FHA Loan: House Hacking Question

[Samuel S.]

Hey BP Folks,

So I am planning to use an FHA loan to purchase a duplex. Say for instance I get approved for 100K, and the bank decides that I can afford $800 per month max (PITI). Since I would be living on one side while renting out the other for $800 a month, could I have a valid argument with the lender to approve me for roughly double the initial amount? To where my total monthly payment equals $1600? Because technically I would still be able to make my max affordability payment of $800 a month, even though it would be contingent upon the renter paying their portion.

I am just curious on if this scenario would work or not/if anyone has done it before.  Not that I would necessarily use it.  Any input would be greatly appreciated!!

[Alex Brookbank]

@Samuel S. Typically, you'll need 2 years of landlord experience on your tax returns before a lender will count rental income AS income. They probably will approve you based on your w2, and ignore the rental income. Once you have two years of landlord experience, it will be much easier to get a second place, as that rent would then count.