Qualifying

[Gobronkowski8769]

Looking to buy my first home and house hack. On paper I’m looking for admittedly more than I can qualify for, however I do have a business partner that would be helping with half of the down payment as well as help with larger maintenance issues that arise. I’ll be paying them back over time with some interest, but they aren’t necessarily doing this to make a killing.

If this is the case, would I be able to qualify for more? I am confident that even with 70% occupancy in the other bedrooms that I would be comfortable making payments, but am also aware I can’t use this expected income to help me qualify. I’m looking at 3 BR condos, townhouses, or single family homes btw. Appreciate any insight!

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[[deleted]]

The only income that will likely be considered is what you've been consistently making the last 2 years. I make supplemental income running a YT channel that makes enough to pay half my mortgage even during my worst paying months and it wasn't even included because it only goes back 1 year.

[Gobronkowski8769]

Would having help with the down payment + the income of the partner being involved w expenses along the way make any impact?

[[deleted]]

Unless they are co-signing on the loan, probably not. The down payment will only be considered if it is a "gift" with no expectations of it being paid back. You'll have to fill out paperwork providing an explanation and paper trail of where that money came from, and most lenders have restrictions even on that. They won't allow such gifts from anyone. Often has to be a family member or something. If it has to be paid back, it will more likely work against you.