How to secure financing for a newbie couple

[Account Closed]

Hi! My boyfriend and I are both 22 years old and want to buy our first property, hopefully a four-plex, this year (Milwaukee, WI). We are going to try for an FHA loan so we can house hack

The issue I'm worried about is that we are not married, he makes all the money, and I'm the only one with good credit (because he didn't know about a past debt). What kind of issues might we run in to? Is there any way to solve this? How can we go about securing financing within the year?

Since I'm new to REI, I appreciate any advice! I will gladly try to learn from others' mistakes! Thank you so much!

[Brian Truman]

Hi @Account Closed, 

Congrats on getting started in REI! That is a great way to get started. I'll share with you my observations of others who have done the same thing as you, so please understand that you need to do your own due diligence, and not take my observations as fact!

I believe you may count, under the FHA guidelines, the income of the property you are looking to buy if it is fully rented, and you plan on occupying one of the units... I do not know if there is still an FHA program for such a purchase, so make sure you have a good mortgage broker or banker that knows the ins and outs off the FHA program. Happy hunting!

Brian