Getting Approved For A Mortgage Loan

[Aldo Gonzalez]

Hey, my question is simple. I'm 19 years old and have little debt to my name except some credit cards for over a year now. As of right now my credit score is around 720, would this be sufficient to get approved for a FHA loan? I work as a teller at a bank and some of the bankers have recommended me to take out an auto loan in order to have a better credit history and higher chances. What is your opinion on this? Thank you!

[Ray Hage]

I certainly wouldn't add any more debt to your plate. Your credit score is good enough for a FHA loan and I recommend you start with a small MF or a SF house-hack. I currently hold small MF and house hack as well. I suggest this option for younger folks who are starting out...and of course, keep working a "normal" job for a bit to continue upping your income to buy more investments (whether in RE or otherwise).