So to start off, I want to house hack and move out of my parents house into a duplex that's being sold in my neighborhood. It's listed at about $200k and I'm definitely thinking of doing FHA financing but I'm unsure of whether I'd qualify or not for the $200k loan even though I saved enough for the down payment and closing cost, since I only make $15k a year working part time and going to school.
Another question I have is this program called DPA which is the down payment assistant which basically gives you a second mortgage which pays for your down payment and closing cost up to $15k and I was wondering if I was to use that program would that help my odds of getting the property even more??
Also one unit rents for $950 and the unit I plan on living in will be my friend and I, who he will be paying $400.
Basically looking for advice on how to go about doing this since I only make 15k a year and honestly haven't heard of anyone making $15k a year buying there first property. So anything is appreciated. Thank you guys!!!
Hey there! I'm in the same boat in going for my first deal. The first thing I did was get a pre-approval done so I can see what I would even be given before looking for potential property. I would be pre-approved for about 280k and I make around 40k a year so I'm not sure what 15k would get you.
Having the money ready for down payment and closing costs is excellent and would be a point in your favor for sure.
Also, an option you can consider is having someone else be a co-borrower but in this case they would also have to follow the FHA rules I believe. (I would only see your friend who is going to live there anyway as an option but I don't know how you feel about that). You will probably get people saying that's a bad idea but I've read of cases where it worked out.
But definitely see what you would get approved for and go from there . All the best!