Updated over 5 years ago on . Most recent reply
House Hack with 5/1 ARM
Looking for advice on on using an ARM loan for a multi-family. I'm considering purchasing a multi-family home to house hack using FHA. However, I'm considering using an 5 year interest only loan rather than a principal & interest FHA loan. The property currently has 3 rental incomes which, if I use an IO loan, will pay the mortgage entirely and provide a profit. Therefore I can use the cashflow to make necessary renovations and save for the unknown, gaining over 150K during the span of the first 5 years of the loan. I don't see myself holding on to the property for more than 5 years.
Thoughts on using ARM loan?