Closed on your first deal? ....What's next?

[Peter Tate]

Hi everyone,

I recently just closed on my first multi-family property in the Chicagoland area. I financed the loan with an FHA 203k loan. I am looking to buy my next property within 8 months and I am trying to understand how can I acquire another property with a low downpayment. I know FHA has a few requirements regarding having multiple owner occupied loans at once.

Any help or feedback would be great.

Pete

[Paul De Luca]

@Peter Tate

Congrats on your purchase! FHA will require that you occupy the property for a year but for the next house hack property you could use Freddie Mac Home Possible financing (5% down) for another 2-4 unit. There is an income cap though so be sure to check with a lender like @Zack Karp to see if you qualify. Otherwise you might be able to put 10-15% down conventional financing for another house hack and if you don't want to do that you could opt for a SFH with 3-5% down. These are all owner occupant financing options.