Should I refinance my Househack?

[Gustavo Mendoza]

Hi there fellow Househackers,

I've been getting contacted by mortgage lenders left and right offering me to refinance down to a lower rate with them. When it comes to qualifying for a loan like verifying your income, credit score, debt to in come ratio etc, will it help to say that I receive additional income from my househack tenants aside from my w2? Thanks in advance. I appreciate all your support.

[Derek Brickley]

Quote from @Gustavo Mendoza:

It's a SFH. I live in the property. So it's a conventional owner occupied loan with 20% down. But now that you mention it, "do I really need to report it for taxes"? I mean I'm just a single guy with a 3bd 2bth SFH looking to save money by sharing the house with roommates.

 I'm not a tax advisor or CPA so LOL I can't comment on if you need to or not.  If you were looking to use the rental income from your roommates to help you qualify then you would need claim it.  Chances are you didn't use it when you purchased so unless something changed you should still qualify and there wouldn't be benefit to including that.  There are some community incentives in the Merced area, but would depend on your situation whether that is something that could work.  Feel free to reach out if it might be helpful to learn more about those.