Profile picture for dogsrme

If you buy a property with two homes on it, to rent one out, can you get a higher loan than otherwis

Can you count the projected rent as income?  Can you get an fha loan on this type of property?  Any info appreciated.
  • January 20 2009 - Valley Center
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Answers (3)

2 units are acceptable. Rent can be used if you have a history of being a landlord on your taxes. You can also add a non-occupant coborrower if that will help you. Call me if you need the loan. I can help you.[content removed by moderator], Jayne
  • February 06 2009
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Profile picture for sunnyview
A few years ago, I would say yes you could, but now I don't know. Many banks used to consider sort of an "income credit" for a reasonable amount of rent say maybe 10 months a year at an average rate on properties that had another unit like a duplex or even houses with legal mother in law quarters. It was often a good way for first time homebuyers to be able to  reduce their monthly expenses and up their income to qualify for a loan. Now that standards have changed in other areas, I do not know if they still do that. If I were you, I would repost your question in the mortgage section of the forum so the broker there can weigh in with the up to date answers about how that might work for you now. They are very helpful and will be able to explain the process.
  • January 20 2009
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The will be income is not count as income for many bank.
They require 2 years of your taxed income.
  • January 20 2009
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