Lender is adding “Rent” to my debt even though I don’t have any

[Elizabeth Kness]

I am currently under contract to purchase an investment condo, non-owner occupied. I live with my boyfriend and do not pay rent or utilities for the last 3 years . He owns his house and pays his own mortgage. My lender, AIMLOAN, is adding $1,300 a month to my expenses because they say that I would have to pay that amount if I moved out. They used Rentometer to estimate the rent for a 1 bedroom in my area. This extra amount is disqualifying me to obtain the loan. My real estate agent has not heard of this and I’m baffled as to how they can legally add an expense that I do not have.

Is this standard practice? Is this mandated by Fannie May or Freddie Mac?

I have until Friday to get out of my contract without loosing my earnest money deposit.

Any advice would be appreciated.

Thanks.

Elizabeth

[Brandon L.]

Originally posted by @Jo W.:

@Elizabeth Kness

Have your boyfriend execute a "lease" for you for $500 a month and go back to the lender.

I don't think telling someone to commit mortgage fraud is the best advice.