I'm in the process of trying to get approved for my first FHA loan. Should I let them know that I'm currently trying to house hack? It is any of there business to know? Any advice would be great!
Depends on your relationship with your lender. I think you're better off just saying you're buying a home for you.
I agree with Garrison. Although if you have worked with your lender in the past and have a bit of history it may be beneficial to let them know. Understand that FHA you will be paying PMI for the life of the loan. If you have a good lender they should be able to give you other "low down" options that won't keep PMI nearly as long. There are many little intricacies as far as terms when it comes to these loans and some won't finance a building with 2 units. I would say let them know what you are looking to do. If they are not finding good options for you, don't be afraid to call sit down with a few other lenders.
@William Hunt I have a few great lenders in MI if you're still looking for a good option that understand the investing space and can read between the lines of what you're trying to do and offer the best product out there for what your trying to accomplish. Let me know!
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