following up on my previous posts- i am looking to find a new mortgage lender. it seems everyone tells me that i cant find anything considering the amount of money I have saved for my first house, which i will be house hacking ( I have about 13,000 saved up). it frustrates me because ive read countless stories of people getting started with less that what i have currently.
My mortgage broker that i am working with is very unresponsive, and doesnt seem to be putting much effort into working with me. he claims to have worked with investors, however he keeps pushing me away from house hacking because ( you cant claim that income on taxes).
In short, i am looking for a local broker who actually has experience in working with investors!
It all depends on the price point that you are looking at. $13k may be enough if you are going FHA and asking the seller to pay money towards your closing costs. If you go through the pre-approval process the lender can tell you what price you can go up to based on you DTI's, income and cash for closing.
@Brandon Ribeiro so purchase and closing costs for 13k total out of pocket (no including required reserves puts you around the following:
With 0% Seller assist - Ballpark 100k purchase price
With full FHA allowable 6% Seller assist - Sky is the limit basically, you'd run into the FHA max loan limit before hitting 13k out of pocket
Keep in mind Philly has higher transfer tax then the surrounding counties, which does eat into your closing costs more.
So Seller assist is really going to be your friend here. Your mortgage broker sounds like he has no clue. You can and should claim rental income while househacking. Message me and I'll connect you with my lender(s).