House Hack Question

[James Seed]

I bought a SFH at the beginning of this year with a conventional 5% down loan. I have to stay in it for 12 months.

I'd like to move into a duplex or triplex instead to keep my personal space and keep the SFH as soon as possible or by the end of next year.

Would I be able get another conventional loan where I'd be able to stay in the duplex/triplex and keep my SFH to rent.

Would I have to replace the conventional loan to qualify for another conventional owner-occupied?

I would be grateful for any advice on the transition.

[Tom Shallcross]

Hi @James Seed, one point of clarification is conventional loans and government-backed loans are two separate options.

Yes, if you are moving and you do intend to have the duplex/triplex be your primary place of residence, you will qualify for both conventional financing and government-agency (FHA, VA). I think that's your main question, but also note that you can have conventional financing on a 2nd home, vacation home, rental....etc.

Talk to your lender and there's a bunch of articles explaining your options at a high-level: https://www.refiguide.org/guide-to-financing-a-second-home-in-todays-market/

[James Seed]

@Tom Shallcross Thank you very much!