That sounds like a great policy, for those reading along, pls check your local laws before declining groups of applicants where not all meet the income requirement (aka housewife, adult dependent child, etc) In some locales they are known as non financially responsible applicants/tenants and you cant screen them for financial things nor can they be held liable for anything financial. 

@Arsalan AugendJust to double check, can we assume your wife is a housewife?

PITI is $2350 (FHA on a 380k house)Wife and I will live in the 2nd floor unit and plan to rent out the 1st floor for $1500 a month.

You really sound like a pitiful depressed housewife from those mid afternoon soap operas.

Because a housewife fell in love with a breakfast nook in a house close and overpayed, does not mean another one is looking right now.

🌴Dedicated myself to being a housewife and mother.

In my case I am a housewife with 3 small children,  my husband has more than full time job, he is on salary, so work takes up a lot of his time.

I don't see a lot of section 8 housing around here.Working class with a few professionals mixed in (met the neighbors next door who just bought the house - Wife is a Pharmacist and husband is a PA).

Regular FHA, and we buy a ready to move in house (Wife's preferred option) I would then just be hoping and praying that the market doesn't crash and the house improves in value and eventually I can pull money out of it through a refinance to either buy a new house to move into and rent the old one, or buy a new rental.2.

The applicants are a Hispanic family with 3 young kids; Mother is a housewife and Father works at an auto bodyshop.