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Updated over 2 years ago,
Is this even possible ?
Hello fellow investors I have another question for you all
as initially posted before, my wife and I are looking to purchase our first house hack/firs home here in the next 8 months, we are expecting a baby and are currently still saving, we are avid listeners and are very motivated to make the right moves, after reading books and listening to podcasts there are several options we have available.
However I am seeing duplexes for 300k which is out of our planned budget to start with(we dont want to be house poor) so my question is can we use the potential rent of one side of said duplex to qualify for more loan? Or would it he considered an investment property and pay 15% down payment? We have little to no dti all we own is paid off and we are looking to use fha 3.5% or conventional 5%
Most duplexes I see are 280-350 range and we are debating to either find a sfh in the outskirts of town and house hack some rooms to some siblings as we are willing to drive an hour out and make sacrifices.
Or see if we can get into a duplex with the plan to move out after a year or so onto our next door
Would the lender consider the fact that we plan to use the duplex to generate income and allow us to use the potential rent as income to qualify for more loan ?
Thanks In advance
also any investor friendly lenders or agents in the dfw area id love to network
and as the bp podcasts say let me buy you a cofee ! Thanks