New to the community/ FHA Help

[Mark Daoust]

This is my first post on this site. How Thrilling! Excited to be a part of this community.

I, like many others, have had to pivot during this difficult year. I went from making 6 figures to being unemployed in the last 5 months. This has given me the push I needed to pursue my real estate investing dream. I am moving from Los Angeles to Las Vegas next month. I had planned on buying a home with the FHA loan, but am unable to now that I am currently unemployed. I'll be looking for a job as soon as I get out to Vegas. I have enough capital to cover the down payment and take care of all necessary payments. I really don't want to sign a year lease while I could be making payments on my own home. Would love some help figuring out my situation. Thanks in advance for any advice given!

Best,

Mark Daoust

[Darren Klein]

Hi Mark,

It seems like once you get a new job, the banks are forgiving the gap in unemployment due to the COVID-19. (But I would double-check with a local loan officer.) I have a client that was furloughed for 3 months and once she got reinstated she qualified for an FHA mortgage.

If you think you can find a job quickly: What about a long term Airbnb?  I have a landlord friend that has one of his units rented out for the past 2 months.  He is charging a little more than a tenant with a yearly lease.  This might give you the flexibility you want/need. 

Good luck - Darren