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
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....
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.
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.
The "Eckler Team"