Rental Income for first time home buyer
Hello,
I am looking to purchase a 2-family unit in Boston, MA for the first time.
Fannie Mae implemented a new rule that says "If the borrower currently owns a principal residence (or has a current housing expense)..." does renting from a family member for under market value count as housing expense? And how long do lenders need proof for?
Fannie Mae also says " If the borrower has documented property management experience..." What considers documented property management experience? If I help my family manage the house by collecting monthly rent, doing weekly cleaning/repairs, mowing the lawn, etc. does that count and what kind of documents will lenders need for proof of experience?
Thank you so much and any help/advice is appreciated.
Yan