Multi family financing

[Michael Elder]

Been looking for a multifamily to househack. My wife isn't working and I don't make a lot of money. We only qualified for an FHA loan. Finally found a duplex but it's 35k over what FHA loan Is preapproved for. Any advice to make this happen?

[Paul De Luca]

It may make more sense to use a Freddie Mac Home Possible loan for your first multi-family house hack, assuming you don't own any other properties. It's 5% down conventional financing, and there are income restrictions so having a relatively low income is actually an advantage. If the required loan amount to purchase the duplex is above your preapproval you're out of luck.