Rental Property Investor · Anaheim, CA · Member since 2019 · 11 posts · 5 votes
It’s my first time searching for a house and getting pre-approved by a lender. I’m a newly graduated dentist and since I have $360k in student loans I don’t qualify with most lenders without a co-signer. I did get qualified in my own with Bank of America for their doctor loan but only on a single family home and not a duplex. From my understanding, banks view single family homes the same as small multi family. Is this not the case?
Also.. I live in Orange County, CA and want to house hack but the average price of a 3 bedroom 2 bath is $500-$600k which just wouldn’t cash flow positively if I rented out the other 2 rooms. I’m contemplating out-of-state investing, but I’m a brand new investor so I’m not sure if I should take on that challenge. Thoughts?
@Monique Sison You have to live somewhere, so if you can make your expenses less by buying then do it. Have you tried other providers of doctor loans. There should be few loaning in CA.
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
4y
We just launched a portfolio loan for medical and healthcare professionals. We will allow 1-4 unit as primary residence and can use rental income to qualify.
0% down up to $1MM, 5% down up to $1.5MM, 10% down up to $2MM
Investor · Member since 2021 · 203 posts · 124 votes
4y
With interest rates this high making anything cashflow will be challenging. more doors/beds will up your chances. Helps you purchase/afford In a challenging time and you can always refi later on start with the house hack and move to out of state in phase 2