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Updated almost 8 years ago on . Most recent reply

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310
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34
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Precious Thompson
  • Real Estate Agent
  • Philadelphia, PA
34
Votes |
310
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Advice for applying FHA loan with credit no debt average income

Precious Thompson
  • Real Estate Agent
  • Philadelphia, PA
Posted

I plan on applying for a FHA loan in March ,2018 which will make 2 years verified w2 income working full time, i have over a 700 credit score and an income of about 1,700 a month no debt(i also plan to get another part-time job to help increase my monthly income). Any advice for applying and my chances of getting approved? In search of a duplex property as my first rental property; Emergency funds will be set aside as well (6 months rent).

Most Popular Reply

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472
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257
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Michael Cohen
  • Investor
  • Towson, MD
257
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472
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Michael Cohen
  • Investor
  • Towson, MD
Replied

You're welcome. Unfortunately, the part-time income would not be allowed as qualifying income under FHA guidelines. FHA requires the borrower to have two years of an interrupted history of a secondary part-time job.

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