Question
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