Income · Fannie Mae Selling GuideCan a roommate's rent help you qualify for a mortgage? Fannie Mae's boarder rules

Buyers sometimes hope rent from a roommate will help them qualify. Under Fannie Mae's Selling Guide (B3-3.4-04), income from boarders living in the borrower's principal residence or second home is generally not acceptable stable income. There are two exceptions. A borrower with disabilities who receives rent from a live-in personal assistant – related or not, often paid through Medicaid Waiver funds that include room and board – can count those payments up to 30% of the total gross income used to qualify. And HomeReady loans have an additional boarder income exception under their own chapter. When boarder income can count, the lender needs proof of shared residency – a driver's license, bills, bank statements or W-2s showing the boarder at the borrower's address – and 12 months of receipts through bank statements, canceled checks or electronic payment records, showing full, regular and timely payments. Continuance doesn't have to be verified unless there's reason to doubt it. Rent from a separate unit is a different rule – see the guides on rental income from a duplex or ADU.