I know this was asked a while ago, but I want opinions.
I have to move out of my current living situation soon, and would like to house hack a MFH property.
I would do a FHA loan, but the problem is that I cannot stay for a whole year in the property.
I was thinking of possibly getting a personal money loan to cover the initial down payment. Have people done this, and how successful has it been in the past?
1. If you cannot occupy the property for the "primary residence" requirement then that means you would need to purchase the property as an investment property.
2. To borrow funds to purchase a property you would need to ask your lender if it's acceptable for that loan type you are prequalified for.
To me it sounds like we need to get you in front of a lender right away to see what is possible for you. Hope all of that makes sense.
1. If you cannot occupy the property for the "primary residence" requirement then that means you would need to purchase the property as an investment property.
2. To borrow funds to purchase a property you would need to ask your lender if it's acceptable for that loan type you are prequalified for.
To me it sounds like we need to get you in front of a lender right away to see what is possible for you. Hope all of that makes sense.
All of this does make sense, I did plan on talking with lenders throughout this coming week as a matter of fact.