House Hacking a 5+unit property

1 Reply

Hey so I have a question and I’ve been trying to do research on it but I haven’t had any luck finding answers thus far...

So can anybody help me find out if there are any owner occupying laws/rules when it comes to using an asset based loan to purchase a small apartment building where I would live in one of the units? Appreciate it!

@Philip Romano

I don't think there should be... You really should talk to your lender. If you don't have one, find one...

An asset based loan, to my knowledge, isn't a conforming residential loan so there isn't a fixed set of requirements.  Since its not heavily regulated, it will be up to your lender.

Also, your discussion thread calls out 5+ unit property.  Anything over 4 units is a categorized as a commercial property.  So, again conforming residential rules don't apply.

So, you should be pretty free to live in a unit or not as your choose.

Good luck.