Financing strategy?

We’re starting to think about moving back to Brooklyn and are trying to get our ducks in a row. We want to buy a house and we have a sizeable downpayment – in the neighborhood of $1m. But our verifiable income is only about $140k. Ideally we’d like to buy a 4 story brownstone and do double duplexes but will the bank take rental income into consideration in calculating what kind of mortgage we qualify for? I know that a year or two ago, this question probably wouldn’t have arisen and we would probaby have been a shoe in due to the large down payment. Any thoughts on what the max we should expect to spend is? Thanks!

By brooklyny |