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Updated over 6 years ago,
Down payment for Homestyle rehab loan house hack?
I'm about to close on my first deal on a 3 unit in Chicago FHA financing and am looking for lending options for my next deal. The Homestyle loan seems like a good choice as I'd like to find a deal, rehab the property and live in it.
My main question is, what dictates the down payment amount? I've seen mixed reports of anywhere between 5% down and 35%. Can anyone help clear up how I can determine where in this range I would fall? This would be my second deal that I would purchase sometime next year after I've lived in my new FHA financed property for the minimum amount of time. And I'd like to purchase another 2-4 unit property with the Homestyle loan. Any help is appreciated. Thanks!