W2 approval for Mortgage

[Izaiah Daughton]

Hi BP community, I am 19 I have been working for the last 5 years full time for about 3 years unfortunately not the same job but 3 different jobs, would it be possible for me to still qualify for a multi family using FHA, my research says that they want to see stability through the same job so it might not work out but also found I could use 75% of rent to qualify. Am I able to use the rent to help you qualify in my situation?

[Upen Patel]

@Izaiah Daughton You should be able to qualify. What we look for is stability of income. If your income has been the same or upward moving then we would be fine.

Yes, you can use 75% rental income for a multiunit purchase to help with DTI.

Reach out if would like to discuss more and I would be happy to go into details.

[Steven Foster Wilson]

Quote from @Izaiah Daughton:

Hi BP community, I am 19 I have been working for the last 5 years full time for about 3 years unfortunately not the same job but 3 different jobs, would it be possible for me to still qualify for a multi family using FHA, my research says that they want to see stability through the same job so it might not work out but also found I could use 75% of rent to qualify. Am I able to use the rent to help you qualify in my situation?

 Do you have good credit? I would call around to different banks but do not have them pull your credit. I would just ask them questions and see what options they would have for you. A lot of banks want to try and pull your credit but do not do that to start, wait till you are ready to proceed with a pre-approval. Ask around and compare rates.

[Erik Browning]

Hi @Izaiah Daughton, yes you may be able to use that income however FHA purchases are tricky for 3 and 4 units (not duplexes). You have to perform what is called a "Self-Sufficiency Test," which I covered at length in THIS POST HERE. 

To really get a grip on what your options and best course of action is, like the other folks recommended above, you should call up a lender and submit all of your documents without pulling credit. You will have a complete understanding and roadmap for moving forward.

What state do you live in?

[Izaiah Daughton]

Quote from @Erik Browning:

Hi @Izaiah Daughton, yes you may be able to use that income however FHA purchases are tricky for 3 and 4 units (not duplexes). You have to perform what is called a "Self-Sufficiency Test," which I covered at length in THIS POST HERE. 

To really get a grip on what your options and best course of action is, like the other folks recommended above, you should call up a lender and submit all of your documents without pulling credit. You will have a complete understanding and roadmap for moving forward.

What state do you live in?

I live in upstate NY. Thank you for the information wasn’t sure if I was able to get qualified without the broker running my credit thank you

[Izaiah Daughton]

Quote from @Steven Foster Wilson:

Quote from @Izaiah Daughton:

Hi BP community, I am 19 I have been working for the last 5 years full time for about 3 years unfortunately not the same job but 3 different jobs, would it be possible for me to still qualify for a multi family using FHA, my research says that they want to see stability through the same job so it might not work out but also found I could use 75% of rent to qualify. Am I able to use the rent to help you qualify in my situation?

 Do you have good credit? I would call around to different banks but do not have them pull your credit. I would just ask them questions and see what options they would have for you. A lot of banks want to try and pull your credit but do not do that to start, wait till you are ready to proceed with a pre-approval. Ask around and compare rates.

Thank you I made a few calls today unfortunately nothing yet, the ones I called want to see at least 2 years of w2. Won’t stop until I find one thanks.