I live on social security and get paid $700 a month in benefits

Asked by Howzed, 44115 Mon Oct 1, 2012

I am interested in get a Multifamily house for about 100k that is already occupied. I want to use the rent towards my mortgage. How much of the rent can I count towards my mortgage If I apply for FHA loan? How much do I need for down payment on 100k house If I am going to live there?

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Sally Grenier, Agent, Boulder, CO
Mon Oct 1, 2012
First things first. You need to contact a lender and start the prequalification process. They will look at income, credit score, debts, etc. Since you're talking about buying a property as an investment, you'll need to put at least 20% down.
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