All Forum Posts by: Jared Bouzek

There are a few different options but most you will need to owner occupy for. Gift funds from family members, grants, community 2nds, etc. So if you're looking into house hacking those might work. If you need a top-notch loan officer in Boise shoot me a pm. I know a guy who would be great for you to connect with.

@Matthew Pastore Yep that's the trend I'm seeing as well. Seems like deals are easier to come by in the Springs.

@Matthew Pastore Welcome to Bigger Pockets! Since you own a few properties in the Springs, what are your thoughts on investing in Colorado Springs vs the Denver metro area?

Danny Ondik If your goal is to house hack more than one multifamily property then you might want to start with Conventional 5%. The reason is that per current guidelines, you cannot own any other properties and put 5% down on multifamily. So if you started with FHA, you won't be able to use the 5% down to purchase multifamily. There is not a restriction on owning another property when using FHA until you get to 7 units. It will be complicated to count the rental income when you go to get your second property with FHA so you just need to have your loan officer run the scenario without counting rental income. It's all going to depend on what your employment income looks like. Also you will want to have excellent credit if you go the conventional route. If you don't, the PMI will probably wipe out any savings advantage you had against FHA.

@Nicole Burke Welcome to Bigger Pockets. Sounds like you already have some landlord experience with your house here in town. Good luck getting started!

@Jeff White Congrats on getting it closed! Good luck getting the egress windows in. 

@Charles Peralta Happy to answer any questions for you. What is bringing you to Denver?

@David Healey Typical owner occupancy requirement of 1 year from the time you execute the new mortgage aside from unforeseen circumstances.

@David Healey Purely from a qualifying perspective you won't be able to pull cash out if you only have 22% equity right now. You're correct that Freddie Mac will allow you to rate/term refinance up to 80% LTV on a triplex if it will continue to be your primary residence. Given that you likely can't pull cash out right now, you'll just need to see if the savings in monthly payment makes it worthwhile to refinance.

@Danny Ondik This is really dependent on some details you haven't listed, but in general, the conventional option can have a lower payment if you take the lender-paid mortgage insurance option. Another advantage to the conventional if you do borrower-paid mortgage insurance is that it drops off after a period of time unlike FHA which will remain for the life of the loan at that down payment level. By the time you take the base FHA rate and factor in the MI, you're typically paying more for FHA.

If you're planning to acquire a second property with FHA, it can also become problematic to count rental income if you're moving in a relatively close area.