[Calc Review] Help me analyze this deal

[Jonathan Lewis]

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*This link comes directly from our calculators, based on information input by the member who posted.

[Will Fraser]

Hey @Jonathan Lewis!  It looks like you are wanting to owner-occupy this and house-hack.  Is that correct?

Based on the 3% down payment I'd guess that you're thinking of doing a conventional loan instead of FHA. Well, there might be an issue with that. When you get into small multi-family most Conventional lenders and loan brokers will have you putting down at least 15%. If this is a 4-unit (which I gather from the listing description) then the best play would probably be to use an FHA loan and put down 3.5%.

Either way, you'll want to make sure that your numbers account for Private Mortgage Insurance (PMI) or Mortgage Insurance Premium (MIP) charged on loans with the borrower putting down less than 20%.

As long as you've accounted for that and you dig into to the loan scenario a bit more and adjust the down payment by 1/2% then I don't see any big holes here.  There-in lies the power of the house-hack!

Should you need a great lender or agent in the area, holler at me and I'll make an introduction.

Good luck on the journey!

Will