I am looking to buy my first home through a fha loan, I have already begun the process of getting pre qualified. Upon that process they asked if I rent, own or live with family. As now I pay rent but the home I am looking to buy ( hopefully ) is new and needs to be built if with in that time frame, I move in with family. Will that help me getting approved for a higher amount by showing that I have more money to put towards a home? Mind you, i still have 7 months on my lease and am not on a month to month bases.
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Rental amount included in mortgage approval decision?