Home Buying in Hayward>Question Details

Tonyrab365, Home Buyer in Hayward, CA

In applying for a loan for a house do I include my roommates portion of rent money as income or how is it looked at in the application process.

Asked by Tonyrab365, Hayward, CA Wed Mar 13, 2013

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If you are including your roommates rent on your tax returns and it has been reported for the past two years, we can count that as income.
Otherwise, you are qualifying on your own income.
0 votes Thank Flag Link Thu Mar 14, 2013
Hello Tonya, There are very few loans that will allow border income. It only takes a few dozen questions to qualify you in minutes. You may qualify with a minimum 580 fico score and only half percent down payment program. You can buy with minimum out of pocket expenses. You may also qualify for USDA Rural zero down loan for the rural out of city limit homes. Here is a list of the documents you will need to gather for processing a loan approval, DU Approval or pre-approval letter.
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0 votes Thank Flag Link Wed Mar 13, 2013
Do you own the place where you have a roommate? In that case, the rent paid to you will be rental income (and you would factor that in preparing your income tax return, along with expenses incurred in maintaining the property)

But if you don't own, and the rent money doesn't go to you but rather to your landlord, then no, that isn't considered income.

When applying for a loan, you will typically provide
two most recent pay stubs or proof of sources of income
two most recent bank statements
two most recent tax returns
As well as other documents that your lender will require.

You should speak with a mortgage banker/broker to be preapproved -- and I suggest you do this before you even start looking for a property to buy. Knowing what you can afford, how much downpayment you will need, and what kind of loan you can get are all critical factors in your search.

Good luck
0 votes Thank Flag Link Wed Mar 13, 2013
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