Home Buying in Bushwick>Question Details

Shannon Morr…, Real Estate Pro in Brooklyn, NY

I am looking for a multifamily to live in & rent. I have 20k, no debt and make 39k per year. Will lenders look at rental income when underwriting?

Asked by Shannon Morrow, Brooklyn, NY Thu Feb 23, 2012

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There are plenty of low down payment loans. There are several different things you can do, but a great percentage of home buyers are only coming up with 3.5-10% down, not 20%.
1 vote Thank Flag Link Thu Feb 23, 2012
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore if you haven't done so yet, visit with any licensed loan officer; he/she can best advise as it applies to your situation...
0 votes Thank Flag Link Thu Feb 23, 2012
Rule of thjumb is 25% of your salary attributed to your mortgage & banks looking for appx 20% down. If you work those #'s that should give you a budget of what you can afforrd.

Figure you will spend appx $500 oer $100k borrowed.

Good luck.
0 votes Thank Flag Link Thu Feb 23, 2012
Dear Shannon:

Yes, banks will take into consideration the rental income you will receive on the property. You need to speak to a mortgage banker and get yourself pre-qualified to find out what you can do. In order to do that the right way, you would have the banker run your credit report and review your income and assets. Then they will tell you what you can do, how much you can borrow and how much the loan will cost you every month.

If I can be of further assistance, please let me know. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu Feb 23, 2012
Yes, we will consider the proposed rental on the other units as part of your effective qualifying income. There are several different things that come to play. The best thing you can do is meet with a mortgage professional and go over all the details and possibilities.

I'm always available to meet buyers face-to-face in Brooklyn.

Javier Meneses
Sterling National Bank
516-606-9648
0 votes Thank Flag Link Thu Feb 23, 2012
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