First Time Investor - In seek of guidance

[Kenya Glenn]

Aloha, 

I'm a soon-to-be graduate student at the University of Michigan planning to house hack while I'm there. 

I'm in the process of reaching out to lenders in the area trying to get the best advice for my situation (student/limited pay stubs/ good credit). 

My main question is how do people house hack with little to no money down, and is it possible for me to apply for a loan without having a stable income or W-2s , but a stable co-signer like a family member who supports my vision. 

On top of that, what should I look out for? What should I know? Any recommendations on who to call? I'm open to all suggestions, advice, and recommendations. 

Thank you all for your support and help 🤙🏾.

[Erik Estrada]

Hi Kenya, 

Congrats on accomplishing a huge milestone in your career! 

The good news is that many Conv/FHA lenders will be able to use your most recent paystub and job offer letter in place of your work experience, if you have a degree somewhat related to that field.

Income is very important when qualifying for a traditional loan, so I would recommend securing a stable job first if you choose to go that route. While no downpayment options do exist for first time home buyers, it is not completely a no down option. You should still factor in closing costs and 6 months mortgage payment reserves. 

You should also consider the conforming loan limits and FHA guidelines on using proposed rental income to qualify for the loan. Depending on your area, it may be difficult to buy a multi family without putting any money down.