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Updated 8 months ago on . Most recent reply
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Room rental income to qualify? (FTHB)
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!