House Hacking With Multi-Unit Using FHA Loan

[Champaigne Shyne]

Hi Everyone!

So I have been wanting to buy my first property while generating income for the longest. I worked hard over the last 5 months to get my credit score to 753, pay off student loans, increase my credit line to $25,000, and my car will be paid off in a couple months. 

I want to use a FHA LOAN to buy a four-plex, up to $350,000, live in one unit and use the other 3 to air bnb/ or rent out. I have $7500 put aside to cover expenses that the down payment grant assistance doesn't cover.

I want to do this by September 2022. The issue is I have only been working at my current job for 5 months and I was on unemployment prior to that because of COVID-19 (bartender). I make really good money and my debt to income is pretty low.

I keep hearing different things from lenders. Some say that because of COVID the guidelines have gotten stricter and I will have to wait another year or 2 and Some tell me that because of COVID guidelines have been less strict and by the end of the year I should be good to go.

It’s all very confusing and discouraging because I’m doing it by myself and I don’t know what to do. If anyone could offer advice on the matter that would be very helpful.

Thanks BPC

[Champaigne Shyne]

Quote from @Joshua Janus:

Congrats on setting up your credit score, credit line, car down payment and student loans in line so you can invest! That requires a lot of sacrifice. I see that your BP says you are a realtor. Is that your day job? If so you will need 2 years of tax returns from the same 1099 job to qualify for an FHA loan. I drove for Uber for 2 years which is also a 1099 job when I wanted to house hack and use an FHA loan. I would look to see if there are options for bank statement loans or a DSCR loan. These will require larger down payments but you said assistance is available. Check these options out! @Champaigne Shyne

I am 

Thank you so much!! I just became a realtor but my main job is a 1099 as well. I’m going to check out a few other loans and see if they will be a better option.