buy a house with low income,ok downpay,good credit, and going to rent it out to my friends?
yishu asked:
i want to buy a house/apartment around $300000, but my income is not high enough around $3000 a month, i have down payment about $70000 FICO score about 770, and once i get the house, i am going to rent it out part of the house to my friend my question is are those lenders going to lend me the money?
by the way this is a 2 bedroom apartment or condo, and i will keep one bedroom and rent my other room and living room to my friends
Julie
i want to buy a house/apartment around $300000, but my income is not high enough around $3000 a month, i have down payment about $70000 FICO score about 770, and once i get the house, i am going to rent it out part of the house to my friend my question is are those lenders going to lend me the money?
by the way this is a 2 bedroom apartment or condo, and i will keep one bedroom and rent my other room and living room to my friends
Julie
July 31st, 2009 at 4:03 am
Juan
I would think you would have to be able to prove their rent as income which if you do you might also have to pay taxes on that income, but don’t quote me on that. If you are buying a house I do suggest you check out this site
August 2nd, 2009 at 2:01 pm
Robert
No. Your income is way too low . You need an income of $90,000 - $105,000 to qualify or, to put it another way, an income of almost 3 times what you have today. Also, the lender will not count any rental income you claim in their calculations because this is not an investment property.
August 4th, 2009 at 10:27 pm
William
single family property is not a duplex where you can rent the other side out—so renatl income cannot be used
August 6th, 2009 at 6:56 am
Debra
No, you can not count future rent as income.
You can buy a house worth about 140k with your income and down payment.