First Time Home Buyer Lender Options

3 Replies

Hi BP community! I am looking for some advice on options for first time home buyer financing. I found a turn-key duplex that I am interested in house hacking by renting out one unit and living in the other. I am considering an FHA loan (I have okay credit- good enough to qualify, and little money to put down, but my family will help me out with my down payment). I am also a part time college professor (I share this because I heard there might be a first time home loan available for teachers as well, but I couldn't find any information online). I'm wondering what would be the best combination of financing for me and this house. I live in San Diego, CA and would like to see if anyone can recommend (personal experience preferred) an FHA approved lender in the area. Any help would be greatly appreciated. Thanks in advance!

Originally posted by @Krystin Krebs :

Hi BP community! I am looking for some advice on options for first time home buyer financing. I found a turn-key duplex that I am interested in house hacking by renting out one unit and living in the other. I am considering an FHA loan (I have okay credit- good enough to qualify, and little money to put down, but my family will help me out with my down payment). I am also a part time college professor (I share this because I heard there might be a first time home loan available for teachers as well, but I couldn't find any information online). I'm wondering what would be the best combination of financing for me and this house. I live in San Diego, CA and would like to see if anyone can recommend (personal experience preferred) an FHA approved lender in the area. Any help would be greatly appreciated. Thanks in advance!

I think you're on the right track. For units, FHA is really good, but Freddie Mac's Home Possible is really good as well if you can come up with the additional 1.5% down. All in all, I would compare the two and see which one works best for you. Both work with multi family properties.

Best of luck

Stephanie