House Hacking, with other rental debt and low income

[Nate Marroquin]

Hello!

I am trying to get a second property via house hacking and have some questions for anyone who's willing to answer. I am a resident physician in dermatology, during medical school I bought a property in Denver with an Interest rate of 2.75% (COVID rates lol) with the goals of renting it out when I moved onto the residency. Now that house has been rented out for the past two years, and I want to buy another possible duplex or triplex to house hack. However, my debt to income ratio with that home loan, and student loan doesn't look that great currently and I don't have much for a down payment. In the next 4 years my income will drastically increase, but I don't want to wait 4 years to buy another property that will be an investment. I do know of the physician loans, I am also a veteran so I have the VA loan, and I was also looking at the FHA loans, but can anyone give me any insight that will help me get into a multi family with the salary situation I'm in?

Thanks!

Nate

[Adrian Lammersdorf-Scioll]

I'm helping a buyer right now that works int he hospital get 5% funded for them on a home, that may be something to look into, it's called hometown heroes here in Florida.  As for your income, you need to talk to a lender that is licensed in your area.  There is a lender finder that you can use to get connected with a few.  If you are worried about it I would find a duplex or triplex/quad that already has one side rented and the other is month to month and use the income from the one rented to help you qualify.  You can use some easy number in Chat GPT to help you figure out what you need.  Here's an easy prompt for it:

Please calculate how much I can afford for a duplex using FHA current guidelines of debt to income ratio, with one side being rented currently for "XXXX" amount. I have "XXXX" of debts every month, and make "XXXX" every two weeks.

That will find the cost of duplex you need, though you may need to verify it is using current FHA guidelines as they have changed recently, so make sure you use that.