All Forum Posts by: Jason Wright

@Christopher Phillips - Thank you so much for your encouraging reply. Luckily the time frame works out that I won't be needing to give notice until after we close.

Hello Bigger Pockets,

Here are the details -

I have been presented with a new job opportunity. The new job is in the same field/category as the job I am currently working in. The salary is exactly the same as the job I am currently working in, but the job itself is a way better opportunity that will provide much more room for growth. They provide better benefits and better perks. I really want to accept this new job offer, but here is the catch.

I have a tentative closing date on my first home purchase (FHA, owner-occupied home) of Oct. 17th. - The new job wants me to start on November 1st. How does this play into my home purchase? What would happen if I switched jobs after I closed on my house and we have been living in it for a couple weeks? Is there any chance of repercussion from my lender? Would I need to wait until we closed and I moved into the house to give my 2-weeks notice to my current employer?

Sorry for all of the questions, but I am trying to decide if making the job switch is the best decision for me at this current stage of home buying.

Thank you in advance for your advice, this is stressing me out!

- Jason 

Hello Bigger Pockets!

So, recently I was prequalified for (x) amount of dollars through a mortgage broker - it is solely based off of my debt-to-income, but I am using "gifted funds" from my fiancee for part of my downpayment/closing costs. Her DTI is fairly high, so having her co-sign on the loan did not help us gain more purchase power. She will be living in the house with me and helping to pay the mortgage every month. Is there a way to show that she is technically "paying rent" so I can qualify for a high mortgage amount?

Any insights, advice, and recommendations are welcome!

Thank you,

Jason 

@Mark H. Thank you for your reply, Mark! I went from being the Marketing Manager for an Organic Farm to the Senior Marketing Coordinator for a Consulting Company - I think/hope those are close enough to be able to say they are in the field. 

@Bryan Devitt That is good information - I am waiting for the 6 month mark with this new job before getting my pre-approval letter. I am planning on house-hacking with the 3.5% down - so thank you for the information! I did a little more research and it seems that going with the 3.5% is my best option. My only motivation to put down more was to get out of paying MIP - but apparently even if you put down 10% you will still have to pay MIP for 11 years on an FHA 203(k) loan. Furthermore, do lenders take into consideration the potential income from the home when you are applying?

Thank you

- Jason 

@Harjeet Bhatti and @Mike McKeown Thank you both for your replies!

I have been out of school for a while now, but I have zero gaps in my employment history - but they have been with different jobs. 

Hello BP!

So, here's the set up - I recently scored a new job and my ideal situation is to start shopping for investment (multifamily) homes in the next 6-8 months. Therefore, I will have only about 6-8 months of employment history with this new job under my belt. Am I crazy to think I can get a FHA 203(k) loan or any other conventional loan for that matter with such a short employment history?

I was trying to consider some factors that may come into play - from what I understand you can put as little as ~3.5% down under an FHA loan - will it be more beneficial for me to put "more skin in the game" with the largest possible down payment I can make (say, closer to 10-15%)? Or would it look better to have the minimum down payment and show that I have a fair amount of savings (about 6 months of mortgage payments saved up)?

I'm looking for modest homes - under $150k - I have "good" credit - and only a small amount of monthly debts. 

Any advice for this rookie?

Thanks so much!

- Jason 

@Joshua Fulenwider 

Hey Joshua, thank you for the reply! I appreciate the honest truths, I know it will be an uphill battle. It was especially beneficial to hear about the unlikeliness that a lender will loan any money based on the potential rental income - I have been very curious about that aspect of the loan process. I'll keep shopping around and asking questions, thanks again!

@James Mc Ree - that is a good point! Thank you!

@John Newsom - It is a 1980's unit and it is in a park, the lot fee is around $500 a month. Thank you for the tip about the metal roof! I am hoping to fix the problem myself, so I will look into those.

@Edward B. 

That's fair! 

I do know that it is not an outhouse - so, I guess I'm starting off on the right foot.

Thanks!

Hello all!

An opportunity has come across my path to purchase a manufactured home for fairly (really) cheap - I also happen to be needing a new living situation soon. I haven't seen the home yet - but it is already known that there is a leaky roof, old kitchen appliances, and some needing to be replaced carpeting.  

If I were to purchase this type of property with the intention to live in the home and rehab it over a period of 4-6 months - and then sell for a much higher price - that it would be a decent first investment and also a way to learn how to rehab a property on an extremely small scale? 

Thank you for your input!