Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 3 weeks ago

House hacking w/ mediocre salary?

Update:

My wife doesn't work, and my w2 salary is 80k. My fico is 800, and I only have 25k for a downpayment. I found this $700k 4plex property, which has 3 tenants paying 4k/mo. Can I get approved for an FHA loan w/my current situation?

Update 2:

My total credit cards limit is $400k, so I have np paying sudden costs. I have a 3.5% downpayment (which is ~25k). My question is whether my FHA loan will be approved? and are sellers willing to work w/ me considering my bare minimum financial power?

Update 3:

please stop replying offtopic. I'm not lying anything and I'm not going to print my credit report here which has 100+ credit cards totaling 400k in credit limit. My question is simply that would my 80k salary+4k rental approves an FHA application?

5 Answers

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  • Anonymous
    3 weeks ago

    STOP LYING...........................

  • LILL
    Lv 7
    3 weeks ago

    MOST big banks will not touch FHA loans for purchases of 3 or 4 unit properties, regardless of your intent to live in one of the units.  That being said, even if you do find a loan, they will not count the rental income as stable income.   

  • Anonymous
    3 weeks ago

    Slim chance ...

  • 3 weeks ago

    Dude,

    You don't even have a 3.5% downpayment... even if you could find the extra $500 and a stupid seller who would accept 3.5%... you have $0 for closing cost.

    On top of that, how are you going to maintain a $700K retail property?  What if the furnace goes out 2 weeks after you purchased the place? 

    And you wouldn't have 3 tenants paying $4K a month (which is a total of $12K), you would have 3 tenants paying approximately $1333 a month for a total of $4K.

    Update:  "My total credit cards limit is $400k"  Sure, you are carrying black cards with your $86K income and they gave you 4.5X your income in credit.

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  • Anonymous
    3 weeks ago

    My magic 🎱 ball says.....No.

    Source(s): WHY do you have 100+ credit cards ? that doesn't help you any for securing a mortgage.
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