Family member as tenant

[Kevin Galimba]

Hi guys!

I just purchased a 4 beds 2 bath single-family property in Jacksonville, FL. I used conventional 3% on it with downpayment assistance. I have my dad and two brothers to help me with the monthly payment. So in a way I'll be house hacking.

My plan is to get a second property after living on it for a year. How will a lender pre-approve me for a second property that I will be occupying?

Thanks,

Kevin

[Josh Tondee]

Once you live in it for a year, you can then go out and buy a new house to be your Primary Residence. If your new Primary Residence will be bought with a Conventional loan, you will MOST LIKELY only need a lease agreement from your departing residence in order to count rental income and offset some or all of the mortgage payment for that departing residence. That will help with qualify for a new loan and carrying 2 mortgage payments.