Looking to acquire our first house hack next year!

[Steven Terrell]

Hey BP family I need some guidance. Next year my fiancé and I are looking to acquire our first tri-plex or quad-plex to house hack. She works a w-2 job (Old National Bank) and I'm a 1099 contractor (RE Agent).

I've only been in RE since last December. Typically I'd need 2 years of consistent income since I'm an independent contractor. Is there anyway that I can still have ownership of the property even though I don't have 2 years of income? Is there any way they could use her w-2 for income but run my credit for the loan, or do I have to wait until I have two years of steady income for us to both qualify?

Our goal is to put the least amount down possible! Any suggestions would help us tremendously thank you. 

[Ryan Thomson]

Quote from @Steven Terrell:

Quote from @Ryan Thomson:

@Steven Terrell you'll want to connect with a good house hacking agent in your area and ask them for lender recommendations. I believe they can use her income and your credit though. 

For low downpayment on a multifamily you are going to want to use an FHA loan. FHA loan does have something called a self sufficiency test on three or four unit multifamilies. You'll want to talk to a lender in your area and see if the 3.5-5% down is even an option for you. It may not pass that self sufficiency test.

 Thank you so much for this info Ryan! What does the sufficiency test measure?

 Here is a great explanation of the self-sufficiency test: https://www.anmtg.com/mortgage...