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- May 5, 2014
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Welcome,
I think there are a couple things to look for. The first being that you should run your worst case scenario analysis. Can you cover the payments if you can’t fill the rooms or people leave.
you’re going to need 2 years of income to get an fha loan so work on that. I think when I started I got approved for 200k only making 30k/yr. But the main thing that helped me so much was the lender was able to add the existing income from the other unit (duplex) to ensure I could get approved.
Good luck!
I think there are a couple things to look for. The first being that you should run your worst case scenario analysis. Can you cover the payments if you can’t fill the rooms or people leave.
you’re going to need 2 years of income to get an fha loan so work on that. I think when I started I got approved for 200k only making 30k/yr. But the main thing that helped me so much was the lender was able to add the existing income from the other unit (duplex) to ensure I could get approved.
Good luck!