Rental Income

In a changing economy, many people consider buying a home with a rental suite to help to offset the monthly overhead of owning a home. Many lenders will allow us to use rental income to help to qualify for a mortgage but don't count on being able to rely heavily on rental payments. Most lenders will only use 50% of the rental income towards qualifying for a home purchase. There are a few lenders who will consider up to 90% of the rental income so make sure you know how you qualify before you write an offer on your new home. For more information about buying or refinancing a mortgage, call me today!