Question about FHA lending guidelines?? - Posted by Mike
Posted by Mike on December 30, 1999 at 21:10:20:
I have a 2-unit bldg. that I am in the process of rehabbing. I’ve had a couple of buyers approach me that would probably qualify for FHA financing based on credit, but their income isn’t so great. I’m wondering if FHA will use rental income from one of the units as additional income for the buyer? I could easily get one of the units rented for $650/month. I know the lender will only take 75% of that as income, but will the bank use this money as projected income in the buyer’s financial statement?