All Forum Posts by: Simone Williams

@Fahima Hilal that is an option I will have to look into. Thank you for the suggestion! I will have to ask my realtor to ask the listing agent. 

Hey everyone! So Im am trying to offer on a property 6bd 4ba (4bds first floor; and two 1bd units on bottom floor of house) that is zoned as single family but is divided into three units. It has one tenant in place already. I have been speaking back and forth with the lender and they stated that FHA would look at the property as investment because there is a tenant and place and if it is not separately metered it would seem as if it would be an investment property. He basically said that the FHA appraisal person would see that there is a single family license on file with the county (Prince George's County, MD) and that would basically say the tenant would be conveying with the property.

The lender stated that if the unit was separately metered it would be considered multifamily and it would be ok for FHA; also if the tenant wasn't in there when I closed it would be ok.

Has anyone else ever heard of this?

Thanks in advance for your thoughts

Congrats!! Looking to house hack in DC as well!

@Dion McNeeley Hello, thanks for the reply it is not a single loan by itself. It is a down payment assistance loan. It just helps with the down payment. Through further questioning I was able to get a little bit further insight and have been able to find out more of the terms and it does not fit the strategy I am trying to use but thanks again for the help!

Hello Everyone! I am looking to purchase a multifamily owner-occupied property through NACA and want to know if it makes sense to use a deferred loan down payment program..particularly the "Employee Assisted Housing Program" which if qualified..

"For moderate income eligible households: Payment on loans is deferred for the first five years. Monthly principal-only payments begin in the sixth year of the loan, amortized over a 40-year period" and " When all loans become payable: Regardless of household income, the entire loan amount becomes immediately due and payable if the borrower transfers the property, the property is refinanced (unless the refinance meets certain conditions), or the property ceases to be the borrower’s primary residence." I guess overall, I just need some advice on if it makes sense to use a deferred loan program? I know its different for different people's situations. Thanks in advance for any insight!