In years past you may have secured some "creative" financing options, but not today. Lending guidelines have tighted up in order to prevent another housing disaster, such as the one we have lived through over the past 4 years. You can use income from a property towards the qualification guidelines, but you will need to have income and assets of your own in order to fully qualify for a loan. Lenders are more strict when it comes to income properties, versus a single family home.
Hope this helps.
I am a Realtor in Collingswood who happened upon Real Estate as a career because of the Duplex I bought 10 years ago, before I was in sales.. Yes, you can use rental and future disabilities monies to purchase a Duplex, "IF".. that "IF" depends on your answers to the questions in these previous responses, all of them and more! Ms. Madley makes a good point. There might be a way you qualify for a Duplex, you have your eye on, I would be happy to help you explore your options. My office is located downtown in Collingswood on Haddon Avenue, across from the Pop Shop, feel free to stop by or give a call.
Alot of factors are involved in getting qualified for a mortgage. The amount of the down payment, your credit worthiness, and other factors play a large role in whether you can get an approval or not. I'm very familiar with your area of interest. In addition I can let you know what lender guidelines would call for in your particular situation. Feel free to call or send a pm. I'd be happy to assist you.
The approval or disapproval for you may depend upon the amount you recieve from each source. If the diability income is 10% and the rental income is 90%, I think that many lenders will consider it too risky. A lender will also look for excellent credit scores in this type of situation.
Deborah Madey - Broker
Peninsula Realty Group - New Jersey
If you are looking to buy the duplex with the intention of renting one side and living in the other, this will make a difference on how the lender will view you. If on the other hand you are planning on renting both sides, this will be more difficult...money is extremely tight for investors.
You can either write me or call me and I can recommend a few mortgage professionals that you could contact.
In today's lending environment, you will have a lot of difficulty trying to accompish this. Are you planning on occupying one of the units? Will it make a profit each month with rents? Do you have a down payment? Each of these factors will affect whether you can get this financed.
Hope this helps,
Tni LeBlanc, JD, MA, e-PRO