I am stronging considering buying a tri-plex in the same city I live with my wife and kids. For this purchase, I would love to use the new 5% down on lending if the 2-4 multi-family unit is "owner occupied." My preliminary research indicates that this might be possible (without committing fraud!) if I apply for the lending on my own. Specifically, that husband and wife could each own their separate primary residence. Is this too risky? I might actually live in one unit in the tri-plex. Or, my oldest daughter might live there too.
The simple answer is yes if you were using conventional, it gets complicated if you were to use FHA on your 2nd primary. You can buy another primary once you vacate your current primary and converting into a rental property. However, you would have to make sure that you have been living on your current primary house for at least a year before acquiring your next primary purchase.
The way I understand it, you can own another home and still qualify for Fannie Mae's 5% down payment option for multifamily properties, provided you meet certain conditions. The key requirement is that the property you are purchasing with the 5% down payment must be owner-occupied and primary residence. This means you must live in one of the units of the multifamily property you are buying.
The conventional loan with 5% down program is for properties that you intend to make your primary residence. If you don't plan to live there then I would look to use another loan option. The best thing to do is call a few local lenders in your area and explain what you are looking to do and ask what options are available for that scenario.
If you intended to live in one of the units for at least a year, then this loan could be used.
The simple answer is yes if you were using conventional, it gets complicated if you were to use FHA on your 2nd primary. You can buy another primary once you vacate your current primary and converting into a rental property. However, you would have to make sure that you have been living on your current primary house for at least a year before acquiring your next primary purchase.