Updated about 12 years ago on . Most recent reply
FHA loan
Alright BP I need your help. So it seems that to acquire an FHA loan for my first investment property I need a job with a steady income but I'm in the process of getting my real estate license. So my question is if I'm a real estate salesperson and work for a company would that qualify me enough to receive that loan? All input is greatly appreciated
Most Popular Reply
If you want to purchase a SFH or MFH 4 units or less using an FHA OO loan you must be able to show two years income tax and I believe have a 620 and above credit score. (talk to a local bank)
My suggestion would be to get your license, find a broker you fit well with and can get help and guidance along the way and then work for two years and buy your house FHA with the 3.5% down. I think that while you get more sales you will also have had the chance to see the market extensively and can know what a good deal is or isn't.
Disclaimer: I am not an real estate agent :)