19 YEARS OLD FHA LOAN
Hey Guys, I'm Abner. I just have a quick question. Is it possible to obtain an FHA loan with only 18 months of work history? I have done my research and seen that I can use my College Education (school history) to make up for the 6 months of work history that are missing. So a little bit more info on my job. I am a pizza delivery driver that has been working there for 19 months (started in early January of 2021 and present) and roughly make about 20k a year and have a great credit score. My goal is to obtain a FHA loan so my and my dad come move out and start this real estate journey, but my concern is if i can obtain a FHA Loan with only 19 Months of work History. Keep in mind my dad isn't a citizen so NO he cant be a cosigner. Feel free to drop any recommended Mortgage Lenders that you feel could help me out in getting a FHA Loan. As always stay blessed and stay safe. Thanks (P.S I also have about 24k saved up)
Hola Abner,
If you have a W2 you should be good to go to qualify for a loan. If you are a 1099 employee then you will need 2 years of tax returns and they will average the amount you made on those two years.
You should be good with cash available with the 24k as you can potentially have the seller to pay your closing costs on the current market.
The main problem you are going to have is that the amount they will qualify you for, it will be pretty low, your salary is not high enough. I don't know the Cleveland market but I think you might not make enough money to purchase. I'd focus on getting a higher paying job.
If your dad works and has an Itin number, there are lenders that can work with him as well and you both could increase your purchasing power.
Feel free to private message me and we can set up some goals for your future. I admire how you are trying to look out for your dad and have a better future for the both of you.
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Real Estate Agent Maryland (#5005383), DC (#SP200202941), and Virginia (#0225 240670)
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Hey! I don't know everything in the world about what it takes to qualify for a mortgage, but I sure know people who do! You can shoot me a PM and I can connect you with them or they can chime in here if they'd like to. @Muhammad Amawi @Rachael Mathes
Best of luck!
With great credit you should be fine for a FHA loan. The prices are pretty affordable in Cleveland so you should be able to get a good househack. I had another client start with househacking in Cleveland and she's now on 20+ units after less than 3 years.
Hey Abner,
That's a great question. Let's connect so I can better understand your unique situation. I just sent you a PM.
Quote from @Ashley Cross:
With great credit you should be fine for a FHA loan. The prices are pretty affordable in Cleveland so you should be able to get a good househack. I had another client start with househacking in Cleveland and she's now on 20+ units after less than 3 years.
Wow thats impressive, thats also a goal of mine at the moment is trying to figure out how to get multiple Great units off of great deals and hoe to fund them. Would you mind if I could get her name and number or is that something you're not allowed to give. Anyway thanks and God Bless.
I could never give a client’s personal info but she has a pretty big following on Instagram. Look up Lattes and Leases