Updated almost 3 years ago on . Most recent reply
Need advice trying to buy my first property
Im trying to buy a triplex, i have the right income, the right savings but i was told that for a 3 family house the bank calculate the rent of the 3 unit and multiply it for 75% than if the amount is less then the mortgage the bank will not give me the loan… is that really how it works? I live in mount vernon,NY.
Most Popular Reply
Hey @Jose F Castillo - no what you heard is wrong, or miscommunicated. The bank will consider up to 75% of the potential rental income towards your existing preapproval and/or debt to income ratios.
It will help you get a stronger preapproval.
I'm an investor & realtor based in NYC - give me a call or DM me and I'm happy to chat further, thanks!