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House Hacking

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Shivani Kumar
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Would a bank approve a loan for this circumstance?

Shivani Kumar
Posted Aug 13 2022, 13:10

If i were to move to another state and try to purchase a duplex that i would use as a primary residence, would a bank approve even if i only have the down payment and 6 months cash reserves? No job in place yet. 

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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
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Sergey A. Petrov
  • Real Estate Consultant
  • Seattle, WA
Replied Aug 13 2022, 13:47

Try checking with a bank/lender. Getting preapproved is step 1 

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Lorenzo Prieto
  • Lender
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Replied Aug 13 2022, 14:30

Although you have down payment and reserves conventional lenders will need to see the ability to repay the loan. Most times we can move forward with a preapproval letter if you have at least a job offer letter and will have one set of paystubs before closing date. Will you be finding a job in the same line of work? Feel free to reach out directly if you have specific questions.

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Christian Ehlers
  • Real Estate Agent
  • NH & MA
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Christian Ehlers
  • Real Estate Agent
  • NH & MA
Replied Aug 15 2022, 07:30

I'd agree with @Lorenzo Prieto here. If you can get an offer letter showing how much you will be making once you move that is usually enough to get you moving forward, but to only have a down payment I don't know of any conventional lenders that would be able to get a loan approved that way. 

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Katherine Serrell
  • Investor
  • Raleigh
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Katherine Serrell
  • Investor
  • Raleigh
Replied Aug 15 2022, 10:51

Hi Shivani! I have househacked without having a job before and got my loan to go through underwriting just fine. Happy to connect and share what worked for me

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Shivani Kumar
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Shivani Kumar
Replied Aug 15 2022, 16:38
Quote from @Lorenzo Prieto:

Although you have down payment and reserves conventional lenders will need to see the ability to repay the loan. Most times we can move forward with a preapproval letter if you have at least a job offer letter and will have one set of paystubs before closing date. Will you be finding a job in the same line of work? Feel free to reach out directly if you have specific questions.


 This was super helpful! I will actually be able to stay in the same line of work and definitely would because it helps with approval.  

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Shivani Kumar
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Shivani Kumar
Replied Aug 15 2022, 16:40
Quote from @Katherine Serrell:

Hi Shivani! I have househacked without having a job before and got my loan to go through underwriting just fine. Happy to connect and share what worked for me


 I would love to connect and learn more!

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Kimothy Bynum
  • Real Estate Agent
  • Detroit
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Kimothy Bynum
  • Real Estate Agent
  • Detroit
Replied Aug 15 2022, 17:47

If you could possibly show a offer letter or something then I would think so.