All Forum Posts by: Timothy Chi

Hi all! I need some help brainstorming some ways to finance my first house hack. I am hoping to put a 3.5% down for a small MFH or SFH. I don't currently own real estate.

The dilemma I have is that I work as a traveling physical therapist.  I receive a W2 for my work, however about 66% of my income consists of per diems. They are non taxed and don't show up on my tax returns (they are seen on my pay stubs though).  So to the eyes of a lender, I make $15/hr. That's my taxable income.  Thus I am getting pre-approved for very low amounts.  I have a car loan that will be paid off by the end of this year and student loans as well.  

I decided to transition to travel PT because of the overall higher pay and lower taxes.  My overall income is significantly higher than when I worked as a permanent therapist. However, it seems like this plan is backfiring on me as financing is appearing to be difficult.

Family co-signing isn't an option at this point. Can anyone help me brainstorm some other creative ways for financing?

Looking for recommendations on real estate agents in the Spokane and Olympia area.  I am looking to purchase my first house hack in these areas and appreciate any recommendations.  Couple things I value: someone who communicates well and is patient with someone as a first time buyer.

I plan to rent out everything except my 1 bedroom. I'd like a MFR and duplex is most likely. You?

Thanks Shain, How is the broker compensated?

I'm a traveling PT and am thinking about getting an FHA loan for a property in WA. The dilemma I have is this: could I still get an FHA if it becomes my primary residence yet I still travel for work?

I would have a room for myself, all my mail send there, drivers license would read that address, etc. I'd go home in between contracts. I know the FHA allows people to travel for work but I'll be gone for ~3 months at a time. I feel like this is a grey area. Thoughts?

@Sebi Ardelean

I've been thinking about doing something very similar. I'm a traveling PT and am thinking about getting an FHA loan for a property in WA. The dilemma I have is if I could still get an FHA if it becomes my primary residence yet I still travel for work. I would have a room for myself, all my mail send there, drivers license would read that address, etc. I'd go home in between contracts.

Do you have any thoughts on that? I'm going to post it to the general public to see other comments.

What's everyone's experience with dealing with a mortgage broker vs lender? Are there certain pros/cons between the two? It sounds like a broker has many connections and can thus make the process a little smoother, however I imagine since there's a "middle man" that it would be slightly more costly as well.  Thoughts?

Thanks in advance!

I've been introduced to one so far and have spoken to him.  I could always use more recommendations and I'm sure I'll hear more as the time gets closer!

My student loans are federal (5.85%) and private (3.75%). auto is 3.44%. I think you're right and that's why I'm hoping to purchase something next year b/c my outlook for my student loans right now is 5 years to pay off.

Thanks everyone for the advice. Initially, I had a 2 year period remaining on my auto loan. However since that makes up a good part of my DTI (34% of it), I decided to pay that down by this Dec/Jan. I just started a side gig with Instacart that'll help me net some extra cash that I'll put into my savings for a home. Essentially, I'm putting just a tad less into student loans for the time being until my auto is payed off. Then will reach out to an agent regarding a MFR.

Thanks again for the insight!