Conventional or FHA loan for house hack?

[Rafael Perez]

I'm not quite sure how the process goes for applying for an FHA loan but I am familiar with the terms. But I also know a conventional loan with a bank can be another route to take for my first primary residence home. I have been making 10-99 income for about 2 months now and I have the money for a down payment as well as construction costs (if I decide not to go with a turnkey) but I know I need 2 years of 10-99 income to qualify for any loans. What route should I take?

Is there a way I can get a conventional loan if I show them proof of funds even though I don't have the required 2 years of 10-99 income? Or should I stick to an FHA loan.

I know this is a really choppy post with multiple questions so I would greatly appreciate any advice. Thanks in advance!

[Rodney T.]

My advice is to speak with a few loan officers well ahead of time and they can break down how they qualify buyers in your area. This will help you to know specifically how to qualify. 1099, credit scores, etc specific to you. There’s no harm in sitting down and having a discussion; loan officers and others routinely recommend securing financing before finding a deal so I would have the loan experts educate you on the specifics.