Wait to Get Pre-Approved With FHA?
I'm looking to buy a 2-3 plex in Chicago with FHA and live in it in 6 months. I'm currently only making $30K and living in student housing with my wife (full ride, free housing, sucks but it's free). She graduates in 6 months and is gonna be making ~$50K. Both of our credit is in the high 700s.
Is the amount you get pre-approved for based on your current income? If so, should I wait until she's working so that we have a higher combined income and can get approved for a higher amount? In the meantime, what should I be doing to be successful with this whole house hacking endeavor? Learning more being one obvious answer.
Also, she starts working in 6 months, but she'll have a contract next month. Is that good enough to get pre-approved or do you need pay stubs?
Thank you!
Yes
Aut pariatur et asperiores voluptate quia fugiat. Porro dolorem ea exercitationem et adipisci. Voluptas in odit consequatur nisi nemo et.
Et architecto sit eaque velit. Iste nemo aut sunt ea quis. Tempora et ad quaerat quidem temporibus ut consequatur. Nobis delectus et pariatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...