Buying an urban townhouse, living, than leasing

[Sean McGovern]

Looking for some financial and practical advice on my investment idea.

1. I have an income of $60,000 per year.

2. I want to buy a three bedroom townhouse for $290,000, with a down payment of 10%. I'm thinking an FHA loan around 4.00% so my payments would be on or a little more than $2000 a month.

3.  I want to rent each of the two extra rooms for $700 each.  Which would bring by net mortgage expense down to $700 or so.  

4. I can probably manage a monthly payment of around $1000, so I'd need the renters. 

5. Eventually, I'd like to rent the property out completely and repeat the cycle.  Eventually, I'm hoping to be able to sell the property and make a buck or two on it.  

Can a lender take into account the possibility of "renting" out one or two rooms in my townhouse?  IE: With your income, we cannot loan you X amount because you can't afford the payments.  But since you anticipate an extra $1400 coming in, we can get you the loan.