Home Buying in Forest Hills>Question Details

Mercedes Wis…, Home Buyer in Forest Hills, NY

Can I use the rental of one of the bedrooms as income on a single family house?

Asked by Mercedes Wissa, Forest Hills, NY Fri Mar 1, 2013

Trying to buy a single family and I want to know if I can use the rental I will get from one bedroom I will rent out after I buy the house. This way I can qualify? Friends have told me that they were allowed to but Chase said it was not allowed?

Help the community by answering this question:

Answers

5
BEST ANSWER
Mercedes, unfortunately you will not be able to use rental income as effective qualifying income, UNLESS the house is a legal 2-4 family property. I suggest you meet face-to-face with a Loan Officer and see what you can qualify for a multi-family house.

I'm always available to meet in one of our Queens offices if you're in need of a Loan Officer. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
2 votes Thank Flag Link Fri Mar 1, 2013
No you absolutely cannot use the rental income from a single family to help qualify for a mortgage. This is only allowed on 2 or more units. If you need to discuss what can be done to help you qualify or find homes in your approval range please contact me anytime @ 914-299-0420
0 votes Thank Flag Link Fri Mar 22, 2013
IF YOU DO ROOMMADE, BECOUSE IS ONLY 1 KITCHEN THERE. YOU CAN RENT ROOM ON SECOND FLOOR, AND USE OTHER ROOMS. OR YOU CAN LIVE ON BEISMENT AND RENT DUBLEX FROM $2500 AND UP. IF YOU NEED HELP.CALL ME 917-723-3000
THANKS

LUCKY DAY REALTY
917-723-3000
0 votes Thank Flag Link Sat Mar 2, 2013
Generally if the property is your primary residence, the room income cannot be used...
0 votes Thank Flag Link Fri Mar 1, 2013
If it is a primary residence and not an investment, you can not use this income to qualify. If it is an investment property, most lenders should estimate the rent and use this towards your income to help your debt to income ratio. What you are asking is too much of a risk for a bank because then everyone would be doing this! :)
0 votes Thank Flag Link Fri Mar 1, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer