House Hacking in N. Side of Chicago. What are financing options?

[Jake Kinney]

Hello everyone- long time reader/listener to BP, first time poster. I am looking to house hack somewhere on the north side of Chicago and wanted to get some input from the knowledgeable folks on these forums. Here is a very brief rundown of my situation:

- First time home buyer (FHA?), looking at 2-4 unit multi family

- Focused on North Side (LP, Lakeview, Roscoe Village, Bucktown, Wicker Park, etc.)

- I’ve saved a decent amount for a down payment, have excellent credit, and a relatively higher salary from working for a technology firm

- I’m a single guy in my early 30’s so I have a lot of flexibility for living arrangements

One of my main questions is roughly what % I need for a down payment, and what is the rough debt to income ratio a lender would be looking for? I had a casual conversation with a real estate agent that typically sells condos, and he said for multi family in Chicago, you need 20-25% down and ~6 months of cash in the bank. That seemed quite different than what I had heard on BP, but wanted to ask this group.

Thanks VERY much for your input! I really appreciate it. Hope to learn more from this group.

Jake