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Sorry if this is not the right place to ask, but I've gotten very useful help here before.

I'm planning to lease my apartment and buy a new home. I am aware that the bank will only credit me 75% of lease value. My question is, what kind of lease documents does the bank want to see in order to approve my mortgage. I'm leasing to a friend, so can I just print a free lease form online and have him sign it? Will my bank want a credit check or lease check and will I have to pay for it? This is in New York and my bank is WellsFargo. Thanks!

gmakerley · Posted: Mon Sep 28, 2009 8:37 am Post subject:

a standardized document ought to do the trick. in all likelihood, your bank will want to see evidence that your tenant has paid you a security deposit as well as the first month's rent payment. a credit check? on the tenant? no, not at all...it's not something that a lender would want, nor ought they do it in any event.

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