First time home buyer w/ questions on FHA financing for Househack

1 Reply

Hello BP community:

I'm considering purchasing my first property, hopefully in the next 3 months. I'm considering going with an FHA loan and house hacking this property. What I'm looking to get is a 4-plex around 200-300k. I had a question I wanted to ask regarding FHA financing, and that is:

1. Can I get FHA financing if I don't have a full-time job?

Right now, the only debt I have are Student loan debt, that don't kick in till beginning of 2021. I also pay $400/month for rent plus another roughly $100 a month in utilities. However, my rent will disappear as I will be moving back to live with my parents while I try to look for my own property. No credit card debt or payments of any sort. My bills amount to $250 a month.

In terms of income, I am currently unemployed; but previously was working at a banquet restaurant. I also own a few online stores that make me roughly 20k a year.

My credit score is in the mid 700s which i believe is good enough for an FHA financing. My only concern was that I might not get qualified due to the not having a w-2 job.

Do you guys think that I could get approved for FHA lending?

@Sam Khoshnavaz

Hi Sam, I prequalify for First time buyers all the time. You are going to need steady income, your websites will work, However, we need to have enough income for your debt to income ratio to be in the right area. Preferably 50% or under. W2 income isn’t needed, any type of job works we just qualify it differently. If you want more info feel free to message me.