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Updated almost 9 years ago,

User Stats

6
Posts
2
Votes
Branton Stanley
  • Heber City, UT
2
Votes |
6
Posts

Debt to income ratio and FHA loans

Branton Stanley
  • Heber City, UT
Posted

I want to use an FHA loan in order to buy a triplex or fourplex. I know I'd have to live there until I refinance it, which I'm okay with. I could also get enough money for the down payment from some family. The main problem I have is that my income is so low. The income from renting out the other parts of the fourplex would more than pay for the mortgage each month, but I read that in order to qualify for the FHA loan, I can only have a debt to income ratio of 31% or less and with the mortgage and my current income it would be more like 150-200%, which obviously the banks won't like. What can I do in order to get the fourplex now, without having to quadruple my hours at work?

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