I'm 18 and found a property but need help with loans.

[Carter Trombley]

Hello I am Carter and I'm 18, I am currently looking for properties and found that an FHA loan for first time home buyers can be helpful. However I don't have 2 full years of income to show banks and many loans require you live at the property being purchased.

I would appreciate any help I can get.

[Sanat Bhandari]

@Carter Trombley Good job on being interested in RE at such a young age. Some points: 

- As others have said, on an FHA loan, you have to live in the property for a year before moving out. There's certain exceptions to this (divorce, job relocation etc) but generally speaking, this holds true

- Get a cosigner for your first mortgage since you don't have 2 full years of income. Once you have built some equity couple years down the line, refinance out of it and get the cosigner off the loan

- If you have good credit and little debt, you can even get a conventional loan at 3% down (vs 3.5% for FHA) which has cheaper PMI (vs much more expensive MIP for FHA) and is more lax in terms of regulations

- Finally, if this doesn't work, you can certainly go the DSCR route/owner financing but it's not cheap/easy (Seasoned investors/pros make seller financing sound easier than it is. Most sellers won't finance at decent terms to someone without a track record). First-time homebuyer loans are what I'd recommend you start out since they're meant for people like you, not investors