House Hacking Steps 101
Hi BP community,
This maybe a common discussion, yet I am unable find concrete data or someone who can share their knowledge on a second or multiple house hacks. Here we go:
Correct me if I am wrong but, FHA loans and Freddie Mac loans require you to live in a 1-4 unit house for a minimum of 1 year, unless in specially defined circumstances. EXAMPLE: you have lived in the property for 1 year and want to rent it out. You house hack a second property and live in that property for a year, and repeat.
What are the implications and your options for the original loan? Can you get a second FHA or Freddie Mac loan with 3-3.5% down? What is your best strategy for multiple house hacks?