FHA Loan Qualifications

[Sam Giberti]

One more post before I pass out...

I've done some research on qualifying for an FHA Loan, as I hope to use this strategy to put a down payment on a four-plex within the next 2 years.

House hack it (3 Units). As well as splitting my own unit out to a friend and collecting as much rent as possible in the early stages.

I’m currently building credit via a secured CC. And plan to apply for an unsecured within the next 3 months. Show I am capable of paying off large payments at a time (simotaineously collecting CC perks), by putting large bills that my parents have on the card and having them give me cash to pay if off.

Say by the time I want to get approved, I have a Credit Score of 800.

I am working a job (1.5-2years), $2000/month as well as attending university. Have low expenses aside from 8-10k student debt per year which does not need to start being paid off until 6 months after graduation. (Approx. $20k student at the moment).

I lay out the good deal I have on the property, built in sweat equity, location, units, cashflow, etc.

Present it professionally and accurately to the potential bank lender.

And if **** really hits the fan I can prove I have access to a relatives reserves if truly necessary. (I won’t f this up).

Given this info, do you think I could potentially qualify for an FHA Loan???

Being a college student, makes this much more complicated than normally IMO.

Thanks guys, let me know,

SG