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Updated about 4 years ago,
FHA Mortgage Eligibility as 1st Time Home Buyer/Commission Earner
Hi everyone, this is my first time posting but I have been an active reader and learner.I feel ready to dive in and make my first purchase.
I going to buy a multi-family home, 3-4 units, and I will likely be using an FHA loan to do so. I live in a very expensive market so the home price will be around 700k-1.1M. I have a good chunk saved up for a downpayment using an FHA loan but my biggest concern is getting approved in the first place.
I recently graduated college and earn my income fully through commission, therefore I do not have 2 years employment history and cannot give a solid figure for what my annual income will be year after year.
Do you think it is possible for me to get approved considering these circumstances? Would I have to use a cosigner? Anything helps so I'm just looking for some input and opinions, thanks everyone!