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Updated about 3 years ago on . Most recent reply

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Jermaine Johnson
  • New to Real Estate
  • Dallas, TX
5
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14
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house hacking & credit scores

Jermaine Johnson
  • New to Real Estate
  • Dallas, TX
Posted

i found a great 4plex, i want to jump on the opportunity to live in one unit and rent the other three i do have a question on rather my credit score will detour me from getting a fha loan to proceed?

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Joshua Janus
  • Realtor
  • Cleveland, OH
1,504
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1,324
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Joshua Janus
  • Realtor
  • Cleveland, OH
Replied

@Jermaine Johnson Study the requirements for an FHA loan like a book and make sure to set yourself up for success. Examples would be building up your credit, getting the most recent tax returns for the last 2 years in the same field, building up capital for the down payment, closing costs and 6 months in reserves so you can use as much of the rental income from the other units as your own income when you getting qualified. These are some barriers I had to make sure to be able to climb over. Let me know what questions you have.

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