Live in VA, but need to buy a single family home in TX.

[Kenneth Kilgore]

I’m in a unique situation that, after research, I feel is a major road block to my goal of owning my first home.

Both my fiancé and I are originally from San Antonio, TX. We found an amazing home near downtown for $285,000. I have only $10k for a down payment. The kicker, I live in Virginia for the next year or so. This would require me to need to rent the property out for the time that I’m away until I can move in long-term.

My understanding is that our situation requires me to apply for an investment loan. Despite us having every intention of living in this home for many years to come, effectively raiding our children in it, a 20% down payment ($58k) is just out of the question.

Are there any options that we are not thinking of?!

[Mark H.]

Why not wait until next year to buy a house? Then you can get the owner occupied options?