Use documented boarder or roommate income to qualify for HomeReady® HomeStyle® — typical 30% cap, AMI screening, and 1-unit primary rules.
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Boarder Income
Yes. Documented boarder or roommate rent can count toward qualifying income on HomeReady® HomeStyle® — typically up to 30% of total qualifying income — when you buy or refinance a 1-unit primary residence and meet AMI and DU Approve/Eligible requirements.
Many buyers share living costs with a roommate, relative, or long-term boarder. Standard conventional underwriting often ignores that rent. HomeReady was built to recognize it — and pairing HomeReady with HomeStyle lets that same income tool support a purchase-plus-rehab or limited cash-out refinance with renovation escrow.
That extra income can improve debt-to-income enough to approve a 97% LTV fixer-upper that would otherwise fall short — without switching away from conventional financing, cancellable PMI, or a 15-month HomeStyle completion window.
Ryan and Steve structure the boarder package early: agreement, payment evidence, AMI screening, and how much rent can safely count toward your DU Approve/Eligible file.
Strong files make roommate rent count without delaying renovation underwriting.
Related qualification and property guides for HomeReady HomeStyle.
Ryan & Steve document boarder rent, screen AMI, and size a HomeReady HomeStyle rehab at Luminate Bank.
HomeReady and HomeStyle are registered trademarks of Fannie Mae. All loans are subject to credit and property approval. Program guidelines, income limits, LTV limits, and pricing are subject to change without notice and may not be available in all areas. This website is not affiliated with or endorsed by Fannie Mae, HUD, or any government agency. Information is for educational purposes only and is not a commitment to lend.