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Updated over 5 years ago,
Financing First House Hack
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!