Is there a way to house hack an 8 unit apartment building?

Question

I am looking at an 8 unit apartment building and want to know if there is a way to live in one unit and take out an FHA loan to pay for it? All of the banks I called so far say it cant be done. Im feeling defeated. Do i Have to pay the 20percent down? Is there another way to finance for less than 20 percent? Thank you for your time!

Brandon Sturgill · Answer

@Ryan Gartley It's not necessarily the bank, it's the government secured loan...the government only backs FHA loans up to 4-units. This is universal. And I think you're doing pretty good if you can find an 80%LTV product...

My only other suggestion is to work a purchase money mortgage angle if possible...maybe even a lease with an option to buy...no need for conventional lending...but it depends on the circumstances of the property and the seller...

Is there a way to house hack an 8 unit apartment building?

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