First property looking to house hack

[Dallas Hoover]

Good evening, everyone. 

My name is Dallas, looking to acquire a duplex or triplex for my first property to house hack.  Using Fha of course, what are some problems a 19 year old would run into? I'm 6 -8 months looking in the dfw area like Dallas or Royse city area Tx. How much do is enough for the down payment cause I know it might not be 3.5% down.  Is the market In a good place right now or it is in shambles?

[Derek Brickley]

Hey Dallas! Note that FHA can be a great option at 3.5% down but don't rule out the 5% down conventional option either. Both have pros and cons (my first househack in 2023 was with the conventional one). It's so hard to say generally what problems might come up, but the first that comes to my mind is work history - do you have 6 months on the job and a 2 year work/school history? FHA will be looking for that. FHA does have the benefit of max seller concessions being 6% so if your realtor can negotiate for that it can really minimize your cash outlay. Conventional at 5% down would cap you at 3% concessions, but generally is more lenient with employment history and property condition. Note too with conventional - are you renting currently? That will play a factor for qualifying.