No business has ever succeeded without any investment. Your investment can be in the form of money, skills or time. In all these instances, there is a need for you to make some effort before you can see dollars adding up in your bank account.
Sometimes, there would be a need for you to take a risk, such as getting a loan from reputable lenders. This is where Fannie Mae would come in.
What is Fannie Mae?
You may have heard of Fannie Mae for the longest period but may have come to understand it in a different light. Based on fanniemae.com, it is the leading provider when it comes to financing multifamily properties. They work with a host of Delegated Underwriting and Servicing (DUS) lenders to be able to finance condominiums, apartment buildings and even cooperatives. They even cater student housing and senior housing.
Investor or Owner Occupant?
Some people would opt to be an investor while there are those who would rather become an owner occupant. In the latter case, as Bank Rate explained, you will become an owner of one of the units of the apartment building.
This is far more advantageous since the required down payment if you become an owner-occupant would only be at 3.5 percent. On the other hand, if you would be an investor, the down payment that would be required of you would be at 25 to 30 percent.
Best Time for Fannie Mae Loan
The best time for a Fannie Mae multifamily loan will always be now. Why bother waiting for the “right time” if you would be able to secure it now? The earlier that you apply for the loan, the faster would it also be for you to realize profits.
Yes, there are still certain requirements that you have to comply. What is great about all these is that you get to use or live in a place that earns you money.
A Fannie Mae loan may be your best option if you are looking for a worthwhile investment. This will give you a place to call your own, and at the same time, you would be earning profits. In the long run, once you have paid up the loan, you would be enjoying full ownership of an apartment building.