I do not make a lot of money, but when you go to apply for a mortgage do they factor in the rent that you would be receiving? Any Pros / Cons I should be aware of?I am from Connecticut and interested in buying a multi family house.. Anyone have any advice.. ?
Yes we consider 75% of the rental income, there are plenty of options for buying. I am from CT and work for Wells Fargo Home Mortgage, let me know if I can help.I am from Connecticut and interested in buying a multi family house.. Anyone have any advice.. ?
Have you spoken to a loan consultant? As far as I know, there are many factors that come into play. Your personal assets: character, education/skill, ability to manage a property, downpayment (if any), the property you have in mind, your credit (although this may not be the decisive factor, unlike in buying a personal home.).
I suggest that you contact a good loan consultant, I am from California. Feel free to visit the clarionmortgage.com website and pose your questions.
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