HomeReady Mortgage Loans - Rental Income from the Subject Property
Rental income is an acceptable source of qualifying income in the following instances:
one-unit principal residence with an accessory unit. See B4-1.3-05, Improvements Section of the Appraisal Report, for additional details related to acceptable accessory units;
two- to four-unit principal residence properties.
See B3-3.1-08, Rental Income, for calculation and documentation of rental income used for qualifying purposes.
For additional information, see B5-6-02, HomeReady Mortgage Underwriting Methods and Requirements.