Owner Occupied while Relocating?

[Marissa Nestor]

Hello!

This is my first post, and I am in the process of finding a lender for my first home purchase. Originally, I was looking for a "house-hacking" situation with either a small home + attached living space (basement apartment, etc), or renting out rooms in a home I own and occupy. 

A couple of issues I have ran into... I only have enough reserves for 97 conventional or FHA downpayment. The area I currently live/work in has absolutely no opportunity for a home in my price range. I live in Big Sky, MT and, per realtor.com "The median list price of homes in Big Sky, MT was $2.2M in August 2021, trending up 11.5% year-over-year.". The closest other towns are almost an hour away, and prices are steadily increasing out of my price range there as well. Due to this, I have began looking in nearby towns/counties. My preferred area is more north, about 3 hours away from where I am currently working. This means I'd live part time in Big Sky with my partner for awhile until finding a comparable job in that area. My original plan was to live in the home on days off, and any days that I could work remote, while finding a new job in the area.

I spoke with a lender who said that due to my work not being full-time where I choose to buy, it would be hard to get anything under 10% down payment. I don't want to quit my current job, and find one in the other town, just to be denied a loan due to unsteady work history. I have been in my current job/role for a year.

Do I need to go back to the drawing board, keep a steady job in a market I want to buy in, and wait to purchase in a year or so? I'd like to start my real estate journey sooner rather than later, and in a place where I can be hopeful to land a home in, but should I also consider I may need a few more years of saving? Meanwhile, I am looking into any other creative options.

As always, thanks for any advice or input!