All Forum Posts by: Jimmie Perales

I am looking to house hack a mf unit here in the twin cities. Am hoping to find a good mortgage broker to help me get financed. I recently moved here and am looking to start my REI journey. (Perfect timimg huh lol )

Any leads, advice and or help would be greatly appreciated !!

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Originally posted by @Tim Swierczek:

@Jimmie Perales a lender will need you to have a stable income that you can generate while in Minnesota. So your current employer will not work for this unless you can work from home or transfer your job to MN. The loan type and stability of income will determine how long you must be on the job to qualify.

Basically the best income for a quick purchase is salary, but hourly with 40 hours guaranteed is also great. It's not likely you will be able to use any OT, bonus, or commission income. Another issue is if you are paid as a contractor or 1099. Those income types are treated like self-employed and usually will require 2 years of history to qualify. All of these are rough guidelines so your situation could vary.

Im not sure as far as which loan type would be best. We would be 1st time home buyers.

Any estimant on how long i would have to be employed in Mn before possibly getting financed ?

Ive been in contact with several employers in the St.Paul area that guarantee 40hr work week at with the salary of $30-38 an hour. I will do this until i am able to make connections and start doing my own thing.

As far as the last 2 yrs proof of income, ive been working under the table and was just hoping to use my wife as far proof of income . Reasonings for working under the table(for cash) was to be able to save for a down payment for a mf unit. It proved to be successful but now screwed at the same time. Damn if you do damn if you dont.

Was hoping a 20% down payment along with the same in the bank would help some. I have no idea on that though.

Thanks for your input and any advice you may have for me !!

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Originally posted by @Derek Johnson:

I dont think you can get financing without employment.

We are very much employed here in Ca.... I just dont know how it work for out of towners buying a house.

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Hello there BP world..... Im Jimmie and i reside in Los Angeles and want to move to St.Paul area to buy my 1st home. Want a duplex so i may start house hacking with my 1st investment.

I have family in St.Paul and am very familar with the area and winters😊.

I was also wondering how does it work as far as getting financed when we (family) live in California and when we move to Mn we will basically be unemployed. Im a custom finish carpenter so im not worried about work too much.

Thanks you all in advance for any info and or help !!

2 Votes

All Forum Posts by: Jimmie Perales

Jimmie Perales has started 2 posts and replied 4 times.

Post: Mortgage Broker needed in St.Paul / Minneapolis

Post: Minneapolis/ St.Paul House hacking

Post: Minneapolis/ St.Paul House hacking

Post: Minneapolis/ St.Paul House hacking