area. From what I've heard, you'd basically need a good "excuse" to not live in the first one any longer. Those excuses could be - difficult neighbors, bad neighborhood, too far from job, and others. How true is this?
What would be the best advice here? I do have other towns in mind as a backup, but my first choice would be to continue investing in the town I already live in.
Also, does this Fannie Mae 5% down require the owner to live in the house for a certain period of time like the FHA? Any and all information would be greatly appreciated!