Would like to potentially buy a 2-4 Family in six months

[Chad Lawrence]

Have $80,000 in student loan debt. Around $700 monthly debt payments for everything. Making $50,000-$55,000 a year right now. Have $60,000 saved for down payment, closing costs and rehab work for a 2-4 family. Would be my first purchase and I would be looking to live in one of the units. Would I still get approved for a loan? Or should I pay more debt down and wait to invest in a few years? Would love to hear everyone’s advice regarding what to do and what they have experienced.

[Canesha Edwards]

@Chad Lawrence

Hey Chad,

If you have money saved for a down payment and plan to live in one of the units, look into FHA financing. You can get a FHA loan on up to 4 units. The down payment is typically 3.5%. If your credit score is 580 or less, then you might have to put 10% down. Hope this helps.