What? Free Money? Yes, if you own a 2-4 unit property and occupy one of the units as your primary residence and need additional income to help offset the total monthly housing expense we are able to include projected rent for the owner-occupied unit.
Here’s how it works. The appraiser performs a rental survey as part of a 2-4 unit appraisal. He or she will include rental income for the owner-occupied unit based upon nearby market rents for similar properties.
This allows the owner/borrower to qualify for owner-occupied financing as opposed to investment-property financing. This could make a big difference in the interest rate the borrower receives and possibly the difference between qualifying or not.
Multiple-Unit Mortgage Planner