How much house/Creative purchasing?
Hey all,
I wanted to start off by thanking the community and the wealth of resources here.
To summarize, there are several factors that have me (as a first time buyer looking at Multifamily FHA for house-hacking) to wonder how far off I am from purchase and starting this journey.
From my research i've come across programs that aim to help first time buyers reduce the down payment and associates costs, FHA, sellers remittance, 401k funds, counting 75% of rental income towards my income for qualification etc..
I've been hard at work saving at the ripe age of 23 to the point where i'm confident that I am close to making the leap..
I recently read "Secrets of the Millionaire Mind" by T. Harv Eker which states that in the event of being forced to make an 'either or' decision if you are able to do BOTH it will change your life. In that spirit i'm seeking advice.
I have capital deployed in very rewarding places that I'm not comfortable liquidating for the down payment yet, however i do have roughly 20k+ in my 401k through my workplace Fidelity account that i would gladly put towards real estate.. I have been told that rolling these funds into the right Roth would allow me to use them for real estate purchases without tax penalty? This is an area I'm looking into and would gladly withdraw from my 401k if there were no penalty..
**So my question ultimately is, do i have a viable path to multifamily house hacking yet if i were to leverage these funds? I live in the Boston Area and MFH's are very pricey here.. I think I would be looking at 300-800k in the areas I would like to start in for anything from 2 units to 4 units.
**Also does anyone have more info for the pre-approval process for MFH? I've gone the online route which resulted in no available loans and an inbox full of mortgage officer voicemails.
Thanks in advance for any help!