Home Buying in Orlando>Question Details

Beth, Home Buyer in 32829

I am thinking about buying a house and renting out one of the rooms. I am going to try to get preapproved for

Asked by Beth, 32829 Wed Jul 2, 2008

a mortgage sometime soon. Right now I am continuing to gather information and have found a few houses that I love. I kind of know a little about real estate from being a receptionist in an office here in Orlando; however, nobody ever talked about this.

I am looking for a 3-4 room house or foreclosure with min 2 baths on the UCF side of town. I am going to rent a room out to help with cost. So I need to know how this works. I already have a person that may rent from me.

Here are some of my questions:
Does it affect the amount of mortgage I will be approved for?
Will this affect the first time home buyers downpayment assistance I am going to try for?
What else would be affects or that I would need to know?

Thanks

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Answers

5
BEST ANSWER
Hi Beth,

Good for you and a great idea in my opinion! Especially in the area you should have no problem getting a good student to rent out to there. I'm not aware of a loan program that would let you use that room rent along with your income to qualify on a house with but if you'd like I can send you the name and numbers of 2 local mortgage experts in Longwood and Alt. Springs who would be more up to date and knowledgeable on that possibility. So, you're still a 1st time homebuyer if you haven't owned any property in the last 3 years, and the only other effect I would say would be to be sure to put them through a thorough rental application process for you and your new home's protection - I can help with that as well because our office does an extensive amount of property management in Seminole and North Orange county. If you would like to send me your price range and other features your looking for in your new home I'd be happy to send you some of the good-looking ones available. God Bless, Mark
2 votes Thank Flag Link Wed Jul 2, 2008
Having rental income will certainly help your qualifying requirements. BUT, until you own the property- you can't have a valid lease with the co-occupant. I can't see how your issues would change your assistance program.
2 votes Thank Flag Link Wed Jul 2, 2008
You have no problems whatsoever. You do need to get pre approved before anything.
Your idea is a very good one, but again look to get the money for the home first before you go any further.
I am very close by you, University Blvd. If you want to give me a call I can answer all your questions....
1 vote Thank Flag Link Wed Jul 2, 2008
Are you going to live in the house with this renter? So, it is not a rental property but your home? I think this is risky business unless you know the person. AND you should have the renter sign a lease because should you have a falling out, you have no legal recourse for easily getting that person to leave your home.

As far as your mortgage, I don't believe it will affect your ability to get, or not get one. However, these are questions for your mortgage broker.
0 votes Thank Flag Link Wed Jul 2, 2008
Beth,

Of greatest importance is that, by renting, you are not creating a zoning violation. We recommend that prior to buying you clearly identify weather or not you can ren legally without a violation.

Good luck,

The "Eckler Team"
0 votes Thank Flag Link Wed Jul 2, 2008
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