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.
Using Roommate or Boarder Income to Qualify for a Mortgage in Washington State
Filed Under: Home Buying, Mortgage Programs Tagged With: boarder income, first time home buyer, home possible, Home Ready, income, qualifying, roommate, starter home
