FHA 203k loan. First investment!
I am moving to the Chicago area and will be looking to set the official date to own my first investment property for July 1st! They say to set a date so I believe that is reasonable for me.
I will have consistent income in the beginning of February and graduated college this past may. My debt during that time will be 700 rent+200 car loan+ 600 student loans=$1500 recurring debt. I plan to be making no less than $4500 a month so my DTI would come to 33%. In not familiar with the market yet although I was thinking that when I buy a place to fix up that after the property cost and repairs that if it came to 100k my down payment and closing costs would come to $5000 roughly.
I'm thinking from February until May when I get an offer accepted I could save enough for a down payment and closing. In regards to DTI do those numbers look good to you? Do you think I would be able to qualify? Is there a better route I could take? My end goal on this first investment is to house hack. This will be my first time and I don't know a lot yet so any help would be greatly appreciated!