House hack in Oceanside CA

[Danielle McMurphy]

Hey guys! I am planning to move to the Oceanside area in California for a job opportunity I got there starting the middle of April. I would like to get my own house or condo to also house hack in. I'm looking for any advice on what to look for, or what to avoid. I am also planning to use an FHA loan with a co signer to qualify, and am wondering if there is another way I should consider or if that is probably my best bet? I appreciate any pointers, thank you guys!

[Matthew Kwan]

House hacking with FHA is the ideal way with min down payment. However, anything above 3-4 units you would also need to consider passing the Self Sufficient Rule (SS Rule) where your projected gross market rental at 75% has to be greater or equal to your monthly PITI. The SS rule only applies to 3-4 units when using FHA but if it's single family or duplex, it will not trigger the rule. As for conventional for single family residence, you can go as low as 5% down. As for 2-4 units you would be expected 10-25% down depending on the amount of units. However, the mortgage insurance are usually lower than FHA. 

@Carlos Valencia @Albert Bui