House Hack Financing strategy for multi-family in Boston
I am in the process of creating my financing plan. I look to house hack in the Cambridge, Somerville, Newton area as it fits best with my family's working and schooling needs. Anything multi-family in this area immediately gets me into a jumbo loan situation. From what I have seen so far, any loan would require 20-25% down payment. While I can personally finance that, it would leave me pretty cash strapped for at least a year.
I am wondering, what have others done to get jumbo loan financing without having to put down 20%+ of a down payment?
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@Jeffrey Allen here are the loan limits for Suffolk county as they are different based off county.
$690,000 $883,300 $1,067,750 $1,326,950
These are for single, 2-family, 3-family, 4-family.
Personally - my current househack allows us to profit $1k per month (not including reserves,maintenance)
Our first househack we lived for free and made about $200 per month while living there. Ultimately, as long as it lowers your monthly living cost and will profit when you move out I think it’s a win.
there are many lenders that can assist with FHA - I do them personally as well so if you have any questions or need anything just let me know!
Nick