Great question! Depends on the lender. I know some that I’ve talked to that will not and others that consider it with a signed 12 month lease. I’d say talk to everyone and see. Give @Grant Schroeder a shot, he may have something or know someone that can help you out. I think some lenders are becoming more open to it!
Great question! Depends on the lender. I know some that I’ve talked to that will not and others that consider it with a signed 12 month lease. I’d say talk to everyone and see. Give @Grant Schroeder a shot, he may have something or know someone that can help you out. I think some lenders are becoming more open to it!
YES! I am currently under contract on my 2nd house hack, and my lender is using my current RbR house hack income to help qualify.
I was told that the leases must be at least 12 months long. In that case, my lender is using 75% of the gross rents to assist my DTI. I believe if we have been operating the HH and reporting the income for 2 years, then my lender said they could use 100% of the income that shows on my tax returns, but until then they can only use 75%.
Wow, this is great! Just to clarify, as long as you have a signed lease, your lender will allow you to use that income to assist in DTI? Even if you haven't received a rent check?
Wow, this is great! Just to clarify, as long as you have a signed lease, your lender will allow you to use that income to assist in DTI? Even if you haven't received a rent check?
Good question! I think my lender said that the lease start date just has to be by closing date. So we are getting a lease for the unit we live in now, and he said it would count if the start date is the same date or before the closing date. You may have to check around with lenders though to find one this flexible!