Using projected rents to qualify?

[Nicolas Dupuis]

Hi, my wife and I are looking to buy our first property in the next 3-4 months. We want to buy a multi family of 2-3 units and house hack by living in one and renting out the other one or two units.
My question is: can we use projected income from the other units that we wouldn’t be living in to help get approved for a mortgage? We would be looking to use a conventional loan.

[Bradley Buxton]

@Nicolas Dupuis

It will depend on the lender and if there are leases in place they can usually use 75% of that income against your debit to income. I like to use local lenders because they will know the rental market and local agents will know the lender can get the financing done making your offer slightly stronger over using a national lender.  Get some referrals from your investor network or title companies.