House Hack Financing

[Nazir Hassan]

Hello everyone!  I have heard much about the house hacking trick where I buy a multi-family property for a low down payment and rent out the other units so it covers my mortgage.  There is a triplex that I am interested in.  I have been making calls over the last few weeks and the down payments range from 15%-25% down.  I was under the impression you get them for 3.5%-5% down.  Does anyone have a lender that they could recommend that has a lower down payment on a multi-family that is occupied by the owner?  I have tried 2 local mortgage brokers, quickenloans.com, grloans.com, Freddie Mac financing, and still no luck!  I am a newbie so any advice is much appreciated. 

[Joshua Malik]

You can absolutely get 3.5% down with FHA for a triplex that you will occupy. That's exactly what I just did. Granted your specific credit and financials will affect exactly what you qualify for. FHA is generally pretty easy to qualify for.

I went with Flagstar, who I'd used in the past.  Worked out so well (again) with that lender, and with my contact there, that I just closed a refinance on a different property with them.  PM me and I can send you my contact.  Tell her Josh Malik sent you and you'll get good treatment.  :-)

You can also talk to @Jerry Padilla and I'll bet he can help.  He's on my short list but haven't done business yet.  Maybe the next one.