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Updated 8 months ago on . Most recent reply

User Stats

43
Posts
12
Votes
Elijah Householder
  • Corona, CA
12
Votes |
43
Posts

Room rental income to qualify? (FTHB)

Elijah Householder
  • Corona, CA
Posted

Hi all, 

hope everyone had a solid weekend! 

i have a couple quick questions about using rental income to qualify.
This is my first (possible) purchase and basically the home price is outside of my range to qualify on my own. I will possibly be able to have a family member co-sign for me but trying my best to avoid having to do that. 

First question is if I have someone who is planning to rent out a room in the house and have a signed lease agreement can this be used towards the income to purchase the house?

next question is the property has an unpermitted ADU on it. From my understanding I can't use this income but could I "occupy" this unit and rent out the main house and use that income?

I’m just trying to do all I can to get creative with my options haha and having trouble finding this exact info online. Any advise would be appreciated!


thanks! 

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