In order to determine mortgage qualification and for an accurate answer as it applies to you, visit with any licensed loan officer; after reviewing your income, credit, debt, assets, etc., a determination can be made. If you need loan officer recommendations, feel free to contact me directly; abrocco@laffey.com

Melou,

It sounds like you want to rent out the entire residence to a third party. The third party (family member) is paying most of the mortgage. I don't know if they are on the loan or not.
Again, you have to show that the income is documented and talk to a lender. Your bank loan officer or credit union loan officer should be able to answer this for you.
If not, they can recommend what to do to get you where you want to go.

Melou, @Frank, NO you cannot. Rents received from parial rental of your current residence is not allowable as income. Not at all. Now, whether or not you can buy a second home would have to be determined by a mortgage professional. However, room mate rent, etc, is not allowable income for mortgage financing. Now, if you have claimed all of the rents paid on your tax returns, you MIGHT have a slim chance. SLIM, in that I have never seen it approved. However, with tax returns I would at least ask an underwriter.

Without tax returns, I would not embarrass myself by exhibiting a complete lack to finance knowledge and presenting the question to my underwriter.

Yes, you can. Check with your lender or mortgage broker on how to document the income, including deposits and the lease itself.

Good luck on the new purchase!

Frank Diaz
(RA) MBA, e-PRO, REALTOR®
East Oahu Realty
808.723.0900 cell