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: March 22nd 2018 Views: 929 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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"I listed my home with Angela because he had sold other homes in my area and her signs seem to go up and down quickly compared to most of the signs I see in the area. I decided to list with her and she told me he would market my home while I was getting it ready for showings. Two weeks later we took pictures and were ready to go on the market. She asked if he could bring one of the buyers that he had found thru all of his pre advertising things that she talked about when she listed my home. I thought that would be fine and his buyer wrote an offer. It was not full price and I told her buyer that I would agree to sell it to him if he changed his offer to full price. The buyer did and I did not have to show my home again. I was very happy with the price and everything went well and closed fine. "