Updated almost 6 years ago on . Most recent reply
Wait for downpayment or buy cheaper (single-family) home
If I am unable to get a mortgage for a more expensive multi-unit because my income is too low should I buy a single-family home to live in so that I am at least adding to my net worth instead of paying rent to someone else?
I can afford to purchase a single-family right now. The problem is that my income is not high enough to purchase a 170k multi-unit. Does it make more sense to wait to save up 35%-40% and house hack while renting in the meantime or to purchase a small home for myself to build equity?
Most Popular Reply
Has your lender consider the additional income that the multifamily would bring in to help you qualify for a larger loan.? That is if you're planning to live there. Like a 3-unit where you live in one of the unit and rent out the other two. If you're not planning to live there they do want reserves larger down payment and you have to be pretty strong.