I'm looking for a rental property so that I may house hack. I would prefer Multifamily homes, but they are quick to leave the market these days, so if I can't acquire one, then a SFH with enough rooms to rent to others. I am also only looking at owner occupied because of the FHA loan. If I don't have to live in it, and instead and completely rent out all units, that would be my goal.
What's the rental market like in Spokane ? Any main industries providing consistent employment for tenants and attracting folks off the west coast?
If you're going to buy a SFH that you will occupy, BECU has a first time homebuyer grant program that requires you to put 1% down and they pay 2%, up to $6,500. The requirements in that circumstance are simple, straightforward and relatively painless. Even if you don't qualify for the grant, however, BECU is a good option to go with. GESA also does a lot of residential lending in the area, and both credit unions have a Home Loan Center in the area, which you should find convenient. The credit union where I work, Global, does a lot of residential lending also, and I can confirm they will work with investors whether you intend to occupy or not. I work on the commercial side of lending, but I can provide contact info for the residential RE Manager, if you like. Send me a private message, in that case. Whatever you choose, though, you will generally get better treatment and terms, and develop a stronger relationship with a lender at a credit union than a bank, because of the cooperative ownership and not-for-profit structure of the former. Good luck!