2007-02-05 10:15:07 · 10 answers · asked by cbaby75 1 in Business & Finance ➔ Renting & Real Estate
Not the intention, only showing proof of past rental income on that property. Just wanting or plannning to do something is never enough, in any aspect of life.
2007-02-05 10:18:45 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I double-checked the regulations. According to the Fannie Mae sellers guide, boarder income cannot be used to qualify for a mortgage. That would pretty much be the standard within the mortgage industry.
There are two exceptions, and both are only for community lending programs. If a relative has lived with you for a year and paid rent for that year, the relative's income can be used to qualify the borrower for a refi or puchase of a new home. Also, if the borrower is disabled and has a live-in caretaker, the caretaker's rent - there is a Medicaid program that pays the rent - can be counted. In either event, the boarder income can be no more than 30% of the primary borrower's income.
2007-02-05 11:03:47 · answer #2 · answered by CJKatl 4 · 0⤊ 0⤋
makes sense to think money would be the factor in qualifying. The answer is NO. Actually it could work in reverse. You do not need to sublet out rooms so that you are considered a boarding house. To claim rent as an income you will need to have actual legal binding leases between you and the renter, and everything on the idea of income is verified 24 months. So, if you are refinancing you need to think it over. If you have any other questions please let me know, highergroundfinsvc@yahoo.com in the subject line, please put yahoo answers need further help.
2007-02-05 13:02:50 · answer #3 · answered by MARY A 2 · 0⤊ 0⤋
No it will not Mortgages are set on the salable value of the land with the addition of the house attached not on any assumed income from that home unless you intend to change it into a business then different and higher interest conditions apply.
2007-02-05 10:20:52 · answer #4 · answered by burning brightly 7 · 0⤊ 0⤋
Yes, it can. Only if you already have rental contracts for the rooms being used. You can use it as other income. With Credit permitting there are stated income programs that allow flexibilty with Loan amounts.
2007-02-05 10:30:30 · answer #5 · answered by Danny O 2 · 0⤊ 1⤋
No. That would be a little like asking to be qualified for more based on "Monday, when I see my boss I'm going to ask for a raise. I'll be making more money then..."
2007-02-05 10:21:39 · answer #6 · answered by teran_realtor 7 · 0⤊ 0⤋
no it will not, if anything my decrease the amount because it may be counted as income property/investment. Which has higher rates and lower ltv.
2007-02-05 10:32:06 · answer #7 · answered by HBSL621 3 · 0⤊ 0⤋
Not usually.
2007-02-05 10:17:16 · answer #8 · answered by rita_alabama 6 · 0⤊ 0⤋
No ~
2007-02-05 10:22:45 · answer #9 · answered by Anonymous · 0⤊ 0⤋
no, it will not.
2007-02-05 10:17:06 · answer #10 · answered by Anonymous · 0⤊ 0⤋