2-4 unit with 3-4% down with LPMI

[Aaron Briggs]

Wife and I decided we want to ‘house hack’ (owner-occupied multiunit) our first home purchase. We have 800 FICOs combined gross income $150k. We know very, very little about RE but have read a few forums, the Ultimate beginner’s guide, listened to a few podcasts. We’re looking to relocate to Atlanta area somewhere between Atlanta and Columbus, GA within next year. We plan to rent initially with intent to buy when the right opportunity comes along.

How far in advance should we get pre-approved by lender? It's possible our income could grow substantially before needing the loan and so would it then be advantageous to wait? If our income is higher would the parameters of the loan be more advantageous?

Are we looking for Bigfoot here?…seeking lender for a 2-4 unit owner-occupied pre-approved for $250k 3-4% down lender-paid or no mortgage insurance. 

[Chris Mason]

Originally posted by @Aaron Briggs:

Wife and I decided we want to ‘house hack’ (owner-occupied multiunit) our first home purchase. We have 800 FICOs combined gross income $150k. We know very, very little about RE but have read a few forums, the Ultimate beginner’s guide, listened to a few podcasts. We’re looking to relocate to Atlanta area somewhere between Atlanta and Columbus, GA within next year. We plan to rent initially with intent to buy when the right opportunity comes along.

How far in advance should we get pre-approved by lender? It's possible our income could grow substantially before needing the loan and so would it then be advantageous to wait? If our income is higher would the parameters of the loan be more advantageous?

Are we looking for Bigfoot here?…seeking lender for a 2-4 unit owner-occupied pre-approved for $250k 3-4% down lender-paid or no mortgage insurance. 

 There will be mortgage insurance if you put less than 20% down, period. LPMI is just baking that cost into your interest rate pricing.