I desire house hacking but I have 1 issue in my way

[Greg Phillips]

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! 

[Chris May]

My two cents: never get emotionally attached to an investment. I've been where you are... desperately wanting a house hacking property because it seemed perfect. After about the 10th time falling in love with a potential investment, I realized houses come on the market every day and in hindsight some of the ones I thought were great actually weren't.

Use the extra six months to save up some more money, and if this one's still on the market then you can pounce. If not, 10 more will be there waiting for you when you're ready.

Good luck!