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?

[Wayne Brooks]

@Ashley Kehr Just so you know, if you got the loan after 2015ish the MIP is for the life the loa. You can't get rid of it by paying the loan down, you have to refi into a conventional or other loan.