@Yakub Saputra, to qualify you for a mortgage, the lender will look at your income and debt.
Firstly, the FHA underwriter will look at your monthly mortgage payment (including PMI) and limit it to 31% of your income. If you make $10k/month, you can afford as much of a loan as $3100/month will pay for.
But secondly, the FHA underwriter will also look at your debt. Your overall debt (mortgage + student loan + car payment + minimum credit card payment) cannot exceed 43% of your income. So if you make $10k/month, but your sick whip costs $2000/month, then you only have $2300/month available for the mortgage payment.
These numbers, and a fully explanation, are here:
https://www.ovmfinancial.com/f... would also suggest you google "FHA approved lender Los Angeles" and make some phone calls. Lenders want your business! They'll be happy to answer your questions.
I'm also self-employed, and I house-hacked a duplex in Hancock Park last year. If I were you, I would report all the income you make. FHA loans are amazing in how small a down payment you can make. The power of leverage is that you control a big, expensive, appreciating asset while collecting enough rent to make it affordable. Don't worry about cashflowing; worry about finding an appreciating corner of LA.
I could talk about this stuff for days, so message me if you’d like to chat some more. Where you are looking to live? Have you started to figure out how much you can afford when the mortgage is offset my incoming rent?
Best!
Jon
