Debt to Income Ratios

[Anthony Sierra]

Hello - I currently have one rental property and one primary property which I live in. I purchased my primary residence 2 months ago with an FHA loan. My primary residence is a 5 bedroom single family, which I rent out 4 of the bedrooms. Questions - Am I able to claim the income from renting out the rooms in my primary residence at the full amount? If so, is there a certain timeframe I'm able to do so - is it after 6 months or 9 months from when I first obtaining the loan? My goal is to improve my personal debt-to-income ratios. I've been doing some research and been finding different answers. Thanks for your help!

[Matt Devincenzo]

This is where a good broker comes in. They know the ins and outs of the underwriting and can help you understand where you will land with that. I use @Chris Mason and he never disappoints on bringing value to the discussion. 

My recollection is that 'boarder income' is not able to be used for qualification. So use it to reduce your costs and save up for the next home, but it won't help with your DTI. If/When you move out and you rent the home to a single LTR tenant, then you could use that income to help offset your mortgage debt for qualification. If I got any of that wrong hopefully Chris can set the record straight.