Question on future rental income on mortgage application

[Chris Willson]

Hi Everyone,

I am thinking of purchasing my first home and have a question about mortgage applications. I have excellent credit (>800), however no history of a mortgage. I had a loan out on a car that was paid off in 3~ years which I'm hoping will qualify my as somewhat "experienced."

I am thinking of purchasing a 2BR that would go on average for about 650k. I would pay 20% down payment, and have an income of about 100k. I currently don't have any debts -- no car payments, student loans, credit card debt etc. The loan amount I would need would be about 520k. 

Based on some basic research I have done, my current income / profile would not be qualified to receive the 520k loan. However, with this house I am planning on purchasing, I will have a roommate living in the second bedroom. This roommate has been my roommate for the past 5 years, has signed leases every year, historical rent checks can be documented, and a lease can be signed for the upcoming year saying he will pay me x amount per month.

My question is -- Can I claim this future rental income on my mortgage application? I am hoping that this will help get me "over the hump" so that I can be accepted for the 520k loan.

Thanks!

Chris