First time home buyers grants? What should I do

[Rolando De la Cruz]

Hello, BP community!

Here's my situation, I was going to start a position as a project engineer this upcoming Monday with an annual salary of $72,000. With that income and currently no debt I was able to get pre-approved for properties in the 300k mark. Two weeks ago I was offered the opportunity to play professional baseball for the Los Angeles Angels so I decided to pursue that because it has been a dream of mine. With baseball, you start making money once you reach the big leagues, in the minor leagues, every player's salary ranges from 34k to 39k. That decreases the amount of money I would be approved by a lender to purchase a property. The price of the properties I intend to house hack in my college town located in Abilene Texas near Fort Worth ranges from 150k to 200k. For properties in that range, my monthly payment will be more than 40 percent of my monthly income but I should still be able to pay for that by renting the other rooms. I am expecting a cash flow between $1200 and $1500. I will only live in one of the units 4 out of the 12 months of the year because the other 8 months I will be with the Angels organization, during that period they provide a place for me to live and also food, so during those 8 months I would have more money I could save up and use in my house hack. I have 5k saved up and I know I would need around 12k if I do 3.5% down with an FHA loan. My question here would be if lenders would be willing to go when my mortgage payments would use a little bit over 40% of my monthly income. If not what would be some other options? I also want to purchase the property by the end of the year and was wondering if there are some grants that would help me with down payment assistance and if it would be recommended in my situation.