What's the best loan for me ?

Question

Hey everyone ! I'm looking to buy a multi family here in NYC , I'm trying to do a house hack where I live free or close to it. My dilemma now is I have people willing to cosign me , but they will not be occupying the property , for all the low down payment options I see the cosigner has to be also occupying the property, if they do not I would have to come up with 20-25% which I can't afford to do . so my question is how would you go about doing this? I have about a 35-40k income my cosigner has a 33k income , and another cosigner I can get if necessary has a 25k income . I have around 50k saved up . How can I make this house hack happen ?

Marc Dube · Answer

@Faysal Alam there are loan programs that will allow you to have a non occupant coborrower. They would need to be on title but do not have to occupy the home. At least one borrower must be a first

Time buyer. Single family home purchase 95%. 2-unit purchase to 85% and 3-4 unit 75% loan to value

Faysal Alam · Answer

@basit saqidi if im being honest I've never really been out of state much , and aren't familiar with areas out of state . But I'm open to areas withing a 2-3 hour driving radius

Basit Siddiqi · Answer

@Faysal AlamI would recommend investing in an area outside of NYC that you are familiar with(growing up, going to college, have extended friends/family that you visit).

Faysal Alam · Answer

@Marc Dube that's the problem because I only want to put down 5% and house hack a 2 unit property . 3/4 unit properties are are and usually over priced

Faysal Alam · Answer

@basit Siddiqi where would you recommend investing while living in NYC ?

Basit Siddiqi · Answer

@Faysal AlamIt seems like you won't be able to do FHA unless the co-signer lives in the property.You would need to get the 20%-25% down to invest. Investing within NYC isin't easy.You may want to consider renting in the area and investing outside of NYC.

Austin J. · Answer

Maybe offer to let your cosigner live there for a year for free. Give them some solid incentive.

Faysal Alam · Answer

@jared skov yes my mother and father are both here and both don't work I take care of them

Jared Skov · Answer

Do you have family keeping you in that area? Do you love your job and your location? I'd take your cash and explore a different part of America if you don't have anything holding you back, chances are better than good that you'll find a job making more money and get into a tri or quad instead. Get your quad or triplex and live there for a year, then move back to NYC if family is ther, either way, you'll experience a difference part of the World and gain an asset. GL

Faysal Alam · Answer

@austin j. Moving isn't really an option for them .

What's the best loan for me ?

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