Updated about 10 years ago on . Most recent reply
Getting Pre-Approved for Mortgage Using Projected Rent
I am looking to buy a multi-family home.
Simply put, can you get pre-approved for a mortgage for a "larger" amount using projected rent?
Example: Pre-approved for $200k for a single family home. Multi-family home costs $300k. Can you use the anticipated rent to get you pre approved for more?
If so, would it have to be through private lenders?
Any leads? I live in and looking to purchase in NJ.