Fannie Mae 3% loan for a rental?

[Natalie Kolodij]

Hello

I know that Fannie is bringing out a 3% down first time home buyer mortgage. My question is- does any one know if this can be used for a rental house or if it needs to be primary residence? 

Additionally, Can you purchase any property with a Fannie mortgage or only a property owned by Fannie? 

I'm looking at moving in the next 2 years and the market there is going up like crazy- I'm trying to figure out if I can purchase a home for my self now- and rent it until I move down there. 

Thanks!

Natalie 

[Albert Bui]

@Brie Schmidt  HI There Brie -

The 3% down is only for a single unit property condo or SFR or planned unit development (PUD) no manufactured homes on concrete foundation or other.

However the MCM program from fannie can do 4 units with 5% down with lowered MI requirements meaning less expensive MI requirements if you need income requirements (AMI - area median income) and first time buyer requirements/counseling course required.

With regards to property, this program is not a home path fannie REO where you can only buy fannie properties its for any property.