Getting preapproved

[Tyler Goulden]

How hard is it to get approved for an FHA loan or a 203K loan with a very low income?

[Chris Mason]

Originally posted by @Tyler Goulden:

@Jerry Padilla Now what if after applying I don't qualify for that much but I find a good deal that shows a lot of cash flow, would lenders be more willing to approve me if I show them a spreadsheet that they believe is accurate?

 In theory, yes it is possible for rental income to be sufficient to satisfy lender income requirements.

In practice, this typically only happens after you own a few solidly cash flowing properties. At this point, from a mortgage perspective, you've hit "nirvana" (or become a jedi master, or whatever metaphor you want to use), and you can quit your day job while continuing to apply for an receive additional mortgages.