best BP calculator for house hack?

2 Replies

What is the best way to use the BP calculator to put together a PDF presentation for a prospective duplex househack? Wife and I want to move out of our townhome, rent it, buy a duplex with FHA, live in one half and rent out the other. We have a duplex we are about to put an offer on which has both sides currently rented on month to month, and one side with tenants for last 16 years and we want to make a good presentation and packet for the lenders we are shopping for, but I don't know which BP calculator to use to run the math and get a PDF from.

Also, a broker we are talking to said we easily qualify financially but her underwriter will require us to 1) move out of our townhome first into a temporary month to month rental, and 2) rent out our townhouse first and 3) then show the underwriter the 1-year minimum lease to satisfy them that we are not going to commit fraud and not move into the duplex. I know what the law says about owner-occupy requirements on a HUD home, FHA, or any other owner occupant situation but I find that absurd and even more risky. So I am looking for other lenders for their opinion. What if the loan doesn't go through and now we have two monthly payments? Not to mention the hassle and expense of moving twice... thanks for any advice BP.

I don’t think it’ll matter to the lender but you’ll want to use the buy and hold calculator.

You may have to do something along those lines. Your payment for your current home is counting against your DTI and will prohibit you from buying another property. Buying owner occupant single unit properties tends to do that. Just suck it up for a while and make it happen. As long as renting out your current place cashflows you’ll be in good shape. It’s not two payments when they’re paying it!

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