House Hacking - First Time Buyer

[Nicole Soto]

Out of college soon :) How can I qualify for an FHA loan without work history? Are there other good financing options for house hacking?

[Luis Olivier]

Quote from @Trevor Alexander:

Hi Nicole - 

Full-time college or trade school counts as employment history for FHA and Conventional loans. You would supply your school transcripts in lieu of two years employment history. You would still need a full-time job currently, and if you have that coupled with the college transcripts you are good to go.

Purchasing a multi-unit with an FHA loan is a great option. You can put as little as 3.5% down, and you can use the projected rents as your income to offset the mortgage payment as well.

Feel free to shoot me a message if you have any other questions on how to pursue this. Happy to help!

 Yep! My wife and I did this, we had jobs for about 1 year and 9 months so they asked for transcripts. The key here is to have a current job and some months of pay stubs.