When a consumer is thinking of buying a property one of the first things a lender will help with is determining how much the consumer can borrow based upon current income. Many times a borrower will consider renting out part of the property to help pay for the mortgage. How does that work?
A lender can consider rental income when helping to qualify a borrower if the borrower has previous landlord experience. Previous landlord experience is verified by providing previous years' tax returns showing rental income having been collected. If the borrower can provide evidence of landlord experience, the projected rental income may be used in certain instances.
If the property being purchased is a single family home, or a one-unit and the rent comes from someone renting out one of the bedrooms or a guest house, the renter is considered a "boarder" that shares the primary residence. Typically this type of income cannot be used to help qualify a borrower.
On the other hand, if the property being purchased is a duplex and ทาวน์เฮ้าส์มือสอง กรุงเทพ the borrower does have landlord experience, the rental income can be used to offset the new mortgage. If the borrower lives in one of the units there's an extra bonus; a duplex where the borrower lives in one side and rents out the other qualifies for a primary mortgage rate. A rate for a primary residence can be as much as one-half percent lower compared to interest rates for investor properties.
The lender will make determination of boarder or rental income is used. If the property is a single family home, it will be hard if not impossible to convince a lender to use the boarder income.
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