House Hack- Condo with roommate

[Joseph Umberto]

Looking for a duplex to house hack, but the NYC metro area has a lot of 2/2 condo/co-op/ or apartment units, which from my understanding you can treat a condo house hack the same you would as duplex? What's the short and sweet on restrictions to house hack with a roommate using FHA?

[Abel Curiel]

Hello @Joseph Umberto,

Welcome to the BP forums!

Short and sweet... there is no problem with utilizing this strategy as long as you live on the property.

While I love the strategy, please keep in mind that many condos have a minimum down payment requirement and do not allow for FHA financing.

If you're going the FHA route in NYC, I'd highly recommend house-hacking a small multi-family residence. Of course, I understand there is a huge lifestyle difference between condo house-hacking and multi-family house-hacking.

Do you need a condo because of amenities, proximity to Manhattan, etc. ?