Is you Son living in the basement working on his second basket weaving degree doomed to never leave home? Is your boyfriend getting his car repossessed for the third time because he does not remember to pay the bill? Have Grandma and Grandpa moved in for the long haul? Well it might be time to start charging them rent so you can use their rental income to get our of your apartment and/or buy a bigger home.
The Home Ready program as the following guidelines for boarder income:
Boarder income (rental payments from individuals who reside with the borrower) is acceptable in certain circumstancesfor both purchase and refinance transactions.
Boarder is not obligated on the mortgage debt
Boarder may or may not be related to the borrower
Property must be a one-unit property
No more than 30% of total qualifying income can be boarder income
Boarder must have lived with and paid rent to the borrower for the last 12 months
Boarder must provide appropriate documentation to demonstrate a history of shared residency (such as a copy ofa driver’s license, bill, or bank statement that shows the boarder’s address as being the same as the borrower’saddress).
Boarder must provide canceled checks to demonstrate the payment of rental payments to the borrower for:
o the last 12 months, or
o at least 9 of the most recent 12 months provided the rental income is averaged over a 12–month period
Payment of rent by the boarder directly to a third party is not acceptable (payments must be made to theborrower directly)
If you or someone you know would like to buy a home in the future, please reach out to me 6-24 months before you are ready to buy. There are many hints and tactics that will allow you to increase you credit desirability and qualifying income for you future lender.
Joe Niece 612-508-4100
Author:Angela Niece Phone: 952-261-9695 Dated: September 30th 2016 Views: 661 About Angela: ...
Located in the 11 county metro, The Trust Team is a leader in the Minnesota real estate market. The Trust Team was founded in 1978, yet represents the best of traditional market knowledge, cutting edge technology and top -notch customer service - all provided by 10 of the most experienced agents in the industry.
We combine the very latest in proprietary internet marketing, and make use of the most current and relevant real estate and social media platforms. We are considered leaders and innovators - always willing to try what is new, and use what is proven. Joe Niece, has more than 3000 past real estate clients, and is an information and renowned internet Guru. His wife Angela Niece and partners, Nikki Moeller, Matt Wolfe, Mike Finstad, Joe Jones, Cory Kingbay, Mary Ellen McGlone, and Stieg Strand have created a most unusual real estate team. 2015 was our best year ever with 498 satisfied clients which gave us the honor of being the #2 team in all of Minnesota. We want your business, promise your complete satisfaction and we are committed to your success !
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"Angela spent over an hour talking passionately about how she was going to market our home and all of the things that she does in addition to putting the home on the MLS. she was the only Realtor that I talked to that actually told me in detail what she was going to do other than put my home on the MLS and blah blah blah. I really liked the 4x more exposure on Trulia by featuring our home and the 7x more exposure on Zillow by doing the same thing. There were quite a few other things that I don't remember but she sold my home in six days with two offers and received more than list price. The entire process was very smooth and professional. Thanks Angela"