There are a few ways to invest in real estate, for example besides owning a home, there are rentals, if you want to be a landlord, Investing in Reits among other things.
But have you thought about House Hacking? In other words, how about buying a multifamily home? you can use a FHA Loan to buy your first property, you can live in one unit and rent the others out.
FHA Criteria For Lending
- Credit score at least 580 = 3.5% down payment.
- Credit score between 500 & 579 = 10% down payment.
- MIP *Mortgage Insurance Premium* is required.
- Debt-to-Income Ratio -43%. you have a credit card and the limit is $1000, fha doesn’t want you to spend more than $430.00 in usage
- The home must be the borrower’s primary residence, so please follow the law
- Borrower must be employed and have steady income
FHA Approved Lenders
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