19 year old looking for advice for buying 1st property

2 Replies

Hey everyone, I am currently living in California and planning to move to Arizona and house hack. I was speaking to a mortgage banker and he informed me that to qualify for an FHA loan I would need a job lined up in Arizona and wouldn't be able to use the income I make now in California. (My parents would be able to co sign as well) To be honest I'm not interested in getting a job in Arizona because the whole reason I plan on moving is to pursue real estate investing. So if I need a job in AZ to qualify for the loan ,do you guys think I'd be good idea to find someone who is willing to do seller financing on their property? And if so do you have any tips on how I should go about doing a seller finance deal? Any advice you guys can give on my situation would be greatly appreciated

Unfortunately, the mortgage banker is correct. If you're applying for any conventional loan from out of state the first thing a lender will ask is if you have a job lined up or if you plan to work for a current employer. This being said if you can prove to a lender that you have a different stream of constant income that could cover a monthly payment you may have better luck of obtaining a loan.

As for seller financing, this is a whole different animal. If you can find someone who's willing to seller finance this could be a great option. Usually, there are low closing costs, fast closes, and flexible down payments since you're not dealing with the bank. Most likely this deal won't be easy to find and many sellers will still run credit checks and proof of income. Make sure to do plenty of due diligence on the implications of seller financing!

Hopefully, this helped you out. I wish you luck Sergio!

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