Updated about 7 years ago on . Most recent reply
Primary Residence for Lenders when House Hacking
I'm house hacking a quadplex. So I'm living in one unit and renting out the other three with a Home Possible 5% down loan. After a year of primary residence, can I jump right into an FHA loan with another quadplex? Or are there going to be issue with the primary residence questions from my lender (either the lender for the Home Possible loan or the FHA)?
It's not clear to me if my lender will allow me to make another quadplex my primary residence or if a new lender will allow me to do it either. And in this scenario, with two different loan types, do I need a reason for changing primary residence (i.e. closer to work, better home, lost a job, etc.)?