Buy in Long Beach or Rent in Hollywood, Long Commute vs. Short Commute to West LA

[anrev]

Originally Posted by HB2HSV

He did not say the first time homeowners will need roommates to qualify for a loan. He said to use rent to "offset" the expense of home ownership.

Many are doing this. I've done it 30 yrs ago when I bought my first home. It was expensive to pay that $865/mo mortgage payment every month!

A lot has changed in the finance world in the last 30 years. It's much harder to have a bank consider rent income with out showing a year of past payments as proof.

Unless you have a lot of money, but yu wouldn't need a loan (or tennant) which is exactly when the bank will fund a mortgage:-/

[adr3naline]

Originally Posted by HB2HSV

He did not say the first time homeowners will need roommates to qualify for a loan. He said to use rent to "offset" the expense of home ownership.

Many are doing this. I've done it 30 yrs ago when I bought my first home. It was expensive to pay that $865/mo mortgage payment every month!

If a homeowner took on a loan that was within their means and rented out a room just to make things comfortable, that makes complete sense. I read his/her post as if roommates were required to make the payment, which no bank would finance.