House Hacking as a Student With No Job

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Is it possible to get a FHA Loan without any substantial Job history? Asking for my sister who Is in college and looking to house hack by using the FHA to finance with the low down payment, and have room mates cover the mortgage payments.

[Kevin Romines]

What you are describing is a Non-Occupant Co-Borrower, and yes this is acceptable on an FHA loan. It will combine their income with hers, it will also combine all debt from the parents and her to make sure the debt ratio is inline with the guidelines. It will also count the rents as income to offset the mortgage payment.

If its a 3-4 unit, then the other 2 or 3 units must pass the self sufficiency test, meaning that the rents must cover the PITI payment. Also, there will be a certain amount of reserves that will be required, so be prepared for that. Other than that, its a standard FHA loan.

I hope this helps?