My name is J.W. Whitehorn and I am looking to acquire my first investment property. My wife and I plan to move to St. Louis this year and want to buy a duplex to live in one side and rent out the other. From my research it looks like a FHA loan might be the best way to finance it but I'm not sure. My wife just graduated Iowa Law School and will start her job in St. Louis at the end of October and I will be a full time seminary student at that point. Our concern is since we do not currently have jobs that it may be difficult to acquire an FHA loan. We would like to start the process this month of finding the potential duplex and eventually move in beforehand October. If anyone can provide any advice based on our situation it would be greatly appreciated. We also will have the savings it would take for a down payment on the FHA loan. Thank you
I'm not a loan officer. However, I know that they will be looking at current funds available (down payment), employment, credit history, etc...
Truly the only way to find out is to contact a loan officer. You should be able to verbally give them information and they can give you an idea of what loan programs you qualify for and if you would be best to consider the co-signer option. The co-signer option might be needed in order to boost all of those factors that I mentioned above.
If you need a recommendation for a loan officer, let me know. I know several that I think do an awesome job and are great communicators
I really appreciate the advice and I will take you up on the offer for a recommended loan officer. Thank you.
Look up @Chet Hileman with F&B Financial. His team is great to work with and they can definitely help you figure out your options and work with you on how to get approved if you're not there yet.
Thanks for the mention! I'm happy to help out, or at least provide you with information. Feel free to contact me with any questions. I live in the city and work in and around investments/multi-families on a daily basis. Thank you!
@Joshua Whitehorn I know you're not here yet but welcome to the STL! Very happy to have you. I'm in a similar place in my investment career - looking to acquire my first investment. I'm also looking to "house hack" with a FHA loan though I've got a family with 3 boys... so we're looking for more space than most duplexes would afford... we need more like a 3+ BR SF home...
For your FHA specifically... have you checked out the 203K loan? These are also FHA insured... but (this is gold for investors like us) you are able to finance the rehab costs of the project within the loan itself. There are restrictions in that you need to work with a licensed general contractor to bid the job... and some other hoops but it could be well worth the investment.
Here's the HUD link for 203Ks
I'm interested in connecting with other investors in the area so feel free to reach out with any area questions... Maybe I can buy ya a beer when you get into town.