I would like to start my real estate story with 4bdr house hack property in Boston area . Since house in that area cost around 700k would i be able to get FHA loan ?I have 760 credit score and some investment in stock market , clean credit cards but my only job is Uber rideshare .
Hi Mladen -
Here are the FHA loan limits for Suffolk county. If you can show a strong history with Uber you should be OK. Happy to help if you have any questions!
|MSA Name||MSA Code||Division||County Name||County
|State||One-Family||Two-Family||Three-Family||Four-Family||Median Sale Price||Last Revised||Limit Year|
Thank u . As i saw in Suffolk county FHA loan limit is 690k ? I think then i should be ok because i have strong history with Uber .
@Mladen Krstin correct - for single family.
@Mladen Krstin welcome to BP! A 4 bed house hack would be a great place to start. Depending on the area you could get anywhere between 700-1000 per bedroom, which should help pay a good chunk of the mortgage. If thats your plan you'll also want to account for making sure you have appropriate number of baths (at least 2 full bath, ideally 2.5 or more) and enough common living space!
My plan is to add 2 additional bedrooms in basement . So i can get more cash flow . My friend owns a construction company so he would help me . And hopefully i can get good numbers totaly .
It will be somewhat of a challenge to get your loan, contact a mortgage lender and get preapproved before you get too involved in your property search. Knowing where you stand can set your expeditions upfront, rather than being disappointed if you find a property you can’t qualify for.