Many hopeful homebuyers find that their income alone does not quite meet the requirements for a mortgage. This challenge is especially common for people early in their careers, those recovering from financial setbacks, or buyers facing higher home prices. One option that can make a meaningful difference is bringing in a non-occupant co-borrower.
Can You Use Rental Income to Qualify for a Mortgage?
When it comes to qualifying for a mortgage, your income plays a key role in determining how much you can borrow. For many buyers, especially those interested in investment properties or who plan to rent out part of their home, the question is whether rental income can be counted toward their mortgage qualification. The good news is that in many cases, rental income can help, but there are specific rules and documentation requirements you will need to meet.
Don’t Make These Mistakes When You Want To Get A Home Loan
Getting a home loan can be a challenging process, and a finicky one. Qualifying can be challenging and once a buyer gets approved, it can be surprisingly easy to derail the process.
