Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

6
Posts
1
Votes
Leo Day
1
Votes |
6
Posts

House Hack Loan when potentially moving

Leo Day
Posted

Hello, I am currently in the process of starting my real estate journey. I am looking to make my first purchase in the Philadelphia area. My plan is to house hack by living with friends and having them pay the rent so I can live for free. I am looking to put 3.5% down along with paying the PMI fees with the other expenses. With this low down payments I can pump a lot more of my savings into the rehab to eventually refinance in 6-18 months.

I am still currently employed working from home however, prior to Covid 19, I was currently in the market of switching jobs. Jobs locally in the Philadelphia area as well as Boston and New York. That is now currently put on hold. I know to qualify for the 3.5% down payment it must be owner occupied which would not be an option for me if I was to accept an offer in Boston or NY. I would have to move. Nothing is certain (especially with this crazy time) but I would like to know my options if I was to make an offer on a home in the next month. 

So essentially, my question is can I still get this loan in the next month if I was to accept a job offer in a different state within less then a year? Or what may happen if this goes into action, I get the loan, proceed with my house hack and suddenly I may have to move mid year? Please let me know! 

Thanks!

Loading replies...