House Hacking as a New Grad
Hey everyone,
I'm a senior in college right now (22 years old) and I'm interested in starting my investment journey in Maryland (PG or AA County area) with a house hack. I'm planning to start working full time in January and was planning to invest around June, and I'm wondering if I would be disqualified from an FHA loan due to not having 2+ years of income.
Also, I'd be open to other financing recommendations that might fit my profile better.
Most Popular Reply
So why do an FHA loan? Unless you put down more than 10% - congrats you're stuck with PMI for the life of the loan. FHA is one of the biggest crocks out there
Look for a first time home buyer program - I owned 4 rentals before buying my primary and I put 5% down on my primary. Find the right lender who can do 3-5% down for you. There's many of them that can do it no problem - "first time home buyer program"
As far as getting qualified and approved - going to depend on your credit, W2, downpayment and lender. Get to know some lenders - lots of them. Find out what they can do to help you. Find out what you need to do to get qualified and approved.
There are many different loan types out there as well - if one doesn't work, another may. Learn about them. Ask the lenders about them and help them decide which would work best for you.
Create a spreadsheet and run some numbers - get comfortable with it and make sure the numbers work. Both with you living there and with all units rented out (you will inevitably move out at some point and you want to ensure it will still work at that point)