House Hacking Tips

[Coban Scott]

I am looking to house hack to start my investing journey, what are the top things to look for when purchasing a property to house hack? Will a bank give me a loan if I don't have consistent income because I am still a university student and intend for my renters to pay my mortgage? I'm looking to buy a triplex or fourplex if possible and have live in one of the units. Any tips or tricks would be very helpful!

[Benjamin Sulka]

Coban, 

House hacking is the way to go. You typically need 2 years of provable income history to qualify for a loan. However, being in school can exempt you from this if the lender can accept a written job offer. I've seen lenders in my area offer this. 

Go directly to the source. Talk to lenders in your area and see what programs they offer. 

Fannie Mae just announced that starting November 18th they will offer 5% down conventional mortgages for owner occupancy on 2,3, and 4 unit properties. Something to look into! 

Happy House Hacking!