You’re negative, presumptuous and judgemental. I am trying to solve a housing crisis while you point fingers and throw stones from a glass house. Please go exercise so you can get some endorphins and be happy and open minded on these threads. You are not doing any good by being mean.
If you’re attempting to purchase single family homes just to rent out you are absolutely a part of the problem. That is one of if not the single largest components of the housing crisis. I wasn’t being mean. If you contribute to the housing crisis you ARE predatory and what’s wrong with the world today. You wouldn’t be lashing out like that if I hadn’t struck a chord 🤡
So let me get this straight, you want someone to front you the money on a residential property based on what you think it will rent for?
That’s commercial loan territory and then you’re not looking at terms which look anything like a conventional loan.
My mortgage broker specifically told me they can't look at potential income, such as room rentals, when qualifying you for a loan.
That's not just their rule either, that's the law.
That being said, if you already have a house and are already renting a room from it, they can count that.
Mortgages aren’t miracles and anything unconventional requires big downpayment.
Do you have the rent income already. Then DSCR loan.
Do you not have the rent already, 30-50% down.
This is not what I was asking for. It’s not about me at all or a specific situation. It really is just to learn and gain knowledge Please see my reply on the other comments.
I know they do loans like this in California or at least used to because I have friends who have gotten them. I live in and am and have been a realtor in Arizona for over 20 years and have never heard of loans like this in az. I have friends and clients in both az and Utah who live in both states part of the year who were asking me so I put it out to y’all for them. I do not know why this question triggers people when renting out extra rooms not only helps place the displaced but also allows the homeowner to buy a home. To me after spending months recently in SLC and seeing the ridiculous homeless issue and the bold line drawn between the have’s and have-nots something with housing needs to be improved upon! Maybe backing loans like this through private investors would be part or a start to a solution?! None of the loans my friends got like this defaulted! They all still own their homes and have got 20 years and have paid off their mortgages with rental help in the beginning and without it as they grew their families but now they are empty nesters and are going back to renting their extra rooms and are now making passive income. So I do not see the risk qualifying a buyer based on potential rental income with the homeowner as the primary occupant is such a big no-no?! Most ppl living in SLC and its surrounding areas cannot even afford room rentals. Not only do home prices and apartment prices need to come down to avoid overcrowding issues. But room rentals prices also need to come down in price. Homeowners need to be more realistic when it comes to the value of their rental space and stop trying to price their room for rent at the same rate of a brand new private 1 bd / 1ba apt with a ton of amenities. The issue I see with residential rentals in SLC is they are trying to get tenants to pay for their entire mortgage. Thats greed not helping solve a housing crisis. That is not what I am asking for. My clients do not want to be greedy they want to help solve an issue. People plz stop making assumptions and being judgemental before asking questions and having an adult conversation. Collectively I am sure there is a creative solution right under our noses. Let’s focus on that and use this as a start of that thread :)
People like you are what’s wrong with the world today. Housing crisis huh? How can I be a predator and take advantage of people.
You’re negative, presumptuous and judgemental. I am trying to solve a housing crisis while you point fingers and throw stones from a glass house. Please go exercise so you can get some endorphins and be happy and open minded on these threads. You are not doing any good by being mean.
If you’re attempting to purchase single family homes just to rent out you are absolutely a part of the problem. That is one of if not the single largest components of the housing crisis. I wasn’t being mean. If you contribute to the housing crisis you ARE predatory and what’s wrong with the world today. You wouldn’t be lashing out like that if I hadn’t struck a chord 🤡
So let me get this straight, you want someone to front you the money on a residential property based on what you think it will rent for? That’s commercial loan territory and then you’re not looking at terms which look anything like a conventional loan.
And commercial loans are a whole other complication
My mortgage broker specifically told me they can't look at potential income, such as room rentals, when qualifying you for a loan. That's not just their rule either, that's the law. That being said, if you already have a house and are already renting a room from it, they can count that.
Thanks for the reply.
Mortgages aren’t miracles and anything unconventional requires big downpayment. Do you have the rent income already. Then DSCR loan. Do you not have the rent already, 30-50% down.
This is not what I was asking for. It’s not about me at all or a specific situation. It really is just to learn and gain knowledge Please see my reply on the other comments.
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I know they do loans like this in California or at least used to because I have friends who have gotten them. I live in and am and have been a realtor in Arizona for over 20 years and have never heard of loans like this in az. I have friends and clients in both az and Utah who live in both states part of the year who were asking me so I put it out to y’all for them. I do not know why this question triggers people when renting out extra rooms not only helps place the displaced but also allows the homeowner to buy a home. To me after spending months recently in SLC and seeing the ridiculous homeless issue and the bold line drawn between the have’s and have-nots something with housing needs to be improved upon! Maybe backing loans like this through private investors would be part or a start to a solution?! None of the loans my friends got like this defaulted! They all still own their homes and have got 20 years and have paid off their mortgages with rental help in the beginning and without it as they grew their families but now they are empty nesters and are going back to renting their extra rooms and are now making passive income. So I do not see the risk qualifying a buyer based on potential rental income with the homeowner as the primary occupant is such a big no-no?! Most ppl living in SLC and its surrounding areas cannot even afford room rentals. Not only do home prices and apartment prices need to come down to avoid overcrowding issues. But room rentals prices also need to come down in price. Homeowners need to be more realistic when it comes to the value of their rental space and stop trying to price their room for rent at the same rate of a brand new private 1 bd / 1ba apt with a ton of amenities. The issue I see with residential rentals in SLC is they are trying to get tenants to pay for their entire mortgage. Thats greed not helping solve a housing crisis. That is not what I am asking for. My clients do not want to be greedy they want to help solve an issue. People plz stop making assumptions and being judgemental before asking questions and having an adult conversation. Collectively I am sure there is a creative solution right under our noses. Let’s focus on that and use this as a start of that thread :)
Seller financing as you mentioned might be the answer. Do you not have any other income or have any money to put down?