Low Down Payment Conflict

[Sean Buchner]

Hi, I am currently a college student and am looking to buy a 3-4 bed room home to live in next year (August- May) for my senior year, and rent out the other 2-3 rooms. Obviously August- May is only 10 months and I would spend most of January 8 hours away at home wih my family. Is there anyone from like the FHA that i could talk to in order to negotiate the 3.5% FHA loan, maybe change it to like 5-7% since i will won’t be in the home for the full 12 months? AND/OR Do you guys have any other ideas of low down payment options that would apply to me (either for full time students and/or someone living in the home for 10 months)? Thank you!

[Alvin Sylvain]

Originally posted by @Sean Buchner:

... Would take up most of my weekend for me to “check in” once a week for 2 months  ...

Oh, boo hoo!

(can you see me crying for your pain? no? just as well, coz I'm not)

You're young. 2 months must seem like FOREVER. I'm almost 65, and believe me, 2 months goes by in the blink of an eye. Snap your fingers ...  whoa! it's December already!

OK, so "check in" once every 2 weeks or 3 weeks. Three week-ends shot to hell, and you're done.

My point is, I'm assuming you've done your due diligence and have determined that you're getting Killer Deal on this property with help from the FHA. Pounce on it! If you are required to live there for 12 months, and it's only convenient to live there for 10 months, then inconveniently live there for 2 months. Problem solved.

Oh my god, TWO MONTHS! Oh the humanity!

And congratulations on getting the job in Civil Engineering! I know I won't have to tell you to double-check your numbers to be sure this (and future) investment is a good one. Numbers should be second nature to you by now.

Best of luck!