FHA Loan Qualifications

1 Reply

One more post before I pass out...

I've done some research on qualifying for an FHA Loan, as I hope to use this strategy to put a down payment on a four-plex within the next 2 years.

House hack it (3 Units). As well as splitting my own unit out to a friend and collecting as much rent as possible in the early stages.

I’m currently building credit via a secured CC. And plan to apply for an unsecured within the next 3 months. Show I am capable of paying off large payments at a time (simotaineously collecting CC perks), by putting large bills that my parents have on the card and having them give me cash to pay if off.

Say by the time I want to get approved, I have a Credit Score of 800.

I am working a job (1.5-2years), $2000/month as well as attending university. Have low expenses aside from 8-10k student debt per year which does not need to start being paid off until 6 months after graduation. (Approx. $20k student at the moment).

I lay out the good deal I have on the property, built in sweat equity, location, units, cashflow, etc.

Present it professionally and accurately to the potential bank lender.

And if **** really hits the fan I can prove I have access to a relatives reserves if truly necessary. (I won’t f this up).

Given this info, do you think I could potentially qualify for an FHA Loan???

Being a college student, makes this much more complicated than normally IMO.

Thanks guys, let me know,


@Sam Giberti

FHA will count your college history towards your work history. As long as the job you have lined up with what you went to college for, you will be able to get approved for the loan with 30 days worth of paystubs. FHA is a great way to get started with only 3.5% down on a multi-family unit. You will need reserves from your own cash. They can't be borrowed.