Low DP options for a $1.5M home in the Bay Area to househack!

[Isamar Ochoa]

Hi BP Fam,

Just wondering if anyone can help send me the right direction. 

I'm ready to make my next home my primary residence to qualify for low DP programs (ideally 0% DP). I've heard that some programs have a price limit but don't know if $1.5M is pushing it. I would like to get an 80/20 loan to avoid paying mortgage insurance. 

I have been told that if I have a signed lease and DP then the lender will count 75% of the rent towards my monthly income. I've already played with the numbers and know that this property will cash flow even if rents drop in the Bay Area. Plus, my family will be living with me so that already covers some of the mortgage. I'm ready to househack my way to financial freedom. 

I would love to connect if anyone is in the Bay Area!

Also- YAY, this is my first post!

[Isamar Ochoa]

East Bay @Brian Garlington