While policies will change from lender to lender following is generally what you can expect:
"Simply put, if you plan to purchase a home with a suite using more than 20% down payment then it is possible for a lender to take the rental income into consideration for financing, however, if you plan to purchase a home with a suite using 20% of less of a down payment then only 50% of the rental income will be taken into consideration for qualifying purposes AND only if the suite is a legal."
"Find out just how much more you can afford or can save on your monthly mortgage payment when taking rental revenue into consideration. These mortgage specialists can answer all your purchase financing questions."
For more information please contact your lending institution or one of the mortgage brokers below:
Michael FriedmanClick logo to contact.
Nicole HayesClick logo to contact.