Who gets to know you are house hacking and who doesn't?

[Rolando De la Cruz]

This question might be broad but I am talking specifically between the seller, the lender and the realtors. If I am getting a primary residence mortgage loan for 3.5% down,  Is the lender allowed to know that I plan to rent the other rooms? Also, after 12 months, could I move out and repeat the process in another property with 3.5% down? 

I am looking to get my first deal this year and trying to learn as much as I can, thank you for reading this post!

[Sarita Scherpereel]

Quote from @Michael Paling:

Quote from @Sarita Scherpereel:

@Rolando De la Cruz I would never tell the seller my intentions for the property. The less you say the better. Let your realtor guild those conversations. It sounds more like you're planning on getting roommates. Which is fine to talk about but in some places SROs are frown upon or not allowed. If you need that for your numbers to work then I would have a conversation with your realtor. You should be using someone who understands these restrictions (if any) in your state/area. You might not be talking about SROs but more of a roommate situation. In that case, just call it that- it's more direct. Best of luck on this deal! 

Hey Sarita, what’s an SRO?

Single-room occupancy. I believe what is being discussed here is more of a roommate situation. SROs are similar but most of the time in a roommate situation the leases are for a year and align with each other. In an SRO they can be M-T-M, shorter or longer. Not to be judgmental but most of the SROs I've seen in our market are not in the best condition...but the same can be said for roommates :)  I think it's better to keep the leases on the same timeline not matter which path you take. It makes it easier to sell in the future.