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.

Charlie

T. asked:


My soon to be husband and I are renting a home in our area and paying $1100.00 a month in rent. (This is quite a bit for the area that we live in) We are wanting to buy a home and feel that we have sufficient income (around $90,000) to own a home. The problem is that our credit scores are in the high 500′s. We have been told that we could qualify for a home loan but may have a higher interest rate. We have little debt between the two of us and have a down payment set aside from a family member. Just wondering if anyone has obtained a mortage loan with simular circumstances?

EDMUND

Lannie B asked:


I recently applied for a FHA loan to buy a home in another state b/c my husband’s job is relocating him. We own a home in our current state, and the loan officer said we were approved after submitting documentation (W-2s, pay stubs, etc) verifying we had the income/assets to carry the costs of two houses. Our FHA financed home in our new state will be our primary residence; we likely plan to rent out our current home to wait out the bad market. Our LO said we don’t have to list our current home as an investment property since we haven’t listed it to rent. He also said that they pretty much don’t care what we do with the current house since our income shows we can carry both mortgages and still fall in line with their desired DTI ratios. I’m just worried things will fall through b/c they’ll decide for some reason we can’t have two mortgages. Is this a senseless fear?

FREDRICK