General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal


Real Estate Classifieds
Reviews & Feedback
Updated almost 3 years ago on . Most recent reply

FHA Loan for House Hack in NY
I’m looking to do my first house hack in New York. I’m really interested in Brooklyn but I’m open to other areas. I’m hoping to be within an hour or so of the city with good access to the subway. Looking for any advise on the whole process.
Thanks !
Most Popular Reply

@Shemar Royal
FHA is a great product when you are able to meet the guidelines. How many units are you planning to purchase?
A SFR and a duplex you should be ok. Just keep in mind they have an upfront mortgage insurance and an annual that then stays on for the life of the loan.
A 3-4 unit requires you to meet the self sufficiency rule which can be difficult in higher cost areas where the mortgage will be high and rents won’t cover the mortgage at 75% of lease agreements.
There is also a portfolio product that I am aware of for primary home buyers that only required 5% down on a multi-family - but you have to be over conforming limits with this product.
Let me know if you have questions.
- Jerry Padilla
- [email protected]
- 585-204-6923
