Lots of equity
Low loan balance: $260k
Good income from husband
Cons:
The rent may not count if the property is zoned as 1 unit
She will have to prove that the income from the husband will contiune for 3 years through a separation agreement. She may have to provide cancelled checks or bank statements showing deposits of the income.
She can go stated income. With a 610 it should work fine. She is a good borrower for stated income as she really is receiving the income, but she just doesn’t want to document it. She might be able to qualify for a regular loan, see the pros and cons above. But it might not be worth the hassle.
