Inquiry Regarding FHA Loan Eligibility and Income Requirements for House Hacking

[Account Closed]

Hello!

I’m a full-time student with a current credit score of 666 and an active work/study job earning $12 per hour

Can I qualify for an FHA loan for house hacking with a credit score of 666 and a part-time work/study job earning $12 per hour? Are there specific income requirements for FHA loans, and can the income generated from renting out a multifamily property be considered as part of the qualification process?"

Thank you for your time and expertise in advance.

[Ryan Thomson]

Maybe! You're monthly payments towards the house need to be less than 50% of your monthly income. You also need to have 2 years of experience in most cases. 

You can use 70% of the rent for the property you are going to buy to help you qualify. 

There are a lot of nuances with these answers and it would be best to talk to a couple lenders who understand house hacking.