Room Rentals - Underwriting Fundamentals 101
Room Rentals
All right. So today we're talking about room rentals.
Not every single lender, actually, most of them will not use room rental income if it's a student rental or rooming house.
Generally, the lenders, the major lenders will shy away from this type of property. And then you are stuck doing alternative options or maybe commercial or something like that.
Now, there are a handful of lenders that will allow us to use room rentals, whether it's a whole property or whether it's even more unique is if you live in a property and then you rent out your rooms again, there's probably three or four that we have that will allow us to use that per room rental income to help boost your borrowing, you know, qualifications of your property, which is really, really cool.
Again, very few people are doing this, so just know that this is an option for when you are in that tricky scenario.
Talk to a Mortgage Professional
So if you are operating a property with individual room rentals, or are planning on investing in a rooming house in the near future, let us help you get set up with a lender that supports per-room rental income.
All you need to do is book a free strategy call at the link below and we can begin discussing your room rentals, investment property financing, and more.