FHA financing for a house hack in Jacksonville FL

[Brett Nissen]

Hi BP,

I am a PT agent and newbie investor in Jacksonville, Florida trying to purchase my first duplex to house hack. I took a 10 month sabbatical to travel the world and recently returned back to FT/W-2 work in April 2018 (same industry). I am trying to purchase an owner occupied duplex to house hack, but am having some financing issues to make this deal happen. I personally have about 20k cash (7%) to put into the deal.

Here is the situation:

- FHA - would only require 3.5% down and could use rental income to qualify for purchase, but FHA requires 6 months of continuous employment AT THE SAME EMPLOYER and I am only at about 2 months.

- Conventional - requires 15% down (aka I am $25k short) and "may" be able to use rental income to qualify

Looking for some creative options on this one. Some ideas I have thought of, but have limited experience/knowledge with are: delay closing until I have 6 months employment, option contract, seller financing, rent from owner until 6 months requirement, loan from family (trying to avoid).

Thanks BP family!

Brett N