Asked by Allgood2010, Sacramento, CA • Fri Mar 4, 2011
Ok here is the situation. My mom found a home and has a Purchase Agreement/Contract.
Fico is 820 and will be putting 30-35% down.
She currently owns a home and is buying the new one to be able to live in when she retires in 3 years. When she moves in to the new home she will of course sell her old home. Myself and fiance will be living in and paying rent for the next 3 years until she lives there.
I do understand that only 75% of the rent will be considered and the rest will count against her DTI (with both properties she is at 58% without including the rental income). If she is able to count the rental income she will be at 40% DTI or slightly under.
I have read that unless you have 2 years prior rental experience the income will not be counted. Is this true or is there ways around it such as a 2 year lease being signed and proof of deposit being shown? If the renter can not be family my fiance could sign it if that is an issue.
Real Estate in Plumas Lake
Popular Categories in Plumas Lake
Email me when…
Success! Your email alert settings have been saved. Access all your email alerts in your My Trulia account anytime!