So here's the scenario: I quit my "high income" job and moved to another state. I have money saved up, no current income, and live with my fiancé who has a full time job. I found a duplex we intend to house hack and fund with a VA loan for 0 money down and no PMI. We'd live in one unit for free, then cash flow ~$700 after moving out. If a lender won't fund due to me not having a job at the moment, what are some other options?
Hi Obed - your other options are
1. partnering with other investors who would want in on your deal
(I know people who are interested in buying in FL so feel free to shoot me a message with the details)
2. Outside of that you can try and negotiate seller financing with the owner which may give you time to find a new job and refinance the deal
3. Or you can take a hard money loan if you expect to get a job within a few months (the more expensive and risky option but possibly worth it if the deal is excellent and you can't get conventional finance)
Thank your for the response. My unemployment is temporary so seller financing or HML sound the most appealing. I have to do some homework on seller financing as I'm not really familiar with the specifics.
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