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Updated over 8 years ago on . Most recent reply

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10
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Chris Rand
  • Louisville, KY
1
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10
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Can I include roommates income when applying for a motgage?

Chris Rand
  • Louisville, KY
Posted

I want to buy my first house, so that I can rent out the remaining bedrooms. Is there any way i can include another person's income, so that i could qualify for higher loan amounts?

Most Popular Reply

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398
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Russ Draper
  • Investor
  • Boston, MA
147
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398
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Russ Draper
  • Investor
  • Boston, MA
Replied

Only if they are going to be on the mortgage with you...  If you are purchasing an investment property (larger down payment typically) you can use rental income on the property if there are tenants already there.  Some banks will loan on what a property *will* rent for but that is very rare these days.

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