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What are the rules & restrictions in layman' terms when buying a multi-family home?

I was wondering if it's your income that's considered or if the income produced by the property is taken into account when applying for a loan to buy a multi-family home.
  • December 11 2013 - US
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Answers (1)

You'll need to be able to qualify for the purchase without any of the future rental income being considered.  Because there is no history of receiving rental income on the property, we cannot use it to help qualify for the purchase.  Perhaps there's a lender or bank out there who can operate differently, but that is the standard guideline.  

Hope this helps! 


Thanks,
Aaron
  • December 12 2013
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