Help Me! Use First Time Home Buyers Program with SFR OR MFR?

[Ashley Sanchez]

Hi everyone! Quick question-- I will be purchasing my first home and recently decided shortly before joining BP that I would purchase a multifamily home instead of a single family home in Ga for all the mang benefits of --house hacking as a single person, secondary income, tax write off and benefits, and start of building a real estate portfolio. However, after reaching out to a realtor in GA about what I wanted to do, she told me I would have to have 25%down to purchase a mfr. I told her I would want to use as much opm (other people money) I could get including grants and even the first time home buyer program. She said it would be difficult or really impossible to do as a first time home buyer. Is this true? Should I seek an investor/ realtor in Atlanta Ga who is more experienced with community re investment properties or who has done more work with beginner investors? Greatly appreciate your advice as a new homebuyer/investor. Ashley

[Nick Fitzpatrick]

You've clearly received much better advice in the above comments than you did from that agent. You can use FHA financing on properties that have 1-4 units, meaning your down payment is just 3.5%.

If you use OPM and it's considered a loan then that will be factored into your DTI. If it's a gift, you'll just need a gift letter. The truth is, if you are buying a smaller MF property within your budget you won't even need OPM.

As far as grants and incentives, it will depend on the area in which you buy and the loan type you use.