All Forum Posts by: Michael M.

Interesting point @Deanna McCormick, I hadn't thought of that! My mortgage lender says that if my rental income is from my own unit it cannot count on a traditional mortgage, but I can count a percentage of the other unit.  All of the income is declared on my taxes, however.  I am not sure if it is listed differently or not.

Mortgage lenders - does it matter where the rent money comes from if it's declared?  Is that area something that is checked/looked into?  My rent rolls would seem extremely high for the area if it was assumed that all the money was from one apartment, but it is truly income that is steady.

https://www.fanniemae.com/content/faq/homeready-fa...

Allows a low down payment, and also allows you to include boarder income for rooms rented in your own apartment for mortgage loan qualification.  No income limit in low-income neighborhoods, and you don't need to be a first time homebuyer.

I want to know if I can use it to buy an investment property and if I (and/or my boarders) need to move into the second house in order to complete the purchase.

Hello all,

Does anyone have experience using HomeReady to buy an investment home in NYC?  I have a few questions that I would like to ask.

Thanks

Hello all,

Is there any situation in which I can count boarder income for a mortgage on a second home?  I rent out 4 rooms in my home that I live in, and would love to include this on my application for a loan for my next home.  Chase said I could not include this income.  Would smaller lenders be able to do so?

Thanks

Michael

I own a multifamily home.  I live in one unit and rent out the other.  

In the unit that I live in, I rent out the other rooms.  

When I apply for a refi or a mortgage for a second home, can I include this rental income in my application on top of the rental income that i receive from my rental unit (I have 2 years proof of income from the room rental on income tax returns).  I was told by a chase mortgage guy that rental income from renting rooms in my own apartment won't count.  Is this a rule, or does it vary by lender?

Thanks!

Thanks @Jeff Dulla.  I reached out to @Brandon Hall via his website.  Still looking for other options so I can compare services.  Thanks!

Hi,

I own a multi family property in the Bronx and I am saving for a second while aggressively paying off over 100K in student loans.  I work full time as a teacher, have income from tutoring, and rental income.

I am looking for an accountant that knows real estate taxes inside and out that can help me file this year's taxes and also advise me regarding my overall investment plan (loan payoff vs. saving for second home; acquiring another mortgage with my unique financial situation, etc).

Any contact information would be greatly appreciated!

Thanks,

Michael

Hello,

I am new to the forums. I own a multifamily home (2 family) in the Bronx, NY. I am looking to buy a second multi-family home in the same area. My first home was bought with an FHA mortgage with a low down payment, with the assistance of the CityLift program, which gave me down payment assistance. I am looking to buy another multifamily in the area, and I am wondering how to get another low downpayment loan. Chase, my current mortgage provider, told me that I would need at least 20% down to buy an investment property in the area. Would it be smart to do a HELOC? Or could I find smaller lenders that would allow me to put down a smaller downpayment?

What information should I include in my posts to make it easier to help answer my questions?

Thanks!

Mike in the Bronx