Out of state investing question
Hello everyone, I hope everyone is having an amazing week!
My wife and I live in Florida, she will soon be moving to Richmond Virginia to study. She'll be spending 4 years there and then come back. We do not own any real estate right now. I think it would be much better for us two to buy a house in the place where she's going to study (she would use one room) rent out the other bedrooms than paying $750 herself for something she doesn't own, (I've ran the numbers and she will be living rent free if we manage to purchase a house there). My question is, how do we make this happen? I currently make around 40k in 1099, this is going going be my second year declaring this much and un thus way so I think I will now be able to qualify for some mortgage, but how exactly will this need to be done? Should we purchase the house before she actually goes while she still has an income from her job (she's had the same job for over 4 years). Or we have to purchase the house as an investment?
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If you don't currently own a home it can be considered a primary residence. 4 years is a long time, and life changes. Meaning you could end up there and consider it home longer than expected. There is no reason to not take advantage of lower rates and down payment. As far as qualifying goes you will most likely need both incomes to qualify. FHA or a 3% down conventional loan would be a good choice. You might want to take a look at my WISH program for down payment assistance as well. Its a 22k forgivable grant after 5 years.