Question


20/20 h...

Can one buy a Owner-Occ rental prop (w/3 units), w/ 20% dwn, grt crdt but no income other than this props rent?

My sister is a small bus. owner and lives in CA. She has great credit, at least 20% available for down-payment and wants to buy first home. Her small business brings her just enough to pay current bills, so income couldn't support mortgage approval. Could she get approved for a mortgage on an Owner Occupied rental property, with three units whose rental income would support the property's gross costs?

1 month ago - 2 answers

Best Answer

Chosen by Asker

Unlikely Most lenders only credit 65% of rent as income Most lenders will want some other source of support Sis is cutting it too close, financially

Source(s)

real estate investor

by chatsplas

1 month ago

Asker's Rating: 

Other Answers

Unfortunately you are asking questions that only a loan officer can answer and will all of your sisters financial information. We would only be giving you a wild ass guess.

by Realtoratheart- 1 month ago