Newbie looking for suggestions

[Stone Denning]

Hey everyone, so I thought I was ready to buy a house but im a little lost. Here's my situation. Currently I am averaging about $8-$10k a month with my part time job and my business in total. I write off everything I make with my business as it's a land investing business and that's just how much I spend on reinvesting. My credit score is only about 610 and I'm really looking to start getting into the housing side of real estate but not sure if I can with my current situation. The plan was to get a duplex- quadplex and house hack with an FHA loan but I'm just looking for suggestions on what to do and how to go about it. Is it even worth talking to a lender with a credit score like that and low provable income. Any suggestions would be awesome. I Feel like I'm lacking knowledge and not sure where to go about learning a little more about what I could be doing to fulfill these goals. Sorry I know that was a lot and I wasn't too sure how to explain what I was looking for. Thank you everyone!

[Matthew Kwan]

HI Stone

House hacking with FHA is the ideal way with min down payment. However, anything above 3-4 units you would also need to consider passing the Self Sufficient Rule (SS Rule) where your projected gross market rental at 75% has to be greater or equal to your monthly PITI. The SS rule only applies to 3-4 units when using FHA but if it's single family or duplex, it will not trigger the rule. As for conventional for single family residence, you can go as low as 5% down. As for 2-4 units you would be expected 10-25% down depending on the amount of units. However, the mortgage insurance are usually lower than FHA. @Albert Bui @Carlos Valencia