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Seems I looked this up once and the answer was no, unless you rent a property yourself and have directly collected rent from them.
In my case I have a roommate (s) but I don't collect rent, we just pay the landlord.
Having 1 or 2 tenants willing to sign a lease would not help me secure a mortgage, correct?
My situation is single, very good credit, $5-10k down, lower $30's income. We each pay $550 rent now and if I could buy a house I'd be much better off. I'm living with roommates either way, ought to have them paying my mortgage if I could get into one...
I know my income is killing me as far as a mortgage, but I'm single and don't know how I can double it or even more. It seems like unless I get married or double my income there is no possible way for me to get a mortgage.
In the Phoenix east valley area where anything halfway decent starts at about $225,000.
I know my income is killing me as far as a mortgage, but I'm single and don't know how I can double it or even more. It seems like unless I get married or double my income there is no possible way for me to get a mortgage.
In the Phoenix east valley area where anything halfway decent starts at about $225,000.
Underwriters take into consideration rental income only if it is reported in your tax return for the previous 2 yrs. Just like you can't use expected rental income to buy a rental property.
OP, look at the link above, look at boarder income. Please find a loan officer. Ask about HomeReady. I admit I did not read your roommate details. My point: posters not in the business need to be very careful about providing advice when the playing field is constantly changing.
You are not a landlord right now, and if you were, they want two years of financial statements to prove that property can pay for itself without money coming out of your pocket that would jeopardize the new property’s loan repayment.
If you want to buy you would have to have them also on the mortgage. That’s for the long term, not a year or two to help pay bills. This isn’t the same as having a guarantor on your lease in college or getting some roommates to rent with.
OP, look at the link above, look at boarder income. Please find a loan officer. Ask about HomeReady. I admit I did not read your roommate details. My point: posters not in the business need to be very careful about providing advice when the playing field is constantly changing.
I don’t understand how that works. They are all renting from someone else. If the OP wants to purchase, they ALL have to move in with the OP and all possibly break the lease depending on timing. What if they don’t want to move? What if they do this and decide to leave? There is so much risk for the lender in this. And I’m guessing they are in a similar financial position as the OP if they are all living together in order to afford rent, so even with three of them, it may not be possible to get a loan at all.
OP, look at the link above, look at boarder income. Please find a loan officer. Ask about HomeReady. I admit I did not read your roommate details. My point: posters not in the business need to be very careful about providing advice when the playing field is constantly changing.
Let us know when having roommates qualifies for a mortgage. While you are saying posters should be more qualified to give an answer. You might want to actually read the op’s post.
The op does not own any property. They are splitting rent with roommates and wanting to count the rent from the roommates as income to themselves to qualify for a loan.
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