House Hack Financing

[Jeremy Taggart]

Okay so last July I bought a triplex with an FHA loan that I'm currently house hacking. I'm looking to do the same thing this year after the 1 year mark and was wondering what my next step could be. Could I get another multi-unit with a conventional mortgage and only have to put down 5% since it would be owner occupied? (I've seen mixed answers on this so that's why I'm asking) I was also thinking about using a 0% down USDA loan on a single family house and fixing it up while living in it to eventually move out and make it a rental. This would enable me to rent out all 3 units of the triplex I'm currently in as well. Any suggestions/answers would be greatly appreciated!

[Dan Mackin]

@Jeremy Taggart if you can move to the next property then do so. With MF you do run into the issue of low down payment programs being a little more sparse. Since you have used your FHA that is currently tapped out. Depending on where you equity sits you could refi that out to a conventional to free up your FHA availability again. If that is not an option then you can do the 5% down or 0$ USDA (as long as the area and property qualify) as you mentioned. To get another owner occupant loan for MF you may be able to find something for 10%+ down payment. If you find something for less I would love to know about it.