Home Buying in 75208>Question Details

JDALLAS30, Home Buyer in Dallas, TX

Getting pre approval with an lease agreement?

Asked by JDALLAS30, Dallas, TX Fri Jun 14, 2013

If I plan on buying a 3 bedroom home and letting someone else "rent" out 1 room from me can I have a lease executed (say 24 mo) before I apply for financing and use that income as additional income?

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Yea the other agents are right. Plus you will need to claim those income in your tax return in order to count those as rental income as well.

I can connect you with my lender and he will able to help you getting prequalified. You can email me at dixondfw@gmail.com

0 votes Thank Flag Link Fri Jun 14, 2013
I don't think so, I don't think they would ever allow you to count roommate rent.
In most cases I think this has to be a very informal agreement to rent a room.

I've never seen a lease to rent a bedroom.
I think most cities would not allow you to turn a single family home into a mutli-family rental.
Your home insurance policy also might not cover roommates.

Your owner/occupied loan also might not allow for renters.

So that's why I think you have to have an informal agreement.

Good question. You might ask all those involved to see if it is allowed or valid and also ask an attorney for legal advice.
0 votes Thank Flag Link Fri Jun 14, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
No. ...most lenders require you to be a land lord for 24+ months before you can count a portion of the rent as income.
0 votes Thank Flag Link Fri Jun 14, 2013
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