How Long to Live in a House Hack

[Ryan Haltom]

Hey Everyone,

I have heard it said on the podcasts before that the reason you are required to live in a house hack for at least a year is because that is how long it would take you to qualify for another mortgage to go buy your next one. My understanding is that there is no federal housing law in place that speaks to this, unless I get an FHA loan potentially. I also understand, though, that this can vary lender to lender. I am considering buying a quadplex as a house hack, but the eventual goal would be to move back into my current primary residence rather than buy another, so the seasoning period for me to get another loan would not apply. Is there a way with some lenders for me to buy a house hack and live in it less than a year and move back into my current primary? I certainly do not want to commit mortgage fraud. Just wondering if anyone has any experience with this. Thanks.

- Ryan Haltom

[Rick Albert]

That is my understanding as well. It is all about intention. I had a client who refinanced their home and then I helped him buy a new house about 5 minutes away. When the lender brought up the issue, he just said that he needed more backyard space for his kid and it was a non-event.