Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 6 years ago,
I desire house hacking but I have 1 issue in my way
Hi, I don't post here a lot but I know this is the best place to seek advice, so here goes
I have my eye on a property in the town that I live in and it's a duplex thats been on the market for about a year. The tax assessor value says it's worth right under 200k. The asking price currently is 170k and it has been slightly updated and is in fairly good condition so I know I could get into the property with equity at least I think. Anyways I feel it would be perfect to house hack and Im praying it stays on the market until I'm able to get the financing.
The financing is my issue.
I have good enough income and hardly any debt. I know I would qualify and be able to use an FHA loan. I've been basically approved by a lender that I've spoken with its just I have a Bankruptcy on my credit report. I'm only half a year from the seasoning period of two years. I've reestablished good credit and I have a stay at home spouse so her credit isn't good enough - no income.
Im pretty sure my only option is to wait and I'm okay with that just the fact that I might miss out on this deal is why I'm seeking some advice.
Are there any creative ways we could get into this house hack or are we stuck waiting?
Thanks in advance, much appreciated! God bless!