Qualifying for a Mortgage on a Duplex?
I am working with a lender to qualify for a mortgage on an owner-occupied duplex. I am told that 75% of rental income will be counted towards my personal income, of which 40% will be counted for my monthly payment. Is this the standard, or is my mortgage lender mistaken? By my calculation, they are only taking into consideration 30% of the monthly income! There’s no way I can buy a duplex with that.
maybe because you wont be living in the properties.
Qualifying depends on your income and other outstanding debt, stated income loans have dwindled, FICO, must meet minimum debt service ratios.
I found interesting information about your answer & the best options here.
http://all-mortgage-calculators.blogspot.com/2007/07/mortgage-loans.html
Good luck!
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