Getting A loan approved for House Hacking

[Kyle Inbody]

Hello Everybody,

Let me start with I know I need to seek professional advice and I know any comments made here are just the opinion of others, but in this community I value the input of

others greatly.

So myself and my fiancé have been discussing house hacking and building a real estate career for over a year now. I am in my final Semester of college and my internship will come to an end Oct. 1st then we will move back to the place we want to live an build our lives. All goes according to plan my fiancé will have a real estate license by the end of October and I will start my next full time job on Oct, 8th.

I am concerned about my eligibility to obtain a loan and would like to know if anybody has advice on how they would go about tweaking numbers by paying down debt and lowering the down payment to lower the Debt to income ratio to get approved or if they think I sound like I’m in a sound position.

I have about $14,000 in cash, and a car valued at $7,500 as an asset. I have 1 student loan at $7,500 and owe $3,500 on the car. My credit card only charges my Netflix and is paid off in full to maintain 3 lines of credit. My FICO score is 762. Each month the 2 of us have at least 1,500-2,500 excess cash. We could build a bigger down payment / pay down more debt by living with our parents longer but I’m afraid that I may have to use my Full time student status to fulfill the “work” history and I graduate in December.

We would like this to be only in my name so she can use a first time home buyer program in the future and her credit score is a 645. She also adds $6,000 to the debit equation and not much income.

I was thinking about a $10,000 down payment and closing cost which would be above the 3.75% if I was approved for a first time home buyer. Most multi families that have the best returns (only considering anything that will cash flow $100+ positive/month on a 15 year fixed rate while still living in1 unit after all expenses ) are anywhere for 80,000 to 180,000.

My biggest concern is I have had 3 jobs in the last year not making a whole lot (about 20,000-30,000) and with the upcoming job changes I don't think the bank will like that. I already have a job lined up that starts around $35,000 / year and plan on incorporating an LLC and reporting income from side hustles I run through it, hopefully another 10,000 plus but that not until next year after graduation.

So in the banks eyes I have….

Credit score: apx 760

Income: apx 25,000

Debit: 11,000

No steady work history, (unless some lenders consider my full time student ship)

Thank you for any advice!