House Hacking/ Financing 20 year old
Hey this is my first post so hello everyone lol I'm from Memphis and am wondering what are my possible financing opinions since I'm in school and have little to no credit. I am very interested in house hacking and am wondering is it even possible for me to get the FHA loan in order to get the 3.5% down payment assuming i find a duplex or triplex thats affordable, or would a typical bank loan used to invest in a single family house be a better option?
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You will need a couple months of paystubs, nothing bad on your credit report, and probably at least 1 revolving account in order to qualify for a mortgage. There's lots of cheap real estate around Memphis and I wouldn't say a duplex or triplex is necessarily any more lucrative than a SFH but an FHA loan should allow you to get up to a quad. Talk to a few local credit unions and national mortgage lenders and you will probably be able to find an option for no money down.
The best deals will be on property that needs a little work in order to qualify for an FHA.