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FHA loans for house hack
Hi all,
Would I qualify for another FHA loan and potential grants if I have 2 rental properties in my name already? Would it be a good idea to transfer these rentals to an LLC in order to qualify? I like to purchase turnkey and use the house hack method. Looking for the best way to purchase another property with minimal cash up front. Any advice would be greatly appreciated!
- Real Estate Broker
- Houston | Dallas | Austin, TX
- 2,064
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Qualifying for another FHA loan can be challenging due to its focus on owner-occupants. However, if you relocate or have a larger family, you may qualify. Using an LLC can provide liability protection and business structuring. Local grants and first-time homebuyer programs can help minimize upfront costs. House hacking with low-down payment loans, conventional loans, owner-occupied financing, seller financing, HELOC, down payment assistance, or partnering with investors can expand your portfolio.
Good luck!
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Real Estate Agent Texas (#736740)
- (832) 776-9582
- https://tinyurl.com/f4ce9n8j
- [email protected]
- Podcast Guest on Show #469
Hey Christine!
As mentioned it can be difficult to get another FHA loan if you have one currently unless you have a job transfer, family size increase, etc. Sounds like a 5% down conventional househack might be a viable option though. Feel free to reach out if you have any questions on that, the program just came out in December but I used it to get into a househack end of last year.
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Lender New Mexico (#2450327), Ohio (#2450327), Arizona (#2450327), Maine (#2450327), Tennessee (#2450327), California (#2450327), Wisconsin (#2450327), Indiana (#2450327), and Michigan (#2450327)
- Gold Star Mortgage - Derek Brickley
- 734-645-7722
- https://www.goldstarfinancial.com/loansbyDB
- [email protected]
Like others have mentioned, FHA is not the only way to go low down. Especially if you can get sellers to cover closing costs, a 5% down can be a great option. I even have seen lenders recently with a 0% down loan that was not limited to first time home buyers.
So find great lenders and explore your options with them.
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Real Estate Agent Utah (#12894049)
- 801-709-1122
- https://masyn.kw.com/