Creative way to purchase a house hack for a student?

2 Replies

Hi all,

I scoured the forums for a post like this, but I didn't seem to find one. I am a 1st year MBA student in the upstate NY area and I am currently researching FHA loans and other creative ways to purchase a house to "house-hack" with my fiancee' and move out from my current living situation. While I am in school she is an elementary school teacher, but has only been so for 4 or 5 months now. Currently, we would be able to finance a down payment with an FHA loan, however, we have not had steady income jobs for the past 2 years which I believe is required for most FHA loans.

I am wondering if anyone else has been in my situation, and if there anything specific you did to finance a house hack or different type of housing situation shortly after being a student. Unless the house came at a super cheap deal we probably wouldn't have the money to put down for a conventional mortgage. My living situation isn't unbearable at the moment, but it certainly isn't ideal. I would like to not only move out, but try to learn how to be a successful real estate investor by owning a "house-hack." Any suggestions or help would be greatly appreciated!

Nate Monson

Look at the HUD good neighbor next door program. There are discounts for teachers.

Teachers

You may participate in the Good Neighbor Next Door program as a Teacher if you are employed as a full-time teacher by a state-accredited public school or private school that provides direct services to students in grades pre-kindergarten through 12. In addition, the public or private school where you are employed as a teacher must serve students from the area where the home you are purchasing is located in the normal course of business.

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