News for hackers. Stuff that matters.

A comment on Some young people are buying houses with friends. Parent comment

Re:Some young people are buying houses with friends by ensignavenger on Wednesday March 06, 2019 @04:09PM (#19322812)
DTI ratios are usually pretty generous, but if you can't qualify without the rental income, you may need to buy a 2-4 unit building and rent the other units to friends. This can be done with an FHA insured loan. It may be possible to count rental income on a 1 unit property under some programs, I am not fmailiar with all the rules. I don't think you can with an FHA loan, though.
[ Parent | on HN ]
Re:Some young people are buying houses with friends by ThrustVectoring on Wednesday March 06, 2019 @04:11PM (#19322831)
AFAIK the rental amounts count for 75 cents on the dollar against the mortgage total, and you need to either have experience being a landlord or have a signed letter of intent to show the underwriter.
[ Parent | on HN ]