I have lump of cash, nothing else. Loan options?

[Tim Cooper]

Hello!

My GF and I are in the market for a potential house hack, 2-4 BR property in VA (ideally northern VA / woodbridge area) but we seem to have run into a problem....

I don't think we are going to get approved for any type of (conventional?) loans. We both work. I make ~$30k as a traveling leasing agent. A good portion of that is technically per diem and commission. It's worth noting that all of my living expenses are paid for. So no rent, no car note, no bills etc... She makes ~$35-40k but as a waitress so there's nothing verifiable. Both of us have been at our jobs for less than a year. My credit score is ~610 hers is ~700.

Together we can come up with a down payment of about $15k.

The question is what kind of financing should we be seeking? This is going to be our first purchase, and she plans on living in the property and renting the other rooms out. We are aiming for a purchase no more than ~$150k. I can probably get more than $15k down if needed.

We both live frugal enough and make enough money to be saving regularly, and know we can make mortgage payments no problem. We also already have one tenant that we trust (her current roommate) ready to move in whenever we acquire a property. So I know paying a loan off will not be an issue.

I've been doing research on BP trying to get a concrete answer but figured I'd just ask in my own topic.

Any responses are appreciated.

Thanks!

Tim