Updated over 7 years ago on . Most recent reply
House hacking on 3rd property.
I currently own 2 properties. One is my primary residence SFH and another SFH in Arizona. I live in the Everett, Washington area and I’m thinking about buying a multifamily home to house hack. Do you think that is a good idea to to take advantage the of the 3.5% percent down payment through FHA.
I talked to a FHA lender who said if you are vacating a property to buy a new one using FHA, the vacating property must be over 100 miles away or have 30% equity in it in order to use rental income to qualify. If it doenst meet either of those requirements, you will have to qualify with both payments.
Is this statement true? Thank you all for any help.
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@Glenn Hinojosa Maybe @Upen Patel can chime in on this he is an FHA guru.