Questions about getting an FHA loan

[Christian B.]

I am a newbie to real estate and I want to get started this year. I want to try house hacking and using an FHA loan. I want to invest in Long Island, NY, but the prices are so high with most houses above $200,000.

I want to use an FHA loan to get started because of it's low down payment requirement.

I learned that I need to have stable employment for at least 2 years, which I will reach this year. Will I be less likely to qualify because I just reached 2 years?

My credit score is 786 and 791 according to Credit Karma so I hope that works in my favor. I don't make a lot of money but I have a relative who makes more money than I do who is willing to help pay for the down payment and help pay for the mortgage for when we don't have tenants or when the rent doesn't cover the mortgage.

I suppose she will be like my investor. She is interested in using real estate for supplemental income. She doesn't show interest in finding the properties but she has money. I will do the work in finding and buying properties; fixing up the properties; filling the properties; and working and communicating with everyone in the real estate business.

I assume my low annual income will reduce my chances for getting the loan. Can I add my relative to the loan or let the lender know that I want the loan in my name but my relative will help with the down payment and mortgage payments? My relative just finished college and will not have been employed for a year when I do reach 2 years of steady employment. Will that affect my chances of getting a loan?

I would also like to know if it is worth it to use the FHA loan and have the mortgage insurance or to instead try to reach the 20% down payment.

Does the mortgage insurance count towards paying off the loan?

I don't see where I can add the mortgage insurance in the Rental Property Calculator, can someone show me where it is?

Is there a way to compare the same rental property with different scenarios: one with a 3.5% down payment and mortgage insurance, and the other with a 20% down payment and no mortgage insurance?