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Updated 9 months ago on . Most recent reply
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Can I lease my primary residence to my LLC to qualify for another mortgage?
I'm currently house hacking (renting rooms) my current primary residence which is a single family home and has a mortgage. I would like to buy another home and make that my new primary residence. My current w2 income doesn't qualify me for both mortgages.
I was wondering whether I can show an executed lease between me and my LLC to make 75% of the rental income stated in the lease count toward qualifying for the new primary residence mortgage which allows me to put down only 5%. Will this be considered mortgage fraud?