House hacking with owning a home

[Paul Farley]

I currently own a home. My family is routed here. We've only been in it for 3 years and have developed new friends, my kids go to the school and it is in a great location. 

House hacking intrigues me. However, the reason I led with the points above is because selling my current property to live in a house hack is not possible for my family.

I was wondering if there are any ways around this. Can I still live in my current home but state the other house as my primary address? If not, what else can be done?

[Michael Dumler]

@Paul Farley, you cannot get an owner-occupied mortgage for a new home and not live in it, as Tim noted, you'd be committing mortgage fraud. You can, however, pull a HELOC, cash-out refi, or obtain a home equity loan on your primary residence to use as a down payment on a non-owner-occupied investment in your area. Your downpayment for a conventional mortgage non-owner occupied investment will be at least 15%-20%. This is why house hacking is pushed so much because investors can get into properties as low as 3%-5% down, but to reiterate, you have to live in the property. Your other option is to look for a new primary residence to house hack that is close by and turn your current residence into a rental. This will allow you to purchase the new home with an owner-occupied mortgage but you will most likely have to refinance out of your current residence. Hope this makes sense and helps!