Rental income consideration to mortgage

[Rhea Jeong]

Hello all,

I am first time investor and I’m looking at multi family houses in NJ. With my current salary I can only borrow 300k and it will give me limited directory in the market I’m looking at. I heard some lenders would consider future rent that I will collect from the property even if it’s just 7-80% of it, and when I talked to two mortgage lenders so far they said it won’t be counted until I actually have the rent come into my bank. This means I can’t bump up my purchasing power. If anyone can advise me if this is true or I should try harder to find a lender who is willing to, I would appreciate!! 

FYI, I want to get down payment assistance so it has to be the lenders among the list from the state. 

Thank you guys!