Can I use Room Mate Income to Qualify for a Mortgage?
If you are obtaining an FHA Mortgage:
Income from roommates in a single-family property to be occupied as the borrower’s primary residence is not acceptable. Rental income from boarders is acceptable if the boarders are related by blood, marriage, or law. The rental income may be considered effective income if shown on the borrower’s tax returns. Otherwise, the income only may be considered a compensating factor and must be documented adequately by the lender.
At the end of the day, the best advice I can give you is to ask your lender if your loan and circumstances allow for the use of boarder income.
Ricardo Cobos is a licensed mortgage loan officer in Raleigh-Cary-Durham North Carolina who has been helping families achieve financial security through responsible home-ownership since 1998. (919) 526-0183
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Since relocating from Northern Michigan in 2007 I have lived in Garner (27529) with my wife Melanie and our four children. With personal production of 8MM in real estate sales across Southern Wake County I am considered to be a local market expert in the following communities: Garner (27529), Fuquay-Varina (27526), Holly-Springs (27540), Apex (27502), and Raleigh (27603, 27604, 27606, 27609, 27610)) which spans from downtown Raleigh to Willow Spring including Lake Wheeler. Call or email me, I’m here to help! Ricardo Cobos (919) 526-0183
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