Updated over 2 years ago on . Most recent reply
New Loan Options Provide House Hackers A Viable Tool To Get Started
Hey All! With the community banks no longer the only game in town offering 5% down for owner occupied multi families we should see a shift in demand and utilization for 2-4 family units. Keep in mind - the property still needs to cash flow for your own purposes outside of the self sufficiency test - but if you've been trying to find a way to get involved without a large down payment this is definitely a game changer. They haven't finalized the terms and guidelines, but I'd imagine they're a bit more strict than FHA. In any case - another tool in the toolbelt.
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I love this new change also for the reason if it follows normal conventional guidelines, like I assume it will, your PMI will drop off automatically. I know this takes awhile but that means you won't get stuck refi-ing if the time isn't right. That's the issue I face with my current FHA.