Issues on a House Hack Deal because of Mortgage Insurance!
2 Replies
Tyler Puzio
posted 6 months ago
I have found a few duplex properties that would be great house hacking opportunities. The issue comes because of mortgage insurance being required on an FHA loan (3.5% down). Is there any way to get around mortgage insurance? It is the only thing stopping me from receiving positive cashflow while still living in the property.
Harjeet Bhatti
Lender from Chicago IL- CDLP
replied 6 months ago
@Tyler Puzio No you have to pay MIP life of the loan with 3.50% down payment. If its your first property try Home Possible if that works for you.
Tyler Puzio
replied 6 months ago
@Harjeet Bhatti Thank you, I’ll be sure to check it out.