Qualifying for a Loan with low income

[Jennifer Bailey]

Hi everyone.. I'm new to educating myself on Real Estate investing but particularly interested in buying my first Multi-Family home here in Houston. I plan to do owner financing with a FHA loan but the properties here are not the cheapest.

My biggest obstacle will be qualifying for a loan based on my $50,000 a year income. I do have good savings and can get a 3.5% down payment no problem. If I'm looking at properties between $250K-$350K... Is it going to be impossible to qualify for based on my income??

[Linda S.]

@Jennifer Bailey,

A simple rule is you will be approved for roughly 3x salary... 

so 3 x 50K = $150K, so I'd stick to looking under $175K.