FHA First-Time Homebuyer Loan Advice

[Satoshi Tanaka]

My friend and I are looking to purchase a duplex to "house hack" (live on one side, rent out the other) in Columbus, Ohio, and would like to utilize FHA's 3.5% down first time homebuyers loan.

My friend has a job as an accountant and has a stable income history and good credit. Myself on the other hand does not have a W2 income history, but I just graduated from college and started work as a real estate professional flipping and renting out single family and multi family properties. My credit is well above what FHA requires as well.

What is the best way to structure the loan in this case? Is there a way for the both of us to equally contribute to the down payment and get a loan on good terms? I am new to FHA and mortgages in general so any advice would be appreciated.

[Harjeet Bhatti]

As long as you are on the loan you can contribute the down payment in any way you want. When did you start working as an Investor?   If its in this year you are fine but if you work couple month last year and showing on your tax return then make sure you run your scenario with your lender.