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Can you use projected rental income as additional income when buying an owner occupied multifamily with an FHA mortgage?

by krice_170_759 from Boston, Massachusetts. Apr 15th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#37 ranked lender in Massachusetts - 723 contributions

Good Morning! The Answer is YES! I'm a Massachusetts Resident and would enjoy working directly with you. There are a few other things to know about multi families with FHA, particularly when you are considering a 2 Unit compared to a 3 or 4 unit. Please send me a direct message to get more details. I'm here to help! Thank you!

Apr 15th 2013
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Barb Lanis (BarbLanis)
#72 ranked lender in Illinois - 662 contributions

Absolutely, the projected rental income can be used for qualifying purposes!

Apr 15th 2013
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

Yes. FHA will allow this as long as you are living in one of the units. Even though FHA will allow it, you should beware that not all lenders will consider it. Most lenders have their own restrictions, called overlays and many will require that you have proof of landlord experience before allowing the use of any rental income. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Apr 15th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Only if you have prior rental experience

Apr 15th 2013
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

This would depend on the lender- If you are a 1st time home buyer there may be options available to you through your localcommunity bank or credit union-Good luck with the purchase,Pete

Apr 15th 2013
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Edgar DeJesus (EdgarDeJesus)
#195 ranked lender in Florida - 10 contributions

You'll will be required to show proof of prior rental experience. For more information feel free to visit our website www.thedejesusgroup.com.

Apr 15th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Yes and you don't need prior history! Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation. Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com We are also proud Homes for Heroes affiliates!

Apr 15th 2013
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Julie Colangelo (JulieColangelo)
#838 ranked lender in California - 15 contributions

No you do not need prior rental history with FHA.

Apr 15th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 394 contributions

Yes you can. FHA doesn't require prior rental history when purchasing an owner occ 2-4 family property. They do have a 'self sufficiency ' requirement however. Be sure your loan officer runs this calculation at the beginning of the process to help ensure a smooth approval.

Apr 15th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,560 contributions

Yes... You sure can. In MN or WI, visit www.WI-MortgageBroker.com

Apr 16th 2013
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