First Multi family home

[Marvin Bracamonte]

On A first house hack, owner occupied, do you have to change the address on your driver licence living there for a year? And, is it ok to stay over my parents home during the weekday because of my job that's 3 miles away instead of being 40+miles away

[Mohammed Rahman]

Hey @Marvin Bracamonte - firstly, congratulations!! 

Second - let's assume, for hypothetical purposes, you used an FHA loan to purchase a multifamily property.

As you know, the reason you qualified for an FHA loan/rate/downpayment is because you demonstrated to the bank that you're going to be using it as a primary residence for the first year.

That being said, I don't think the bank is going to be sending folks to peep through your window to confirm you live there... but you obviously still shouldn't do anything misleading, hypothetical or not :) 

If you have utilities or some bills in your name headed to that address, that would adequately show a proof of residence to some capacity. 

[Marvin Bracamonte]

Thanks a lot, what about a conventional loan, non owner occupied, putting 5%-15% down on a first multi family, how long before i can get another home? I have the capital

[Mohammed Rahman]

Hey @Marvin Bracamonte - pretty much depends on you, the amount of $ you have, as well as the numbers on the next property. 

If you plan on going on a shopping spree - look into DSCR loans.

Are you buying in & around NYC? If so then let me know, happy to put you in touch with my local lenders that can give you a gut check on your numbers. 

[Greg Kasmer]

@Marvin Bracamonte - If you bought you're first multi as a house hack I've heard you have to stay in the home for a year before you can then buy your second house hack under the presumption that you'll be living in the second multi and securing a loan as an owner occupant. However, if you're question is how quickly you can buy the second without being an owner occupant loan, then you can do that right away! Best of Luck!

[Marvin Bracamonte]

@Mohammed Rahman thank you, ok will do, I am in nyc area but i been mostly looking in NJ 

[Marvin Bracamonte]

@Greg Kasmer ok thank you 😎

[Shawn Mcenteer]

Hi @Marvin Bracamonte you don't have to change address.  I have lived in multiple house hacks, my second house hack I never changed drivers license to address.  You can stay over your parents with out issue.   

[Marvin Bracamonte]

@Shawn Mcenteer thank you for the info

[Wale Lawal]

@Marvin Bracamonte

For first house hacks using owner-occupied financing, it's crucial to live in the property as your primary residence for at least a year. Change your driver's license address to reflect your new home as your primary residence. While staying at your parents' house during the week is acceptable, the property should remain your main residence. Follow state and lender rules on primary residence occupancy, as occasional stays may not be appreciated.

Good luck!