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Updated almost 6 years ago on . Most recent reply

Account Closed
  • Greensboro, NC
17
Votes |
39
Posts

Financing First House Hack

Account Closed
  • Greensboro, NC
Posted

Hi BP!

I am currently working on my first house hack and looking to finalize the financing for the deal in the near future. I was curious if anyone had any recommendations for financing the deal and give any critique on my strategy. How I would like to do the financing is as so:

I use the FHA program for the multi-unit property and utilize the lender credit option to minimize my exposure from the closing costs. After a year or two (maybe more of course!), I would move and refinance out. I was considering getting pre-approved for two mortgage:

#1. A lender with the lowest APR

#2. A lender with a large lender credit for closing cost assistance 

Come negotiations, place a two part offer: 

A: Requesting seller assist to clear the closing costs

B: Straight offer of similar value to #1

If the seller chooses offer A, I utilize financing #1. If seller chooses offer B, I utilize financing #2. 

What issues would you say I may be overlooking (or overcritical) ? Additionally, any more recommendations for lenders is always appreciated!

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