All Forum Posts by: Landon Hoon

@Jonathan Klemm thanks for the tag.

@Raymond Adeboyejo would love to help out! I work mainly with house hackers and investors local to the Chicagoland area. 

Thanks! @Caroline Knight would love to help. I work with many VA house hackers in the Chicagoland area.

@Kundayi Bernard Mugabe We are able to work with F1 VISA while most lenders are not able to. We can also do so while putting down a low down payment. I am a local house hacker in Chicago and lender. Great to meet you!

@Shane Abbott 

I think connecting with a local expert on financing such as @Randa Dehaan would be helpful! 

@Rickey Brunson

Love the strategy! @Savannah Remkus is licensed in Ohio and a great financing expert on house hacking 2-4 units who can help give more details. 

 @Stephanie Luciano yes, 1 buyer on the loan must live in the property as their primary residence. 

Hi Cesar,

Yes, you can house hack as a college student! The tricky part is having acceptable income to get your debt to income ratio down.

One option you could do is to have a co-signer for income qualification. When buying a 2-4 unit property, FHA shoots up the down payment requirement if you have a non-occupying co-signer.

So to house hack with a low down payment using a non-occupying co-signer, a conventional loan with 5% down on a 2-4 unit will be best!

 Hi Saed! If you receive a salaried W2 position after you finish school, we would be able to use this income for qualification. The job does not need to be in your major field of work. If you do not have any rental properties or other businesses, then we would not need to see your tax returns either. 

@Twana Rasoul thanks for sharing! Now after closing many deals on this new Fannie Mae program I can confirm it's great and in my opinion the best house hacking product out there. 

In addition to no self-sufficiency test, it also allows for a non-occupying co-signer on a 2-4 unit while keeping down payment at 5%. This is awesome, because FHA shoots up the down payment in this scenario.

Twana if you are looking for similar minded people to partner with in San Diego on 2-4 units, Randa Dehaan is great to connect with from the lending side. 

Hi Saed!

I am a residential mortgage lender who works often with house hacking, both with FHA and conventional. With having a solid credit score, I would say that conventional financing will be the better financing terms for you. The difference in down payment requirement is FHA = 3.5% and conventional 5% down on an owner occupied 2-4 unit property.

In regards to your income, if you are self-employed we will look at your income from your last two years of tax returns for qualifying income.

If you receive a salary after college from a new employer, you could use that income right away.

If you did go the route of a non-occupying co-signer for additional income, here is how that changes minimum down payment.

• Conventional 2-4 unit = 5% down
• FHA 2-4 unit = 25% down

I hope that helps!