All Forum Posts by: Hae-Yuan Chang

 Thanks for sharing that! It makes me feel a lot better disclosing that information. Good luck with the quad :)

 Okay gotcha! Thanks for the precise answer!

Hello!

I'm looking to buy the current home that I live in. It's a cooperative (made by the current owner ) which means it's technically a 3 bedroom turned into a 6 person living situation, with the huge master bedroom being partitioned into 3 curtain rooms. I'm not sure the legalities of such a situation, but it's been established like that for 3 years and I would love to keep it that way. However, I'm not sure how that'll affect the loan process or appraisal. Will loan officers inquire about other tenants and the number of tenants? And will appraisers take that into account, or will they not care? Thank you so much! Hope you are all having a productive, great day.

Thanks Matt! :)

 Thanks so much Matt! Is it not a problem in the way that I can tell the loan officer that there are extra roommates that I will be renting out to, or will that hurt my chances of getting the loan? Or would they not require that information from me?

BTW, I will be also living in this property while attending school.

Hi there!

I have a unique situation where I live in a student cooperative (for around 3 years) that my roommate currently owns. There are currently seven roommates. I am going to purchase the property from her and would want to continue to rent out to those roommates. I am getting unclear answers about FHA loans and the ability to rent it out, so I was wondering if you guys could help me out.

Thanks so much! 

 Hey sorry for not clarifying! I am renting it out as well. It's a student house that I would own, rent out, and live in.

@Kevin Bellavance, and you as well! Time is on our side. 

@Richard Ellis, definitely! It's all about the momentum. And the vision of surprising my parents with a yoga retreat or an overseas venture definitely keeps me going! Nice to meet you.