Updated over 6 years ago on .
House-Hack with HomePossible
Everyone wants to start RE Investing, but nobody wants to empty their bank accounts to do so. And, realistically, you shouldn't!
Let's talk about another great conventional loan program here called the HomeReady loan, that allows someone to acquire an owner-occupied 2-4 unit residential property with as little as 5% Down, (and a 1-unit residential property with just 3% down) making it an excellent way for someone to break into the RE investing arena without emptying their life savings.
General Eligibility Requirements For the HomeReady Loan:
- 620 minimum credit
- property must be a primary residence
- 5% down payment required for 2-4 Unit Properties (3% minimum borrower contribution)
- 3% down payment required for 1-unit (no minimum borrower contribution)
Eligible Property Types
- PUDS
- Freddie Mac approved condos
- multi-width manufactured homes
As you can see the HomePossible program is an excellent option that offers the flexibility that buyers want. Buy a 2-4 unit property, and begin your journey as a landlord and RE Investor, all at the same time for a small down payment.
If anyone has any other questions, please feel free to reach out!