House Hacking Budget Problem

[Alex Waite]

I recently started a new job with a base salary plus commission. I would be living off my base and the commission is just some extra on top. I am planning on house hacking my condo when I move by either finding a roommate or Airbnb if my area makes it’s legal next year (there have been talks!!).

A couple questions:

1) I understand since it’s my primary residence I could put a low down payment but that means my mortgage insurance and also a higher payment. So for the price range I am looking at that means about another $250 a month. This would make my budget very tight with my little for investing or saving. Should I put down a small down payment and have a large amount in the bank but that also means a higher monthly expense OR make a larger down payment and have small amount in the bank and have some room in my budget.

2) What is the recommended DTI (debt to income) ratio for a recent college graduate that has student loans and then also a potential mortgage, HOA and mortgage insurance. I've read 36% to 43% of gross income is the highest banks will give but in my opinion that seems very very high and no way I could make my budget work.

3) How will banks look at my income if I have a base salary plus commission. Again, base is my primary income and then the commission may be a couple hundred to 1k a month. How will that impact my DTI. Lastly, I have a side gig (1099) that pays me a certain amount per month. How will the bank look at my income and judge my DTI?

As always, I appreciate the feedback!