How to buy a house to house hack with a lack of claimable income?

3 Replies

I'm getting out of the military soon and I'm looking to buy a house that I will live in and rent out while I go to college. I planned on using the VA loan so I could put 0% down. The problem I'm running into is my lender won't consider the rent I will be getting from the house or my Post 9/11 GI bill BAH(basic allowance for housing) as income I can claim. I have great credit and $90k in assets. Anyone have some creative financing suggestions?

This is one of the big reasons I tell my guys to buy a house before they get out. If you can capture employment aligned with what you did in the service, you could find a lender willing with a letter of employment or something.

There are some CREATIVE ways. Could find a seller willing to seller finance. You could also take the jump with hard money. You could also partner up with someone with a solid work history and get a place tenancy in common or one of those other approaches. If you know someone kind enough, they could sign with you on the loan.

A lot of options, just have to try and search. Do not give up. I know plenty that got it done. Some in savvy ways.

Originally posted by @Lucas Dubs :

I'm getting out of the military soon and I'm looking to buy a house that I will live in and rent out while I go to college. I planned on using the VA loan so I could put 0% down. The problem I'm running into is my lender won't consider the rent I will be getting from the house or my Post 9/11 GI bill BAH(basic allowance for housing) as income I can claim. I have great credit and $90k in assets. Anyone have some creative financing suggestions?

This program might be helpful:

https://www.naca.com/

Good luck!

Best,

Jon