Can I still qualify for a $250000 loan if my income is less than 30000 a year?

I would like to purchase my first home (in this case a condo) within the next few years. I have no problem coming up with a reasonable down payment, my parents are willing to help me out with about $30000. I've been looking around at condo listings around my target area here in Los Angeles county, the ones... show more I would like to purchase my first home (in this case a condo) within the next few years. I have no problem coming up with a reasonable down payment, my parents are willing to help me out with about $30000. I've been looking around at condo listings around my target area here in Los Angeles county, the ones that have caught my eye usually ranges in price from $225000-300000.

So the problem is currently my income is a little less than $30000 a year gross. I have good credit 740 and will pay off all my debt by the end of this year. I may get promoted at work but I do not want to rely solely on that. If and when I do purchase a home I do plan on renting out a room to help with my mortgage. Will the loan companies take this into consideration? Will it be real hard for me to qualify? Do other people do this also? Or is this all just a real bad idea in general? Please someone help me! I need some pointers. Thanks!
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