Using Roommate or Boarder Income to Qualify for a Mortgage in Washington State

Using roommate or boarder income to qualify for a mortgage

If you’re currently renting with a roommate and thinking about buying a home, there’s a mortgage program feature you should know about: boarder income. Under Fannie Mae’s HomeReady program — and Freddie Mac’s Home Possible — documented rental payments from a roommate or lodger can be counted as qualifying income for your mortgage.

Here’s how it works, which programs allow it, and what documentation you’ll need.

Does Renting a Room Count as Income for a Mortgage?

[Read more…]