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Updated over 4 years ago on . Most recent reply
Down Payment on a House Hack Using FHA Loan
I am currently looking at a Fourplex to house hack, I am planning to live in one unit and rent the others. Therefore, I plan on using an owner-occupied FHA Loan. However, I was speaking to some lenders and they are saying that I could only put 3.5% down on a Single Family or Duplex. That if the property is 3 or 4 units I need to put 25% down. Can anybody please verify this information?
I currently live in Albuquerque NM, and does anybody know a good lender?
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#4 Mortgage Brokers & Lenders Contributor
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#4 Mortgage Brokers & Lenders Contributor
- Washington, DC Mortgage Lender/Broker
You ran into a lender with an "overlay". It's additional underwriting protection created by the lender that's over and above what's required by Fannie Mae/Freddie Mac.
Shop around and you'll get some better answers.
Stephanie