FHA financing for Duplex/triplex in LA Area.

[Victor Adera]

Hi BP family, I have been lurking on this site for a quite a while. I am currently renting in LA area (valley area) recently got married and we are thinking in branching out and own a home. I have a decent credit of 710 with about 5k in credit debt working to pay it off, and make 90-100k/year my wife has a great credit of 815 and makes roughly 45k-50k/year. We are looking for a duplex or a house with ADU so we can house hack. We do have 35k -40k for down payment and interested in FHA loan. Most of what we are looking at goes for 780k-850k. Question is what are the chances of us getting approved for a place and what are the limits. Should we continue saving some more to have more $$, I am pretty sure we cannot make cash flow in LA area at this time just want to get out of rent but also have some rental property so we can start our portfolio. Any advices, any input would help big time. Looking to buy as early as January once our lease in our apt is up. Any further questions also is welcome.

Thanks 😊