Yes it is possible to have the rental income count as income to offset the mortgage and debt.
It is specific to the property type and mortgage loan program.
If you would like more information or to discuss the specifics, please contact me via my information below.
Mortgage Loan Originator
Annie Mac Home Mortgage
700 East Gate Drive, Suite 400
Mt Laurel, NJ 08054
In general, yes you can, but there could be other variables which the lender will consider.
The lender will want to document the earning potential of the rental unit and it's likelihood to continue.
First of all, the lender will require the appraiser to provide a Comparative Rent Analysis as part of the appraisal. This is basically going to tell the lender what the market level rent is in that area for a similar unit. They also may want the appraiser to comment on the livability of the unit. If you need to get in there and gut out the 2nd unit and make a lot of repairs then it's likely you can't count on any income right away. If it's move-in ready and easy to rent then you'll probably have an easier time.
Even better yet is if there is a tenant in there already who has a signed lease with the current owner that you can just take over. The lender will probably use the smaller dollar amount of the current rent and market level rent, but this will make it easier for you still.
Feel free to give me a call or email me if you'd like help with getting pre-approved.
Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
T (248) 945-9070 | F (248) 945-4842 | C (313) 622-7383
I hope this helps.
All the best,