Getting pre approval with an lease agreement?

Asked by JDALLAS30, Dallas, TX Fri Jun 14, 2013

If I plan on buying a 3 bedroom home and letting someone else "rent" out 1 room from me can I have a lease executed (say 24 mo) before I apply for financing and use that income as additional income?

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Dixon Wong, Agent, Dallas, TX
Fri Jun 14, 2013
Yea the other agents are right. Plus you will need to claim those income in your tax return in order to count those as rental income as well.

I can connect you with my lender and he will able to help you getting prequalified. You can email me at dixondfw@gmail.com

Dixon
Realtor
http://www.findyourtexashome.com
0 votes
Bruce Lynn, Agent, Coppell, TX
Fri Jun 14, 2013
I don't think so, I don't think they would ever allow you to count roommate rent.
In most cases I think this has to be a very informal agreement to rent a room.

I've never seen a lease to rent a bedroom.
I think most cities would not allow you to turn a single family home into a mutli-family rental.
Your home insurance policy also might not cover roommates.

Your owner/occupied loan also might not allow for renters.

So that's why I think you have to have an informal agreement.

Good question. You might ask all those involved to see if it is allowed or valid and also ask an attorney for legal advice.
0 votes
Curly Sue, , Texas
Fri Jun 14, 2013
No. ...most lenders require you to be a land lord for 24+ months before you can count a portion of the rent as income.
0 votes
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