I'm looking to do FHA 3.5% down on a duplex. Looking to House Hack, live in one unit, rent out the other. My only dilemma is I don't have any proof of income. I do however have close to $30,000 in savings, and am aiming at purchasing below market-value duplexes that I could fix up. That way I could raise the value of my property and charge a higher rent. I want positive cash flow.
How would I go about qualifying for this loan? My credit score is 667. Please help.
There are bank statement programs available that you may qualify for. I don’t have the guidelines in front of me right now but I personally know of two banks that I work with to get this. ￼