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For housing near this school, can roommate payments be part of our family budget without assuming a lender will count them as qualifying income?

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Arizona State University

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Compare published answers by school

Arkansas State University

You may model expected roommate payments in a household budget for housing near Arkansas State University, but keep that estimate separate from income a lender is allowed to use for mortgage qualification. Show a case with no roommate payments, and budget for vacancies, unpaid rent and expenses that continue when a room is empty. Ask the lender whether any rental income is eligible under the proposed programme, what evidence is required and whether the arrangement changes occupancy classification. A university-area location and a planned roommate do not by themselves establish qualifying income or lender approval.

Sources checked

Auburn University

Keep two separate figures: what the family might collect from roommates and what the lender has expressly approved as qualifying income. For the family budget, test an entire period with no roommate payments and include the costs of a vacancy or missed payment rather than committing all cash to the best-case forecast. For qualification, disclose the actual occupancy and rental plan and ask for a written program-specific determination. Fannie Mae's second-home rule allows identified rental income only when it is not used to qualify and all other second-home requirements, including borrower occupancy, are met. That exception does not establish permission to rent a particular Auburn property or a rule for every loan program.

Sources checked

University of Arkansas

You may model expected roommate payments in a household budget for housing near the University of Arkansas, but keep that estimate separate from income a lender is allowed to use for mortgage qualification. Show a case with no roommate payments, and budget for vacancies, unpaid rent and expenses that continue when a room is empty. Ask the lender whether any rental income is eligible under the proposed programme, what evidence is required and whether the arrangement changes occupancy classification. A university-area location and a planned roommate do not by themselves establish qualifying income or lender approval.

Sources checked

University of Arkansas at Little Rock

You may model expected roommate payments in a household budget for housing near the University of Arkansas at Little Rock, but keep that estimate separate from income a lender is allowed to use for mortgage qualification. Show a case with no roommate payments, and budget for vacancies, unpaid rent and expenses that continue when a room is empty. Ask the lender whether any rental income is eligible under the proposed programme, what evidence is required and whether the arrangement changes occupancy classification. A university-area location and a planned roommate do not by themselves establish qualifying income or lender approval.

Sources checked

University of Central Arkansas

You may model expected roommate payments in a household budget for housing near the University of Central Arkansas, but keep that estimate separate from income a lender is allowed to use for mortgage qualification. Show a case with no roommate payments, and budget for vacancies, unpaid rent and expenses that continue when a room is empty. Ask the lender whether any rental income is eligible under the proposed programme, what evidence is required and whether the arrangement changes occupancy classification. A university-area location and a planned roommate do not by themselves establish qualifying income or lender approval.

Sources checked

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