🏠 House Hacking Loan Options: Live for Free While Building Equity 💰

💡 How to Buy a Home and Pay $0 in Rent Using House Hacking Loans 🏘️

🏘️ House Hacking Loan Options: Buy Smart & Live Free

If you’ve ever dreamed of owning a home and reducing your housing expenses to zero (or close to it), welcome to the world of house hacking. This real estate strategy is perfect for first-time buyers, veterans, investors, and even self-employed borrowers looking to make smart financial moves.

What Is House Hacking?

House hacking is the practice of buying a property—typically a multifamily home, duplex, triplex, or fourplex—living in one unit, and renting out the others to cover your mortgage. In some cases, house hackers purchase single-family homes and rent out rooms to roommates.

This isn’t just about saving money. It’s about building wealth through real estate while minimizing out-of-pocket living costs.

🔍 Top Loan Options for House Hacking

Here are the most popular mortgage programs that make house hacking possible:

1. FHA Loans (3.5% Down)

·         Perfect for 2–4 unit properties.

·         Lower credit score requirements.

·         Must live in one of the units for at least one year.

2. VA Loans (0% Down)

·         For eligible veterans and active-duty military.

·         No mortgage insurance.

·         Can be used on 2–4 unit properties if one unit is owner-occupied.

3. Conventional Loans (5–20% Down)

·         Ideal for buyers with stronger credit and income.

·         Can be used for single-family homes with roommates or small multifamily properties.

4. HomeReady & Home Possible

·         Fannie Mae and Freddie Mac low-down-payment options.

·         Income limits apply but perfect for first-time buyers.

5. Bank Statement Loans (For Self-Employed)

·         Use business or personal bank deposits to qualify.

·         No tax returns needed.

·         Useful for investors and gig workers.

💡 Pro Tip: Use Rental Income to Qualify

Most house hacking loan programs will allow a portion of the projected rent from the other units (or rooms) to count toward your income. That means you can qualify for a larger loan—even with modest personal income.

👷 House Hacking Renovation Loans

Want to buy a fixer-upper and house hack it? Consider:

·         FHA 203(k)

·         Fannie Mae HomeStyle

·         These renovation loans allow you to finance repairs and upgrades into the loan.

✅ Final Thoughts

House hacking is one of the smartest ways to start building a real estate portfolio while living affordably. Whether you're a young professional, a military veteran, or a side hustler looking for financial freedom—there’s a loan option to help you house hack your way to wealth.

👉 Ready to explore your financing options? Contact Medallion Mortgage today.

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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory