Loans and Loan requirement questions

[Colby Zeller]

Hey BP community, I plan on buying my first rental after I graduate school, and have some questions about the loan I want to receive. I plan on owner occupying a duplex or tri-plex, so I can qualify for a FHA loan therefore requiring less of a down payment. I know credit and years of income play a massive role when getting approved for a loan, but for the FHA specifically is there any other requirements I should be attending too before I go to get approved ? I plan on starting the whole process at the end of 2023 just for reference.

[Jimmy Lieu]

Quote from @Colby Zeller:

Hey BP community, I plan on buying my first rental after I graduate school, and have some questions about the loan I want to receive. I plan on owner occupying a duplex or tri-plex, so I can qualify for a FHA loan therefore requiring less of a down payment. I know credit and years of income play a massive role when getting approved for a loan, but for the FHA specifically is there any other requirements I should be attending too before I go to get approved ? I plan on starting the whole process at the end of 2023 just for reference.

 Hey Colby, I'm an investor and agent here in Columbus Ohio, and have similarly gone through the house hacking route you're looking to take. Because you would've graduated college, you don't have X years of employment history so lenders will typically use your education in place. I do agree with using a low down payment as minimal as possible because I'm a firm believer in leveraging out your money as much as possible and using it to scale your real estate business. I'd be happy to refer you over to lenders I work with (they are trustworthy and amazing and will get you the best rates here!) and they can help you out with your situation. Also, I'm more than happy to answer any questions you have.