How will an FHA mortgage be sized for an owner-occupied 2 or 3 unit building

0.10 Dollars($)

How will an FHA mortgage be sized for an owner-occupied 2 or 3 unit building...If I live in the building how much of the rental income will be considered when sizing my FHA mortgage? What if I would like to purchase a two unit building where currently it is a family living in both units. Meaning the son lives in one unit and owns the building, but his mother lives in the other unit and he doesn't charge her rent. What must I do to demonstrate that if I live in one unit I can get $1600/month for the other unit and how much of that $1600/month can be applied to a FHA first-time homebuyer loan.

adonis · Posted: Mon Sep 01, 2008 12:57 am Post subject:

Welcome Guest,

I suppose you're trying to include the monthly rental income as part of your gross income when it comes to qualifying for an FHA loan. Is that so? I feel only an FHA lender can tell you what percentage of the rental income can be included in your gross monthly income.

I suppose it will be better if you talk to a few lenders providing FHA loans and take their suggestions as to which option would suit you the best. You may even go for a no-obligation free loan consultation on the right mortgage for you. Consultation with the community lenders will help you get an idea of the various options available to first time buyers so that you can decide upon the best.

All times are GMT - 7 Hours

Page 1 of 1