New Port Richey, FL · Member since 2016 · 1 post · 2 votes
I'm looking to purchase my first home. I have a pre approval from navy federal with no money down and no pmi, which I thought was outstanding!
I'm thinking about switching to their traditional conventional where they only require 5% down and still offer no pmi but the rates look a lot better than the 100% financing option I picked.
I am very interested in the house hacking option. I found a property in my area that has a main home 2/2 with a detached 1/1 & 1/1 duplex on the property. Rent for these units should demand about 550 a month each which would pay the 150,000 mortgage, allowing me to live in the main home on property for free minus cost of vacancy repairs ect.
Welcome Jonathan! I wished I could say I could find the same deal in my town. :) Regardless, the deal still needs due diligence. Make sure you run all your numbers, have a great property inspection, and make some $$$ going into it below market price. If any of this sounds confusing to you...you are in the right place! BP has great education and resourceful people who are willing to help. Happy reading!