How to Use Roommate & Rental Income to Qualify for a Mortgage

Jun 25, 2025

Discover how roommate income can boost your mortgage qualification! Learn to navigate the Fannie Mae Homeready program, using documented payments to strengthen your application. Proper documentation is key, especially for couples and college grads looking to maximize opportunities. Plus, delve into innovative strategies for leveraging rental income from unique spaces like ADUs. Unlock your potential in real estate financing, whether you're fresh out of school or living with a partner!

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ADVICE

Leverage Roommate Income

Use documented roommate income under Fannie Mae's HomeReady program to boost your mortgage qualification.
Collect rent payments with memos and leases for at least 9 of the past 12 months as proof.

ADVICE

Document Partner Income as Rent

Put your boyfriend or girlfriend on the lease and document their rent payments to qualify their income when buying a home.
This documented rental income helps you qualify for a larger mortgage without needing them on the loan.

INSIGHT

College History as Work Experience

Recent college graduates can use their college education as work history to qualify for a mortgage immediately.
Rental income from roommates during college also helps strengthen mortgage applications with proper documentation.

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In this insightful clip from EYL, MG The Mortgage Guy joins Troy Millings and Rashad Bilal to break down creative real estate hacks that can help you qualify for a mortgage and scale your income—especially if you’re not navigating the process alone!

Discover how you can leverage roommate (or "border") income, even if it's a boyfriend, girlfriend, or college roommate, to boost your mortgage qualification. MG explains Fannie Mae’s Homeready program, which lets you use documented rental payments from roommates to strengthen your application, as long as you’ve collected proof over at least 9 of the last 12 months.

The clip dives into the vital importance of documentation—leases, payment records with memos clarifying "rent," and making sure everyone’s on board. They also discuss common scenarios, like living with a partner (who isn’t on your lease), and how putting everything in writing can unlock significant buying power, all while keeping your finances and future flexibility secure.

Graduating college soon? MG reveals a little-known hack: you can use your college history as work history for mortgage qualification, and if you’ve collected rent from roommates (with all the right paperwork), that’s extra income to help you buy your first home right after graduation!

For those interested in maximizing every opportunity, they touch on leveraging an ADU (Accessory Dwelling Unit) for long- or mid-term rental income, and how areas near hospitals, airports, or New AI data centers can create lucrative mid-term rental plays—ideal for traveling professionals, corporate consultants, or construction workers on multi-month assignments.

Whether you have a pool to rent out (think Swimply), extra space in your home, or are just getting started, this strategy-packed clip is a must-watch for anyone looking to house hack, generate additional income, or simply make smarter real estate moves.

Hit play to learn how better documentation, teamwork, and a little creativity can make real estate investing more accessible than you ever thought possible!

*#RealEstate #HouseHacking #MortgageTips #EYL #RoommateIncome #ADU #HomeBuying #FinancialFreedom #Swimply #Investing #CollegeHacks #WealthBuilding*

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