Is it possible to qualify for FHA without Proof of Income?

[Waleed Abdulrab]

I'm looking to do FHA 3.5% down on a duplex. Looking to House Hack, live in one unit, rent out the other. My only dilemma is I don't have any proof of income. I do however have close to $30,000 in savings, and am aiming at purchasing below market-value duplexes that I could fix up. That way I could raise the value of my property and charge a higher rent. I want positive cash flow.

How would I go about qualifying for this loan? My credit score is 667. Please help.

Thanks!

[Brad Bellstedt]

Probably not. I've had buyers with $500K to spend but no income so they couldn't qualify. We ended up putting the $500K in an annuity with $3,000/month draws. That way, they could show money still coming in every month. The bank won't lend without a proof of income because for all they know, you're going down to the casino to put your $30,000 on double zero just after you close on your new property. That's a big risk in the eyes of the lending institution.