Second Home House Hacking

[Brian Reinholz]

Hey Folks,

A lot of people online & on BP talk about how you can house hack and get lower interest rates and lower down payment ... even on a second home. 

Assuming someone does not qualify for FHA/VA/USDA (second home / not military), have you actually been able to get a 5% or 10% down loan? If so, how hard is it? Are there a bunch of other considerations, such as having to cover more closing costs (that was one thing I read about).

Hope this isn't too dumb of a question, I've just heard a lot of people talk about it but have yet to actually hear the details of how someone goes about doing it. The idea of house hacking a 4-unit and only putting 5 or 10% down (and getting something like a 4% vs 6% interest rate) is very attractive!!

For context, I own 3 properties, and credit & income should not be an issue.

Thanks,

-Brian