Low down payment mortgage loan for STR

[Allison W Gammon]

I was about to purchase a 2 family home with an FHA loan, live in one unit and use the second unit as a STR. Then I found out that I can't do STR with an FHA loan- EVER. So, I will either have to rent long term forever or eventually refinance. Is there a better way with conventional lending? I looked into the homeready loan and can't tell if it allows STR or if it's even available to me. Any suggestions?

Thanks!

Allison

[Edward Wodziak]

Or just for 1 year, which seems like forever for some people 😁