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Updated over 4 years ago on . Most recent reply
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Any tips on how to get an FHA loan when I have no credit?
Does anyone have any tips on how to get a FHA loan when I have no credit and no full time job? For some context I am a Junior in College and a full time student. I work full time during the summer but cannot during the year because of school. Next school year I want to house hack a single family home and rent by the bedroom to cover the mortgage, insurance, taxes, and other expenses.
Most Popular Reply
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Nathaniel Smith - Get someone (family member, relative, friend, etc)
to be the primary borrower; unfortunately FHA guidelines are not
designed for "Full time students".
Your plan to "house hack" a single family home is one that is used by a
lot of college students. My "Tip" would be to use the creative approach
that many broke investors starting out (many with bad credit) have to
utilize.
There is more ways to get what you want than qualifying for a FHA loan -
as a matter of fact, if you worked at it, you could probably find what you
are looking for by the end of this semester!
Good luck!