Construction Financing & House Hacking Question

[Andrew Wicks]

Wondering if anyone has seen financing for this type of scenario. Looking to take advantage of cleared lots and build multi-family ( duplex-quadplex) for long-term rental. In some research I saw that FHA has one-time close construction loans and I'm wondering if house hacking would reduce the required down payment. After talking to a couple banks, they didn't seem to be aware of the program. I'd definitely be willing to house hack to increase the LTV/LTC %. I started researching thinking I'd have to get the construction loan and refinance out hopefully before the 12-month interest only period is complete but of course the construction loans require higher down payments and there is the issue of additional cost for closing two loans. Any thoughts greatly appreciated.