Can you house hack with only one owner living there?

[Adam Engleman]

New York City, Brooklyn

House Hack Hacking

I’m an investor and my friend is looking to buy a house. But he doesn’t have the down payment. And I don’t have enough for 20/25% down in NYC.

I'm wondering if he could buy a 3 family (triplex), and for him to house hack it with the FHA 3.5%. I would give him the down payment for ownership of 50% of the house. He and the other tenants would cover the PITI. The mortgage would be in his name. Is it possible to have 2 people on the deed, one which doesn't live there when doing a FHA? Or is this more of a first lien type of loan?