Tore down and build a property conforming to the other 7 houses we owned on the same block.

Tore down and build a property conforming to the other 7 houses we owned on the same block.

Your goals and story: I have a multifamily home under contract. I am planning to "house hack" by living in the basement unit. The property is only permitted for two units, but there are a total of three units. The bas...

As it stands, this property is non-conforming with the current zoning requirements. 

I believe those guidelines are for conforming loans and set by Fannie/Freddie.

There are several non-conforming lenders that allow cash-out right away.

12/14/2018Nic – thanks for the post…using theVAeligibility is a great way to get the 1st property as you can go zero down /have noFFand now mortgage insurance ….make sure that you have a full loan pre approval in placefor when you make your first offer ( we can assist with this if you aren’t already pre approved) ……if you plan to buy another property in approx. a year ..a few things to note :1) you won’t be able to use the VA loan again( unlessthe 1st va loan is paid off / refinanced) 2)if you decide to keep the orig VA loan in place , then your options for home #2aeconventionalloan program( 3% down required ) or FHA( 3.5% down required )…both options alsohave monthly mortgage insurance in the picture ….3)so this meansget fundssaved for house # 2down payment needs 4) Seattle / Eastsidepricesare high so if you aren’t alreadyfamiliar withpossibleprices and corresponding loan payments- becomeaware of these figures are the rent you mentionwill likely be hard tomake a decent positive cash flow 5) worth noting- conforming loan limitshave recently risen to $726,525…thanks ..

If you want it to be at 75% just keep in mind you would need to bring your closing costs out of your pocket to complete the refinance.The above information is designed for the "conforming, conventional" loan types that face this 6 month cash out restriction.

If you have a non-conforming building that may impact what you want to do.  

@Craig Teeter I think what you are referring to is a "conventional, conforming" loan vs.