Some advice on house hacking. House hacking house hacking inform

[Amanda Jones]

Hi, i am curious if this is even possible.  My question is.  Is there a way I can get approved by a lender without a co-signer for a 500k duplex in Chicago only making 50k a year ? If not, is there any other way ? 

[Brie Schmidt]

Originally posted by @Amanda Jones:

Hi, i am curious if this is even possible.  My question is.  Is there a way I can get approved by a lender without a co-signer for a 500k duplex in Chicago only making 50k a year ? If not, is there any other way ? 

$50k a year is $4166/mo. Your max DTI ratio is 45% so that means 45% of your monthly income less any debts is the max mortgage payment you can have. Assuming no car payments, student loans, credit card debt that gives you a max mortgage of $1875/mo. Taxes and insurance is about $800/mo in Chicago. Assuming a FHA loan where the payments is $475 per $100k financed that gives you a max loan of $225k