Rental Income on Mortgage Application

[Lori Evans]

Hello,

How do you include rental income on your mortgage application when you do not own the property yet? I have heard that people do this, but how is it done? How do I interview people to live in a home when I don't own it yet?

I will be purchasing a single family home and want to rent out the basement portion. I would like to include that income on my mortgage application if I could. How is this accomplished? 

Thank you

[Jonathan Holmes]

@Lori Evans Traditionally if you are buying and owner occupant multifamily you can request future rents be added to your income. I believe they will determine a market rent and then add 75% to your income. So on a duplex that rents for a thousand a side they with credit you seven fifty a month. I am skeptical that they would allow this for a single family home that you plan to partition.