can my son buy a house to live in and rent part of it to other students and use the rental income to qualify for an FHA home purchase loan?

Asked by fgranger168, Swampscott, MA Fri Mar 22, 2013

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4
Richard Shap…, , Framingham, MA
Fri Mar 22, 2013
Boarder income is generally not allowed. If your sone were to purchase a multifamily property and rent out the other units, then the income could be considered.

If your son is a full time student, you could be on the loan as a non owner occupied co-borrower. Your incoome, credit and assets could be factored into the qualifying.

You also could purchase the home as an investment property and lease it to your son and fellow students. Then you have nice asset to help you reduce your tax liability. Talk to your CPA about the joys of owning investment property.
1 vote
Sarah Goulart…, Agent, Plymouth, MA
Fri Mar 22, 2013
Are you saying he would only qualify for the loan assuming he has this additional future rental income?

Then no. Have him call a mortgage broker to find out what he can qualify for given his current income, qualifications and credit.
1 vote
Paul Stonkus, Agent, Lynn, MA
Fri Mar 22, 2013
not a single family, but a multi, possibly.
0 votes
Jeffrey Manc…, , Boston, MA
Fri Mar 22, 2013
As a mortgage professional Richard has done a nice job outlining your options.
0 votes
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