Loans, Hacking and Advice for a Newbie

[Sal Montefiori]

Hello,

I am new to the BP community and REI, this is my first post! I'm looking to jump into the industry through house hacking within 3-6 months. I've spoken with lenders and a few real estate agents and have a pretty good grasp of what I'm looking for. I do however have a major issue and I'm looking for advice and different perspectives to get around this.

I plan on using a traditional FHA loan to buy my duplex. However, my girlfriend/soon to be fiancé, and I are backpacking Europe for 5 weeks in May and the company I work for 3 years is not totally on board. Based on a few conversations with management there is a chance they grant me a leave of absence but it's looking slim. Regardless, based on time and opportunity and a strong desire to do this trip now is when we can do it which means I may no longer be employed, at least with my current employer.

I'm assuming my unemployed status is going to create barriers for me getting this FHA loan. If I were to find another job before getting the boot at my current job will I have difficulty getting the loan? I know the lenders have asked if I've been employed for more than 2 years so I fear this will be a problem. The other option I've thought of is for my girlfriend to purchase the house, I would gift her the down payment. I understand the personal risk in that option but curious to get others feedback on it. She is going to be keeping her job but has only worked for her company for 8 months in a specialized program.

Being a newbie I know I have a very narrow list of options listed. What other options are out there I should explore? What are your thoughts on loan barriers without consistent or new employment? And feedback on my girlfriend, soon to be fiancé (this year) buying the house? 

It’s important to me to buy this place before July for multiple future planning purposes. Please do not give feedback saying don’t go on the trip. Though logical and fair advice, the trip is happening. I know there is an option out there to do the trip and buy a house, and get another 8-5. I’m a very hard worker and not afraid to do what it takes to make this happen.  All feedback is appreciated including if you think I'm crazy, I will not be offended! lol

Thank you for your time,

Sal