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Updated about 8 years ago,
Would an FHA 3.5% dp allow prefab/modular homes (multifamily)?
I really like the look, design, and efficiencies that prefab/modular homes bring.
I was wondering how I could start house-hacking (build 4 units where I would live in one).
How would I go about doing so? What if I don't own some land outright? Say I have enough for a 3.5% ($14,000) downpayment for a mortgage of around $400,000. I would love to buy land and build a multifamily 4-unit prefab/modular home, and live in one of them while renting out the other three.
Problem is, I don't own any land, and have yet to choose any prefab/modular home-builder.
Where do I start?
How can I secure an FHA mortgage?
Sorry, pretty new to the whole real-estate thing. I just like the idea of house hacking as a way to start investing in real-estate, and loved the idea of living in a modular home. Just wondering if it was possible and how to go about starting
Thanks!