Asked by Will, Arlington, MA • Mon Oct 19, 2009
I'm thinking about purchasing a home in Burlington in the next year or so, something large enough to accomodate 4 people, so maybe 3 bedrooms or larger. I currently own a condo in Arlington which costs ~$1800/month which includes PIMI and Condo Fee. My gross yearly income is $80k, my credit score is 750 , and I have no debt. I estimate I can rent out the condo for ~$1000 a month. For personal reasons, I'd like to have the new mortgage financed in my name only, but the people I will be living with would contribute $1000 a month to housing expenses. Under these conditions, how much could I get in financing? Would a lender take into account the potential rent income of the condo and the "unofficial" contributions of my housemates? Thank you.
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