FHA guideline when buying

[Patrick C.]

Good day BiggerPockets peeps and friends!!!! So I’m looking at making that first purchase deal with FHA loan. I’ve been looking and analyzing a bunch of multi units such as a duplex, triplex or quad plex and recently in my findings I found really attractive townhouses with finished basements and multiple master suites AND WITH EITHER IF THESE IM GIING To HouSE HACK. Yesterday my lender said no townhouses, you have to show rental income in order for you to be considered for the FHA loan. Is this true? Obviously I’ve been using BiggerPockets rental calculator for my numbers and hoping with that I can convince my one lender. I just need a clear understanding of the FHA requirements and guidelines! Thank you!

[Brie Schmidt]

Originally posted by @Patrick C.:

Good day BiggerPockets peeps and friends!!!! So I’m looking at making that first purchase deal with FHA loan. I’ve been looking and analyzing a bunch of multi units such as a duplex, triplex or quad plex and recently in my findings I found really attractive townhouses with finished basements and multiple master suites AND WITH EITHER IF THESE IM GIING To HouSE HACK.

Yesterday my lender said no townhouses, you have to show rental income in order for you to be considered for the FHA loan. Is this true?

Obviously I've been using BiggerPockets rental calculator for my numbers and hoping with that I can convince my one lender. I just need a clear understanding of the FHA requirements and guidelines!

Thank you!

It is not a FHA requirement, you don't need rental income in general to buy a home with a FHA loan. It may be because of your income and DTI ratio, so you personally would need the rental income to qualify. Ask your lender to clarify