I can't speak to your state, but here in Missouri there are state level programs that help low to moderate income first time home buyers with things like downpayment assistance, as well as many local programs that tend to be more income dependent (lower caps) that I bring up to my clients who are new investors/first time home buyers. Talk to a few mortgage brokers and agents that specialize in first time home buyers as well as investors - depending on whether you're looking to hack a single or multifamily your opportunities may vary a great deal. Good agents will also know of credit repair/development resources to help you increase your credit score. It's often better to take a little extra time and improve your credit score before applying for a loan.

Check with a local mortgage broke to see if there are any "first time buyers" programs in your area. I know of a few in Indiana and Missouri that allow for as low as 0% down. You have to owner occupy. That could potentially be a great way to house hack. I'm still kicking myself that we aren't house hacking.

Updated over 9 years ago on 01/27/2016. Most recent reply

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Daniel AllenPoster

Accountant
Charlotte, NC

Starting Out

First House Hack?

Daniel AllenPoster

Accountant
Charlotte, NC

Posted January 27, 2016 19:55

Hello, I am in the Charlotte, NC market. I am looking to implement the buy and hold strategy. I have yet to complete my first deal yet, but I am hoping to in the near future. My greatest obstacle is obviously getting the capital needed to invest. I have been able to save a good bit this year, but still not enough. I don't have bad credit I just don't have any at all yet. I am getting ready to graduate college, so hopefully I can build my credit soon. My question for you guys is below. 1. What are the best ways to finance properties for someone who is about to graduate college, and really has no track record? I do have a job if that counts for anything.

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