Loan options for house hacking a mutlifamily

[Amber Gazzolo]

I own a few single family rentals and looking to get into the multifamily space. I am familiar with conventional loans but am realizing there is an whole financing world I know very little about. I am hoping for some direction on what to look into as a potential loan option to allow me to buy something in a higher price range than I could afford just through my finances, like I've done through the single family purchases. I have a heloc for a downpayment and intend to live in one unit. Thank you in advance for the advice!

[Patrick Drury]

@Amber Gazzolo
FHA is a good option for owner occupying a 2-4 unit. Ask your agent who they recommend for owner-occupant loans and they might be able to point you in the direction of some local lenders that offer some specialized products. For example, there are some lenders locally in Columbus OH that offer better loan products than FHA like the Champ loan, which is a 5% down owner-occupant loan with no PMI.