All Forum Posts by: Nicolas Dupuis

Hi, I have been working at the same company for ten years but my wife just started working two months ago. For the two years prior she worked here as an au pair and after we got married she received her green card and got her first job almost immediately. She has only been working for two months. She does have good credit and has paid taxes for the last 3 years. Will a lender let us use her income when qualifying for a mortgage or will we only be able to use mine?
We want To owner occupy a multi family property so having her income too will really help to qualify.

Thanks!

1 Vote

Worcester, Massachusetts

Quote from @Bradley Buxton:

@Nicolas Dupuis

It will depend on the lender and if there are leases in place they can usually use 75% of that income against your debit to income. I like to use local lenders because they will know the rental market and local agents will know the lender can get the financing done making your offer slightly stronger over using a national lender. Get some referrals from your investor network or title companies.

Can it only be done if there are leases in place?

0 Votes

Quote from @Raymond J. Rodrigues:

Some lenders have overlays and will not allow 5% down conventional financing, but most should allow it. I would reach out to a mortgage broker in your area and they should be able to help you. Im sure there are some here on the forums that can help.

Thank you!

0 Votes

Worcester, Massachusetts

Quote from @Raymond J. Rodrigues:

@Nicolas Dupuis you definitely can use the projected rental income to help you qualify for a higher purchase price when purchasing a multi-family home with a conventional loan. You just need to have a current housing expense meaning you cannot be living rent free. FHA allows you to live rent free and use projected rental income from subject property units to help you further qualify, conventional does not. I have helped plenty of clients in your same situation.

Thanks Raymond. So if I’m currently renting I could do this with a conventional loan?

is this something most lenders can do or do I need to look for specific ones?

0 Votes

Worcester, Massachusetts

Hi, my wife and I are looking to buy our first property in the next 3-4 months. We want to buy a multi family of 2-3 units and house hack by living in one and renting out the other one or two units.
My question is: can we use projected income from the other units that we wouldn’t be living in to help get approved for a mortgage? We would be looking to use a conventional loan.

0 Votes

Quote from @Jacob Sherman:

Depends on the scenario . What state are you looking to purchase in ?

Massachusetts

0 Votes

Worcester, Massachusetts

Thank you!

0 Votes

Worcester, Massachusetts

All Forum Posts by: Nicolas Dupuis

Nicolas Dupuis has started 3 posts and replied 7 times.

Post: Will we be able to use my wife’s income to qualify?

Post: Using projected rents to qualify?

Post: Use projected rental income to help with mortgage approval.

Post: Use projected rental income to help with mortgage approval.

Post: Using projected rents to qualify?

Post: Use projected rental income to help with mortgage approval.

Post: Use projected rental income to help with mortgage approval.