I Guess I'm Sketchy?

[Baylus D. Nicholson]

Good Day BP.

I have been trying to buy my first duplex for about a year now. my plans are to house hack it for 2 years or so then move on to a new one and then rent them both, But one thing is holding me back.BANKS! Some general info about me is my credit score is above 700, the only debts I have against me are my car and one credit card. here is any approximant look of my finances.

Income - $1,700/month

Debts - $309/month

Net - $1,391/month

I feel that I would be able to easily purchase a nice duplex in my area for about $75,000-$100,000 or $750/month in a mortgage. I have asked my local banks multiple times why they have turned me down, but non of them can give me a straight answer.

So I'm turned to you guys here at BP for advice. What can I do to assure banks that I am not a huge risk? If any of you have any tips or tricks to help me out I would really appreciate it.

Thank You. 

[Steve L.]

Bank have a ratio of your income that can go to payments of debt and to mortgage payment.  I believe it is between 35-45%.  

$1,700 * 45% = $765 - $390 = $375 as a PITI payment.

Very likely that is under the minimum most loans banks will do.  

Maybe you can try to increase your income and/or pay off the debt.