If I have a treaty, my friend pay me $ 1000 per month, this increase my mortgage limits?

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Right now I have been previously approved for a home under me with my own income. Would I be able to qualify more if I have a contract with my friend and recreate it in writing and agrees to pay me $ 1000 per month? For me, I see it as the same as for a job, because in this one point, but who knows if I ever lose my job. If my friend were always placed out then it would not be able to pay more. Anyone have any advice? Would it be in the category “other income” set

  1. Reply
    My Take on It
    February 4, 2011 at 1:01 pm

    No, that won’t work. LOL

  2. Reply
    February 4, 2011 at 1:56 pm

    No lender would include that as qualifying income. Don’t try tricks to obtain more debt than you can really afford.

  3. Reply
    February 4, 2011 at 2:34 pm

    1. No, it won’t work
    2. If a lender tells you it will, run fast!
    3. Save as much money as you can right now for a large down payment & also a “oh crap” fund BEFORE you buy a house.
    An “oh crap” fund is for a few months expenses if you lose your job or are injured, the roof collapses & you need a new one, the house taxes are more than you expected,…
    4. Find out what your payment will be & put that amount minus what you pay for rent now into savings.
    5. Start collecting the rent from your boyfriend now. If he is a roommate, only your name is going on the house. If he will be an owner is well, what will happen if you break up? I hope that never happens but you need to be prepared when you go into such a big financial partnership together.
    6. Just because it’s a buyers market doesn’t mean you should buy. I don’t say that to be mean. Things happen. If you are not FULLY prepared, then don’t buy just because everyone says you should.

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