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First - what is it?
House hacking is buying a multi-unit property, living in one unit, renting out the rest, and using the rent collected from your tenants to pay the mortgage.
There are so many benefits to house hacking, including…
💸 Reduced Housing Costs: House hackers can significantly reduce their living expenses by renting out a portion of their property to tenants. This can help cover mortgage payments, property taxes, and maintenance costs.
💰 Rental Income: House hacking generates rental income, which can be used to build wealth, save for future investments, or pay down the mortgage faster.
📈 Equity Building: As you pay down the mortgage and property values appreciate, you build equity, increasing your net worth.
📊 Tax Advantages: House hackers can benefit from tax deductions on mortgage interest, property taxes, and operating expenses. Consult a tax professional for details.
💼 Diversification: Owning a multifamily property provides diversification in your investment portfolio, reducing risk.
👨🏼‍💼 Property Management Skills: House hacking allows you to gain experience in property management and real estate investing.
💵 Increased Savings: Lower housing costs free up more money to save and invest in other opportunities.
And now is a great time to jump in! Fannie Mae has announced that, starting November 18, 2023, it will accept 5% down payments for owner-occupied 2-, 3-, and 4-unit homes.This is a change from the previous requirement of 15-25% down payment.
If you're ready to start house hacking your way to wealth building, visit www.homespiremortgage.com to connect with your Homespire Loan Officer today.
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Ready to stop paying you landlord's mortgage and start investing in your own? Our Personal Loan Consultants are available around the clock to answer your questions. Visit www.homespiremortgage.com/loa... to find an LO near you.
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Homespire Mortgage Corporation. Equal Housing Lender. All Rights Reserved. NMLS ID # 183215.
Corporate Office: 9711 Washingtonian Blvd., Suite 500, Gaithersburg, MD 20878. 1-800-531-5395 This is not an offer for a loan or any type of extension. Eligibility for a loan or extension of credit from Homespire Mortgage Corporation is subject to completion of a loan application, credit, income, and employment qualification, and meeting established underwriting criteria. Rates are subject to change without notice based on market conditions. See Loan Consultant for information on program income limits, buyer contribution, area median income, debt requirements, and other application details.