Qualifying for an FHA Loan: College Income Level

[Brandon Martinez]

Will I be approved for an FHA loan with my current "income"?

The following would be what I consider to be my channels of annual income:

•  Mentor position ($4,000)
• Grants for school 
•  Future income from tenants living with me 

My issue is that I technically can not state that I have a job. For my mentor position I am paid through a scholarship prior to the start of each semester. I do not file a W-2 or any paper work like a normal job requires.

To my knowledge FHA recognizes government grants as a form of income. I am not sure about scholarships and income from future tenants.

I look forward to any advice! 

[Albert Bui]

You cant use boarder income from roommates in most cases (some but not your cases). 

You can use proposed rental income if you're buying multiple units like a fourplex, live in one rent the others out, along with bringing in a non occupant coborrower into the loan scenario could help you qualify like a parent or relative.

Right now you're considered as $0 income unless you can document the grant income is likely to continue for 3+ years or is a normal salary/job it sounds like some temporary while you're in school type of subsidy (if subsidy you can't use it).