Need advice on financing a duplex with low income

[Wyatt Fike]

Hello, I'm looking to go to lenders sometime soon to get pre-approved for an FHA but I have lots of questions whether or not I meet the qualifications especially with the price of duplexes in Pensacola, FL. I'm currently a college student working part-time earning 25-30k yearly. I have $18,000 saved to use for a down payment and closing costs. I know I can use some of the expected rent from a property for my DTI but I'm just curious to see if there is any advice someone can give me since my income is very low. Will a lender even look at me?

[Raymond J. Rodrigues]

Hi @Wyatt Fike, when it comes to buying a house, the lender has one primary focus when it comes to qualifying you for a mortgage. What is your ability to repay? 

A few questions a lender would ask you based on this post.

How long have you been working part time? 

How much can you afford to pay monthly?

Are you graduating school soon and will you be getting a job straight out of college? 

Lots of questions based on your response to these few questions. 

Always feel free to contact me. Happy to share the knowledge. 

[Andrew Postell]

@Wyatt Fike the only way to know here is to get prequalified.  Getting prequalified for a loan is free (or should be) and usually is a soft credit check.  I would say to get prequalified so you know what you could do officially.

Hope all of that makes sense.