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asked Jan 27, 2018 in Buying a Home by anonymous

2 Answers

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Yes! A household may have several members with income that can be used to pay the mortgage. Usually, lenders only count income from the resident who is obligated by the loan.

You can get more details about both Fannie and Freddie programs here : https://themortgagereports.com/24248/home-possible-versus-homeready-which-is-better

Fannie Mae considers non-borrower income a compensating factor. This can help a borderline applicant get an approval he or she would otherwise not get.


Freddie Mac's Home Possible Advantage does not count non-borrower income.

However, both programs count boarder income. So if you have been living with someone for at least a year, and he or she has been paying you rent, you can count this as income.

Here's the full scoop on HomeReady: https://themortgagereports.com/18653/homeready-mortgage-guidelines-interest-rates
answered Jan 28, 2018 by GinaPogol (47,650 points)
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You can only use qualified verified income. How is the disability income given? If your name is not documented as official caregiver, it cannot be used. It can only be used if you filed it on tax returns for past two years.

Gustan Cho NMLS 873293
answered Feb 6, 2018 by GustanCho (106,540 points)

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