Profile picture for Bananana1

Can I include a roommate's payment as my income with applying for a mortgage in my name only?

  • November 13 2009 - Columbus
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Answers (13)

Profile picture for lifebeyondEarth
Can you prove you are married?

OR

will your roommate accept to be a co-borrower?

If either of the answer is no - then NO

else - go ahead - why do you ask :)
  • November 13 2009
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It CAN be counted as Stan was saying for BOARDER income but the trick is Fannie Mae states you must prove it for the past 12 months AND that it will continue at your new place. So basically.....very tough to prove.
Hope this helps :)

  • November 13 2009
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...or at least not admit to it in a public forum :)
  • November 13 2009
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Profile picture for wetdawgs
"not declared on a tax return"  oh no!  You are setting yourself up for trouble.   Rental income indeed must be declared on your tax return, even when as simple as renting a single room.  And no, you can't say the person is paying expenses only while you are paying the mortgage!   Please don't set yourself up for tax fraud.

  • November 13 2009
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Profile picture for Justin Kennedy

B1.
when applying for the loan, in your preparation, i would document the income either by check or bank doposits. as this income, yet not used as effective income (qualifing income), it may be used as what we consider a comp factor which may offset other additional risk factors determine by the underwirter.

  • November 13 2009
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Profile picture for Bananana1
No formal agreement has been signed, nor have I claimed anything on a tax return.  We just have shared expenses.  Sounds like its my income only.  Thanks to all who responded.
  • November 13 2009
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Profile picture for SunTrust
wow! At least 2 responses that say you can't count it.

You can count it if you've been showing it on your tax returns.

I've had 1 client in 16 years that actually did show it on tax returns.
  • November 13 2009
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I'm assuming you cannot qualify without this income. If you absolutely need a loan, maybe you should have the conversation to have them sign the mtg with you. Just a thought.
  • November 13 2009
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Actually, there is a Fannie Mae loan program available  where 30% OF BOARDER INCOME ALLOWED TO QUALIFY,  there are of course restrictions and terms, but, yes, sometimes it can be included
  • November 13 2009
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Rental income can be used if you have been receiving the rent for 2 + years and you can verify it with a lease agreement, and tax returns reflecting that you are counting it as income. 

: ) 
  • November 13 2009
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No lender would count this.

Good Luck.
  • November 13 2009
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The room mate income may not be used for qualifying.

  • November 13 2009
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Out of curiosity, has your roommate signed an actual lease with you, that obligated him to pay YOU ever month?
  • November 13 2009
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