House hacking with a primary home

[Vince Nguyen]

Good morning BP. I have a question on house hacking.  I currently have a single family home as my primary and two investment properties. One sfh and one duplex.  I want to purchase a triplex that I saw for sale.  Would I be able to purchase that if I tell the lender I have the intent to live in there and be able to put down 5% and if so what do I need to tell them about the current primary. TIA

Vince

[Matthew Kwan]

Quote from @Vince Nguyen:

Thanks Matthew.  What if my intentions were to move in but circumstances things change and I can not. Will I get in trouble. 

Well it will need to be life changing events like having kids, new job, divorce, taking care family members etc but the rule of thumb is to live there for at least one year then being able to rent it out and converting it into an investment property. However, if you do plan on getting a HELOC, you might also want to get a line before moving out since rates are lower and CLTV is a lot higher for primary helocs! Just a thought...