Updated over 6 years ago on . Most recent reply
Homeready Loan Question
Hello BP community,
I have been researching this for a couple of days now and have found NOTHING on the topic.. then it dawned on me - I just need to ask you all!
I am planning on doing my first house hack this summer/fall to get started in real estate. I have spent the last 6 months reading everything Real Estate book I can, listening to Real Estate podcasts (and doing my own ~ The Healthy, Wealthy, and Wise Podcast ~), SAVING MONEY, and networking in my local REIA to prepare for this. I love the idea of getting a duplex, although I live in Nashville and prices can be quite high so I need to get creative and have some other options.
One of my solutions is to house hack by renting out rooms in a single family home, vigorously save, and move out in about a year to make the home a full-time rental and repeat the process. I have been pre-approved for a 3.5% down FHA loan as well as a 3% down Home Ready loan. I know FHA requires you to stay in the property for 1 year, my question is how long do I have to stay in a property when using a "home ready" loan?
Thank you for your responses!