Starting my investment journey
I'm looking to buy a multi family property that I can house hack & build equity in . How do I apply for an FHA loan ( or FHA 203k) to make this possible?
Most Popular Reply
Hey Noah, great strategy! House hacking a small multifamily with an FHA loan is one of the best ways to get started.
To apply for an FHA (or FHA 203k) loan, your first step is to connect with a lender who offers these loan programs. They'll walk you through pre-approval, which looks at your income, credit, debt-to-income ratio, and overall financial picture.
For a standard FHA loan, you're typically looking at:
- 3.5% down payment
- Minimum credit score (varies by lender, often 580+)
- Owner-occupancy (you need to live in one of the units for at least 1 year)
For FHA 203k, it's similar but designed for properties that need renovations. The process is more involved since it includes contractor bids, project scope, and lender oversight on the rehab funds.
Once you’re pre-approved, you can start looking for 2–4 unit properties that fit your budget and strategy.
Also, it really helps to work with an agent who understands house hacking and investment properties—they can guide you toward deals that make sense both as a primary residence and a future rental.