WHEDA Loan and other options
Hello!
I bought my first investment property in Milwaukee this past December. I bought it through a WHEDA loan and therefore I am required to occupy one of the units (it's a duplex). I rent out one side and then have a roommate so I pay nothing out-of-pocket on the mortgage. I will continue to live in my duplex due to the WHEDA requirement and hope to refinance into another loan in the next couple years so that I can rent out both units. In the mean time, I have been saving and I am looking to buy another investment property. I am unsure of what types of loans to look into - what type of loan would you suggest? I am looking to put down as little money as possible. Thank you :)
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Awesome to hear you are implementing the house hack model! That is how I got started too. An FHA loan allows for 3.5% down with the contingency of living in the property for a year. That is the most common program I know of for 1-4 unit low money down.