Lending options for a househack in Sarasota

Lending options for a househack in Sarasota

New to Real Estate · Sarasota, FL · Member since 2018 · 82 posts · 49 votes

Hi,

So I work full time, enough to get pre approved,

I found a friend / funding partner who's willing to lend me $50k to fund the down payment of the househack in exchange for part of the deal, 

I used Zillow home loans but they said they normally don't process loans in this way 

has anyone used a funding partner to buy a househack?

if so how did it work out? What loan options did you use? 

Also any tips on structuring the deal? (Equity split, co-signing, etc) 

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  • Lender · Charlotte, NC · Member since 2024 · 58 posts · 19 votes
    11mo

    Happy to help in anyway I can - feel free to reach out! 

  • Derek BrickleyBusiness Member
    Lender · Ann Arbor, MI · Member since 2021 · 664 posts · 226 votes
    11mo

    Hey Chris!

    Pretty straightforward, you can be the primary borrower and your friend/funding partner can go on title with you. Makes the down payment funds from him super easy to document. This could be either with conventional or FHA househacking. Regarding structuring the deal, you would likely want to discuss the partnership with a real estate attorney to put it in writing whichever way is fair/equitable to you both.

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