20% down for multi house hack

[Erik E.]

Hey everyone,

I met a Wells Fargo home mortgage consultant at a meetup in Virginia. I told her I was interested in house hacking a 4-plex and using the first time home buyer benefits for that situation as well. She was going to check on how that would work for the numbers and reported back to me that 20% down would be needed on a 4-plex! Say it ain't so! :'(

Has anyone else run into these numbers instead of 3%? I believe when she and I spoke at the meetup the 20% was because Wells Fargo viewed the property more as an investment rather than a personal home since you're going to be renting out the rest of the units. I'm hoping this is just a Wells Fargo thing and not becoming an industry standard!

Thanks!

Erik

[Russell Brazil]

Many banks have internal overlays to Fannie Mae guidelines.  You should try reaching out to @Upen Patel. He is a loan officer in the DC/NoVa area.  His bank has no internal overlays to the guidelines, and he is a top notch lender.