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Updated over 3 years ago on . Most recent reply
FHA loan for someone else
On a BiggerPockets episode (or maybe a Rookie one) awhile back, I heard someone say they had given their sister money to buy a house with an FHA loan while she was in college. Then the sister house hacked it to pay for the mortgage.
My question is, how would that look for the loan? Is it dependent off my income since they do not have one while in school? How much can planning to rent by the room be taken in to consideration as income for the mortgage?
Thanks for your insight!
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#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
@Quinn Barnett For a Family Member only.....
1- you can Gift the down payment, it can not be presented as a loan
2- you can buy and be a coborrower with her, same down payments available
House hacking rental income on a SFR can not be counted for qualifying for the mtg.