House Hacking in Buffalo NY

[Sean Buchner]

My name is Sean Buchner i am a civil engineering student at University at Buffalo . I am a senior but may be staying another year to get my graduate degree. I am looking to house hack and know some class mates who would live with me. I want to get an FHA loan but I do not have steady income at the moment. Is it possible to get a FHA loan under my name and then have a cosigner to qualify even if they do not live in the house? Also does anyone know any good members of the core 4 in the buffalo area and care to share?!

Best,

Sean Buchner

[Kyle A.]

Sean - Good idea but personally I don't think you have to rush into it. I would recommend finishing college and getting a steady job before you put down roots. If you are a senior you are really limiting your career options if you are only looking for employment in Buffalo. There are not a lot of jobs here and you might get a great offer elsewhere.

Also, are you going to have $1000 set aside for when the hot water tank goes bad? $20k for a roof? Houses in Buffalo are old, like 1900's old. Things happen. If you have a job lined up or your family has money then maybe it's different, not everyone is in the same situation as I was at 21 wondering if I should spend money on food or filling up my gas tank! I think you are so close to graduating that you might as well wait a year or two and see where life takes you. There's a chance that you will be house hacking in a swanky condo by a beach somewhere instead of freezing in an old house with no insulation!

But yes, as soon as you have a stable career in a place you expect to be in for some time then definitely house hack! In the meantime your buddies could split the rent on a 3 bed apt for $350 each so it's super affordable and you don't have to worry about a mortgage tying you down until you are financially ready to take on that burden and everything that comes with it.