Updated almost 10 years ago on . Most recent reply
Qualifying for an FHA Loan: College Income Level
Will I be approved for an FHA loan with my current "income"?
The following would be what I consider to be my channels of annual income:
- Mentor position ($4,000)
- Grants for school
- Future income from tenants living with me
My issue is that I technically can not state that I have a job. For my mentor position I am paid through a scholarship prior to the start of each semester. I do not file a W-2 or any paper work like a normal job requires.
To my knowledge FHA recognizes government grants as a form of income. I am not sure about scholarships and income from future tenants.
I look forward to any advice!
Most Popular Reply
You cant use boarder income from roommates in most cases (some but not your cases).
You can use proposed rental income if you're buying multiple units like a fourplex, live in one rent the others out, along with bringing in a non occupant coborrower into the loan scenario could help you qualify like a parent or relative.
Right now you're considered as $0 income unless you can document the grant income is likely to continue for 3+ years or is a normal salary/job it sounds like some temporary while you're in school type of subsidy (if subsidy you can't use it).