House Hack Funding..

[Chris Mendoza]

Hey guys, so I’m just curious. I’ve been looking into buying a multi family unit and trying to keep my down payment low. I’ve run into the problem with Conventional loan product requiring 15% down....are there any other products to get around the higher barrier of entry? I do not qualify for other fthb programs because my income is too high (what I was told)

[Jerry Padilla]

@Chris Mendoza 

FHA is a low down payment option only requiring 3.5% down. Many investors get started this route and then later refinance with conventional to get rid of the mortgage insurance, once they have at least 20% equity built into the house.

For conventional; 

A single unit is going to require 3-5% down'

A duplex 15% down

3-4 units requires 20-25% down