Househacking Strategy in NE Florida

[Dean C.]

Looking to invest here in Jacksonville, who has their pulse on the market? Wondering if anyone has any success house-hacking SFHs and where at? What's the best way to find a lender that incorporates rent roll into your DTI?

[Raymond J. Rodrigues]

@Dean Colias they have their own risk tolerances that they create their own rules for that go above and beyond what the federal overseers require.

For example, some lenders require 20% or greater down payment on an investment property with a conventional loan, the national requirement is 15%.

The VA does not set a minimum credit score requirement, lenders who make the loans typically do. Some lenders go down to 550, some will not go below 620.

FHA goes down to 500 credit score, most lenders will not give you a loan below 580.

Some lenders will not allow you to use the anticipated rental income from the appraisal to offset your debt to income ratio.

The list goes on and on.