V: If you have been claiming the rent as income on your tax return, we can utilize that as income.
I have yet to find a borrower who does claim the rental income, so it is easy to say 'no'.
There are other ways to stretch your income utilizing various first time homebuyer programs in the Alameda and Contra Costa counties. These include first time homebuyer programs with down payment assistance and mortgage credit certificates that will credit you 15% of your future mortgage interest as income. With a $400k loan, that would give you about $220 more per month in income.
Hope this helps!... more
I don't know what the management company contract states what their customary services and associated fees are and what can be considered "out of the ordinary" services; however, the majority of the management companies charge to provide the CC&Rs and Bylaws to the homeowner. Should you decide to sell your property, you will get updated copies for the Buyer and they will undoubtedly charge you more money. Fees for this service run from $50 to $500 for updated documentation in a sale.
If you decide to rent your home in the future, you will have to provide the Tenant with the CC&R's so they abide by the standards set forth by the association.
On the plus side, the management company provides a necessary service and it would be difficult to get a homeowner who would be willing to make copies for each and every homeowner in the association.
Carolyn Zeigler, CRS