If I'm buying a home with a CHFA loan, may I live in the home AND rent out a room?

Panadera13
Home Buyer
Hartford, CT

Answers (2)
First to answer: Dan Ross
Rose Canha
Agent
Enfield, CT

If you are purchasing your home with a CHFA loan, you may rent out a room, as long as you reside there as your primary residence. The potential income you may or may not produce from this rental will not be considered when qualifying for the mortgage.
Hope this helps & good luck with your new home search!

Thu Jul 9 2009, 13:13
Dan Ross
Agent
Southington, CT
FIRST ANSWER

I think the answer is yes, you can. I don't think there are any restrictions on having a room mate, but you should check with your loan officer to be certain. I don't think you will be able to count any of the rental income when qualifying for the loan.

Web Reference: http://www.danrossre.com
Wed Jun 10 2009, 16:21

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