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You guys are going to love this one.
It’s very, very unique and very few lenders offer this.
It’s called co-habitation income.
So what this is, is we have certain lenders that will allow you to use income of somebody who is living in the property, even though they’re not on the mortgage.
Now, keep in mind, there’s very few lenders I do this, but we know that it is available because sometimes, you know, on an application the husband may not be on the deal or the wife may not be on it.
And by knowing that there’s additional family income, we just have to show the lender that and they’ll use it to help qualify it again, even though they’re not on the mortgage.
So this is really, really, really cool. And again, there’s very few lenders that offer this.
So always give your mortgage agent a full look at what your whole financial situation is so that we can leverage programs like this to maximize your purchasing power.
Talk to a Mortgage Professional
To learn more about whether you will need to factor co-habitation income into your mortgage, book a free strategy call with me and my team today.
We will help you break down everything you need to know for all of your mortgage financing needs.