Minneapolis/ St.Paul House hacking

[Jimmie Perales]

Hello there BP world..... Im Jimmie and i reside in Los Angeles and want to move to St.Paul area to buy my 1st home. Want a duplex so i may start house hacking with my 1st investment.

I have family in St.Paul and am very familar with the area and winters😊.

I was also wondering how does it work as far as getting financed when we (family) live in California and when we move to Mn we will basically be unemployed. Im a custom finish carpenter so im not worried about work too much.

Thanks you all in advance for any info and or help !! 

[Tim Swierczek]

@Jimmie Perales Here are my answers in Bold

Im not sure as far as which loan type would be best. We would be 1st time home buyers. There are several good programs for first time home buyers, but the best program will depend on several factors including credit score, income level, property type, presence of student loans and the amount of their payments vs the loan balance, your down payment, your job type, your job history, your time on the new job.

Any estimate on how long i would have to be employed in Mn before possibly getting financed?  It depends on the loan type that you qualify for.  FHA is 30 days of paystubs which is typically 6-8 weeks on the job.  Conventional programs allow you to buy before you start work provided the offer letter you get from your employer meets the loan guidelines.

Ive been in contact with several employers in the St.Paul area that guarantee 40hr work week at with the salary of $30-38 an hour. I will do this until i am able to make connections and start doing my own thing.  This would be great, but see below for the issue.

As far as the last 2 yrs proof of income, ive been working under the table and was just hoping to use my wife as far proof of income . Reasonings for working under the table(for cash) was to be able to save for a down payment for a mf unit. It proved to be successful but now screwed at the same time. Damn if you do damn if you dont.  This is a big deal, you will not be abel to get an FHA loan without proving your job history for the past two years.  If your wife has a 2-year work history (or can prove she was in school) then we can use her income here in MN.

Was hoping a 20% down payment along with the same in the bank would help some. I have no idea on that though.  Down payment does not help income nor the need to have a stable income.  This will help your wife provided she qualifies without your income.  I would make sure that money is in a bank account that has her name on it.  If it's not in an account you need to deposit it as soon as possible.

Thanks for your input and any advice you may have for me !!