Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 3 years ago,

User Stats

2
Posts
1
Votes
Austin Green
1
Votes |
2
Posts

FHA loans for poor students

Austin Green
Posted

I'm a student in my first semester and I'd like to invest in a 2-4plex and do househacking in Utah. I want to get a property before the end of the year so that I can have an early start to building wealth and buy another property next year. 

Right now I'm taking 18 credits and I can't get a job, so I won't have a lot of time to build funds for the investment. 

I have a high credit score and partners who would help me out with my first investment. I want to get an FHA loan on a property that can have at least 5 other tenants. Since I'm unemployed I won't be able to provide a 2 year work history to banks, or any info about a good DTI (because I don't have an income).

I have found properties that will cash flow about 1k per month. 

My question is, can I have a partner co-sign with me and provide the 3.5% down payment, even if that partner doesn't live on the property? 

Also, I know that FHA loans require me to live in the house for a year before I can repeat the process. If I plan to transfer schools, I'm guessing I can't buy a property with an FHA and move out 6 months later, right? Or are there work-around to that?

Also, if I bought a property tomorrow in another city and couldn't move there for 6 months, am I disqualified from an FHA loan?

Thanks in advance. 

Loading replies...