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Updated almost 5 years ago on . Most recent reply

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6
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Leo Day
1
Votes |
6
Posts

House Hack Loan when potentially moving

Leo Day
Posted

Hello, I am currently in the process of starting my real estate journey. I am looking to make my first purchase in the Philadelphia area. My plan is to house hack by living with friends and having them pay the rent so I can live for free. I am looking to put 3.5% down along with paying the PMI fees with the other expenses. With this low down payments I can pump a lot more of my savings into the rehab to eventually refinance in 6-18 months.

I am still currently employed working from home however, prior to Covid 19, I was currently in the market of switching jobs. Jobs locally in the Philadelphia area as well as Boston and New York. That is now currently put on hold. I know to qualify for the 3.5% down payment it must be owner occupied which would not be an option for me if I was to accept an offer in Boston or NY. I would have to move. Nothing is certain (especially with this crazy time) but I would like to know my options if I was to make an offer on a home in the next month. 

So essentially, my question is can I still get this loan in the next month if I was to accept a job offer in a different state within less then a year? Or what may happen if this goes into action, I get the loan, proceed with my house hack and suddenly I may have to move mid year? Please let me know! 

Thanks!

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