I’m a sophomore at IU Bloomington and I am in looking to buy a house in order to house hack. The problem is I’m not sure what option might be best for me to finance the deal. I was looking at fha and I would have a co-signer with me for it. I know they have a lot of regulations as to what the property has to pass and condition it has to be in order to purchase. I was wondering if I could get some other creative ways to obtain a house though at my age? Any help is much appreciated!
Dustin, I think that is a great idea. I think the FHA makes sense but there are alot of banks out there that have decent conventional products some taking a 2nd mortgage to help cover a downpayment without needing pmi. I would call around especially local bloomington banks and see what they can offer. Another option is if you run across a unit that has equity in it don't be afraid to ask and see if the will do seller financing or possibly take a 2nd to help cover your down payment.
I never even thought about taking a 2nd mortgage out I’ll definitely take a look at that and talk to some banks in the area! Also I’m not quite sure if I understood what you meant after you said take a 2nd to see if they’ll help cover on your down payment. I’ve done a little bit of research and thought that seller financing could be an option, but I’m not quite sure if I completely understand it. Could you elaborate a little bit thanks so much for the ideas though means a lot!