Need FHA Loan. Where to begin?

[Joshua Meyers]

Hello BP I'm in the beginning stages of preparing to buy my first property. My wife and I want to purchase a MFH here in Colorado. I just figured before I start shopping around for lenders I could check on here to see if I could work with a fellow BP member I don't have a very long credit history but I'm 100% on time with a score in the 700's. My wife has a shorter credit history with a score in the mid-high 600's but also 100% on time. I'm 23 and she's 21. I work as a poker dealer(tipped position) in Black Hawk, CO. I've been in school for dealing and actively dealing for 23 months and I'm coming up on my 2nd tax return for it. My wife works in the food industry as a server and she's been doing that for quite awhile. Our gross income is typically around 5k per month with our only debt coming from a car payment of $224. I'm looking at the Grand Junction, Montrose, Delta, CO areas because they have much more affordable housing with better potential cash flow compared to the Denver area. I'm 100% open to advice and ideas. Thank you all very much for the help!

[Manolo D.]

@Joshua Meyers If I were you, I would probably claim tips for you and your wife, yes, i know, you will be paying a bunch of taxes, but this will help your fha being approved also. Also, I have been reading about buying a 4-plex (4 unit), renting the 3 and house hacking one unit. As I understand, all rents are considered to be part of your income, in a way or two, so if you live rent free with an occasional handyman work, i think that will work out best for you, being 23 & 21.  If rents reach or exceed 85%, then you will be approved for the fha self sufficiency thing. 3.5% is your down payment.