The property was owner-occupied delivered vacant, and mechanically was in great shape.

In Chicago, for example, a family of four earning less than $75,000 would be eligible.Additional eligibility criteria include:The loan must be for a 1-unit single-family home that is owner-occupied (this disqualifies rental properties and investors) You cannot have missed a mortgage payment in the last six months, or only missed one mortgage payment within the last 12 months Your loan-to-value ratio should not exceed 97% (that means you need at least 3% equity in your home) Your debt-to-income ratio should not exceed 65% You must have a credit score of at least 620 How are these new refi options different?

I am hoping to find a tenant to share the condo with me and occupy the guest room.

@Leondro Brady If you get an Owner Occupied (low down payment) loan, you Have to live in it for at least one year.

The reason they don't like this is many people commit mortgage fraud and do not actually occupy the properties after purchasing them with a low down payment option such as FHA or a first time home buyer program. 

It was most recently occupied by the original owner who had cats.

It was most recently occupied by the original owner who had cats.

I think House Hacking you’re first property is a great way to get into real estate since it’s less capital upfront and also it’s less risk overall because you are owner occupying the property. 

Two units are occupied and I will be living in the third.

Does the money I am putting in now raise my basis when it comes time to eventually sell down the road when it is a full rental unit no longer owner occupied?