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Profile picture for jluca10

Getting start with buying my first home.

I am looking for my first home but I don't know where to start. I currently live with my parents, so I do not have rent expense. The only debt I have are about 20k in school loans.

I want to purchase a multi-family home so I am wondering how the income from the second unit will factor into getting the mortgage.

Don't know what my chance of getting a mortgage are, A FHA loan looks appealing but don't know all that's involved.

My info:
> 7-8 years of credit history
> 730 credit score
> $10,000 reserved for a down payment.
> Been at my current job for 1 year.
>  $2000 monthly income
  • April 01 2012 - Albany
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Answers (1)

Profile picture for sunnyview
There are some calculators that might help you run numbers. This mortgage qualifier can help you determine your budget and what you might qualify for before you go looking for a prequalification. It is only a rough guideline and a lender is a great resource for the specifics.

FHA is good program that allows a lower down of 3.5%, but the fees are higher than a conventional loan would be. The second family idea is a good one, but you have to be prepared to be a landlord or to foot the extra expense of a management company. Often duplexes can make good starter houses, but you have to realize that means double maintenance too. 

If you can qualify for a duplex without using any rent to offset, that means that you would be in a solid position to be an owner occupant with a tenant and that you would be able to carry the payment alone even if you have a vacancy.
  • April 01 2012
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