In order to use Boarder Income, FHA borrowers need to claim this income on Schedule E of their Tax return for a least two years and present a lease. Great advice for those who have boarders and want to use that income.
Question: FHA Boarder Income: Does FHA allow boarder income? Answer: To claim boarder income the borrower needs to show this income on their Schedule E as per the guidelines below. Be sure to use the averages as indicated. Reference: 4000.1, II, a, 4, c, xii, (I) (4) Boarders of the Subject Property (TOTAL) (a) Definition: Boarder refers to an […]