All Forum Posts by: Leira Alamo

Hi Leira,

I recommend Colibri, I used them for my courses here in California. I really enjoyed how they had plenty of study material/tests to go along with the courses they offered. 

Tap into the equity of your home. 

So you can do a 20% down conventional no PMI fee that FHA has

But go big, research is the same to qualify for Duplex or Fourplex. 

But the profit you make on fourplex is larger and more stable. 

Good luck

Luis M

If you already have a home under your name, you are not eligible for an FHA loan, barring specific circumstances. A traditional loan will typically require 15+% down.

Well, it is possible to purchase a duplex and use the house hacking strategy with a traditional loan at a 5% down payment under only your name. With over $300K in equity in your current home, it is well within your means to invest in a duplex and take advantage of the savings that come with that type of investment. When using house hacking as an investment strategy, you will also benefit from tax deductions related to the property, like mortgage interest and repairs. When done correctly, house hacking can be a great way to build wealth and create a passive income stream. Good luck!

@Leira Alamo you have a couple options. 

You should be able to get a lease for the current house and use that to negate your debt on your DTI.

You can certainly buy a home under just your name for the duplex. 

You'll have to do a FHA loan to get it for 5% down. If you used FHA for your first house that may be a challenge if you aren't 50 miles away from that one. May have to get creative by quit claim deeding the house to your husband and getting your name off that loan. OR get creative and refinance (although I'm not sure that's a great idea if you have a killer interest rate). Talk to a lender that understands house hacking and see what ideas they have.

If your first one is not FHA you can easily make this happen.

I have to respectfully disagree with Kimberly, because I've chatted with a local lender that will do 5% downpayments on conventional loans for duplexes (if owner occupied). I've also chatted with other local lender who said exactly as Kimberly did though, so just make sure you're talking to a bunch of lenders, because they all may tell you something different.