 Financing a house? |
| Is there any way around bad credit to finance a house? We are now a family of four with only 2 bedrooms and my kids are boy/girl so they don't need to share a room forever. We are talking about ... |
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 Mortagage advice ..re buying partner out ??? |
my partner and i split ,4 months ago .I have paid the mortgage
alone since then .i am living in the house ,she moved out .I cannot buy my partner out until next year ,due to a heavy penalty with ... |
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 Does anyone know any resources that can help me pay the 3000 I am behind on my mortgage? |
| I went through a divorce and my financial status is getting back on track, yet I just can't seem to get caught up on the mortgage. I can't take any other type of loan, unless the payment ... |
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 $25 in monthly Pet Rent???? |
| Is it legal to charge pet rent in Mississippi?... |
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 I owe 90000 on a home that I plan to rent out. Can I apply for a Business loan to pay off and purchase proper |
| I want to pay the home with the Business Loan. I also want to take some of the business loan to use toward purchasing another property to reside in and run an in home day care OR should I sell my ... |
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 My home was foreclosed and now I need to rent a home, can you help? |
| I have horrible credit. My husband got laid off last year from a great union job. I lost my home the day after Christmas this year. I have 3 children and would like to keep my kids in their ... |
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 Can someone simply explain the mortgage crisis. I just told someone that I read millions are in trouble but..? |
| ..I really don't know what happened. They were given loans & then the intrest rate went to high so they couldn't afford the payment & are now losing their house? Please explain ... |
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 Does anyone worry about the next generation and how they will be able to afford a home to buy? |
| I have a 15 yr old daughter and a 9 year old son. I cannot for the life of me imagine how they will ever be able to buy a home until i die and leave them mine. Even if they get a 'good' job ... |
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 Can I get a decent 1 br. rental for under $1000/month in the u.s? |
| min. 500 sq. ft., full kitchen, close to public transportation and shopping.... |
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 How do you get into the business of flipping houses? |
| Also, is it advisable to start a business solely for buying houses and flippping them for a profit?... |
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 Is there any way I can avoid paying capitol gains on selling my home??? |
I have owned my home for only four months. My job is taking me elsewhere and need to sell my home. Any way to get around capitol gain taxes??
Additional Details
Purchase price of home ... |
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 How can you find out what your home is worth? |
| I don't really want to pay for an appraisel, I am just curious.... |
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 Ihave lousy credit, my broker got me into a loan i could not afford or qualify for? |
| the bank never veried the phoney income statement. after i questioned the bank about why they gave me the loan we found false bank statements too. what should i do?... |
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 Is it a stupid idea to slowly start buying small things for your future home to save for when you buy it? |
| My guy and I are starting out together with a little bit, but we would like to soon get a home together, and I have always wondered if starting my own little hopechest would bve a good idea, getting ... |
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cbaby75 | Will the intention of subletting some rooms increase the amount I can borrow on a home mortgage? |
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mr_crankypants
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Not the intention, only showing proof of past rental income on that property. Just wanting or plannning to do something is never enough, in any aspect of life. |
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teran_realtor
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No. That would be a little like asking to be qualified for more based on "Monday, when I see my boss I'm going to ask for a raise. I'll be making more money then..." |
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CJKatl
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I double-checked the regulations. According to the Fannie Mae sellers guide, boarder income cannot be used to qualify for a mortgage. That would pretty much be the standard within the mortgage industry.
There are two exceptions, and both are only for community lending programs. If a relative has lived with you for a year and paid rent for that year, the relative's income can be used to qualify the borrower for a refi or puchase of a new home. Also, if the borrower is disabled and has a live-in caretaker, the caretaker's rent - there is a Medicaid program that pays the rent - can be counted. In either event, the boarder income can be no more than 30% of the primary borrower's income. |
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MARY A
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makes sense to think money would be the factor in qualifying. The answer is NO. Actually it could work in reverse. You do not need to sublet out rooms so that you are considered a boarding house. To claim rent as an income you will need to have actual legal binding leases between you and the renter, and everything on the idea of income is verified 24 months. So, if you are refinancing you need to think it over. If you have any other questions please let me know, highergroundfinsvc@yahoo.com in the subject line, please put yahoo answers need further help. |
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rita_alabama
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Not usually. |
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burning brightly
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No it will not Mortgages are set on the salable value of the land with the addition of the house attached not on any assumed income from that home unless you intend to change it into a business then different and higher interest conditions apply. |
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Amir T
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no it will not, if anything my decrease the amount because it may be counted as income property/investment. Which has higher rates and lower ltv. |
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Matthew B
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no, it will not. |
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Danny O
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Yes, it can. Only if you already have rental contracts for the rooms being used. You can use it as other income. With Credit permitting there are stated income programs that allow flexibilty with Loan amounts. |
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