How to qualify for a mortgage for a house with a in law unit?
r asked:
Under normal lending standards, what is taken into consideration for qualifying for a house that has an apartment that can be rented for additional income while the owner lives in the main house.
Under normal lending standards, what is taken into consideration for qualifying for a house that has an apartment that can be rented for additional income while the owner lives in the main house.
I have done this before with a house I owned for 3 years, but it was when loans were easier to get in 2003.
What are the credit scores, down payment %, etc. needed? How is the rental income calulated into the affordability?
Jose