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House Hacking

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House Hacking from Undergrad to Graduate - Is it Possible?

Joseph Cammarata
Posted Aug 23 2022, 08:34

I'm about to go into my senior year of undergrad, and I'm going into a graduate school nearby next year. I'd love to be able to househack instead of continuing to pay rent. 

One thing I'm deliberating about is financing. I do have some debt from my years in undergrad (around the same amount as a down payment on a house). I will most likely get those loans deferred while I'm in graduate school. I work 2-3 jobs throughout the school year. Have a good chunk of money saved up for a down payment.

What steps could I take to make this possible in my situation? Will banks/portfolio lenders be open to financing a student? Or will I have to wait until I've secured my full time job and paid down some debt to get started when I'm 25? Let me know what you guys think.

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William Sing
  • Real Estate Agent
  • Portland, OR
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William Sing
  • Real Estate Agent
  • Portland, OR
Replied Aug 31 2022, 08:57

Hey Joseph! Congrats on saving up a down payment. I would talk to a few banks first and see what can be done. One of the major issues you will have is getting the DTI to work out. A way around this would to get a cosigner. This is something that will provide a lot of financial security for the bank.

If you do bring on a cosigner, I'd just make sure to educate them on what you are planning to do and talk to an attorney about drawing up an operating agreement. This will make things more up transparent. 

If you live there as well and rent out the rooms you can probably make it cashflow or get pretty close to having everyone pay a majority of your mortgage payment. 

Hope this helps!