Summer 2024 First Possible House Hack

[Francis Bediako]

Hello everyone, I am currently a senior in college (graduating in May) with a goal to purchase a duplex this upcoming Summer. I have done extensive research on how the process works but does anyone have any suggestions regarding financing (besides FHA)? By that time, I hope to have around 30k in liquid assets to purchase my first duplex.

[Benjamin Sulka]

Francis, 

If you haven't, start establishing a relationship with some lenders in your area. Try using the lender finder here on BP. Find a lender who understands your long term real estate goals and understands that rental income can help knock down your DTI to qualify for more loans and acquire more properties.

I'd also find a real estate agent who knows the house hacking strategy or has house hacked themselves if you plan on using an agent. 

Credit requirements are different for FHA vs. conventional but considering you've been willing/able to save $30k I assume you have no credit issues.

If I were in your position, I'd go the 5% down conventional route that Fannie Mae recently introduces for owner occupied 2-4 unit properties. You can request PMI to fall off your loan once you hit 80% LTV.

All the best to you man!