Wait to Get Pre-Approved With FHA?

[Art Maydan]

I'm looking to buy a 2-3 plex in Chicago with FHA and live in it in 6 months. I'm currently only making $30K and living in student housing with my wife (full ride, free housing, sucks but it's free). She graduates in 6 months and is gonna be making ~$50K. Both of our credit is in the high 700s.

Is the amount you get pre-approved for based on your current income? If so, should I wait until she's working so that we have a higher combined income and can get approved for a higher amount? In the meantime, what should I be doing to be successful with this whole house hacking endeavor? Learning more being one obvious answer. 

Also, she starts working in 6 months, but she'll have a contract next month. Is that good enough to get pre-approved or do you need pay stubs?

Thank you!

[Lance Wakefield]

Yes the amount you are pre-approved for is directly linked to your income as well as your credit and credit history. Make sure you have lots of credit history for example auto loans, credit cards and that they go as far back as possible. If you don't have those things I would get them. 

Keep in mind I am not a bank so you need to go talk to your mortgage broker and see what they have to say. They can help poise you correctly so you're ready when the time comes.