In today’s Real Estate market, we have seen a steady rise in housing prices making home ownership a more challenging goal for first time home buyers. At Champion Mortgage, we would like to inform you of the benefits of properties with legal accessory apartments as you search for your “perfect” first home.
As of July 2015, CHMC will consider up to 100 percent of Gross Rental income from a legal two-unit owner occupied property that is subject to a loan application submitted for insurance. This is great news for you as you can add the income the apartment generates on an annual basis to your yearly gross income. One of our experienced mortgage consultants will factor this amount to your application to the lender on your behalf. This added income will greatly increase your ability to qualify for your first home.
The Benefits do not stop there!
Once you are in your new home and the legal apartment is rented you will significantly reduce your monthly operating costs, which are often overlooked by many during the home purchasing process. In Addition to a Mortgage Payment, there are property taxes, utilities, general maintenance the list goes on and on. That extra income will give you the financial breathing room that can be appreciated as a first time home buyer.
Call us at Champion Mortgage 1-877-341-1299 or email firstname.lastname@example.org and we will answer any questions you may have regarding legal accessory apartments and how they apply to your mortgage application.