FHA To Count Room Rent As Income?

Today in Mortgages

Welcome back, Dreammakers, to Today in Mortgages! In this episode, hosts Michael and Richard talk about the FHA's proposed rental requirements. Today's article: "FHA proposes looser Boarder Income Requirements for Qualifying" says the FHA realizes it needs to use all income streams to help qualify first-time buyers, and rental income is one of them.
The FHA is allowing 12-month rental income history, down from 24-months. However, the way the the proposal is worded sounds like you need to already own a home. The ideal situation is that your roommate will live with you, and you can use up to 30% of your income thru rent to offset the mortgage. We don't know what it will end up looking like, but we are glad the FHA is starting to realize they need to find new ways to help first-time homebuyers afford homes.
Listen in as we discuss this and more!
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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297.
The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation.
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Today in mortgages is produced by Network Funding, LP, which is an equal housing lender, NMLS# 2297. Corporate office located at 10370 Richmond Ave. Suite 900, Houston, TX 77042.
The content of this program is meant to be a commentary on mortgage and real estate news and any discussion of rates and or products should not be taken as individual mortgage or home buying advice or pricing estimates, and any commentary on this show is should not be considered a promise to make a loan. All applicants for a loan must qualify and you should consult a professional regarding your individual loan scenarios for your financial situation. Visit our website at nflp.com/licenses for all state licensing and other legal information.