Mortgage home loan answers
Learn about mortgage home loans and rates.
-
If I plan on renting out rooms, can I qualify for a larger home loan?
Posted on July 9th, 2010 3 comments
Katy asked:
I heard that if you rent out rooms, you can qualify for a larger mortgage. I would like to purchase a 3 bedroom townhome for 199,900, but I only make $57,000 a year, which I don’t think is enough to qualify ( I haven’t talked to a mortgage place yet). If I rent out two of the rooms, do I qualify for more?Thank you.
Charlie3 responses to “If I plan on renting out rooms, can I qualify for a larger home loan?”
-
The answer is 100% NO. Plus you may (and should) run into a zoning problem.
-
Diane A July 12th, 2010 at 22:41
NO, In fact they may turn you down flat as that just demonstrates to them you can’t afford the mortgage, because you are not buying a rental property but a dwelling for you to live in (owner occupied).
-
darya7979 July 15th, 2010 at 10:05
That is good question:
1. You need to figure out how much down payment you are putting down. You might be able to qualify.
2. Do you have good credit?
3. You need to speak to a loan officer. I can refer you to one in you need one. They will be able to pre-approve you within an hour.
4. Renting out some of your bedrooms want work. The lender reviews your past and current income to determine if you qualify for a loan. Since you do not currently own the town home this wont work.
Darya
Real Estate Consultant
847-877-4157
-
Real Estate Guy July 11th, 2010 at 19:54