A duplex or triplex is housing and income in one purchase. The lender looks at who lives where, which leases are signed, what expenses exist, and whether you can absorb a surprise.
Clarify occupancy
If you live in one unit, the math changes. The lender wants to know which unit you’ll occupy, which ones are rented, and whether any is vacant.
Leases should match the income you’re presenting. A verbal or incomplete lease can slow the approval.
Use only acceptable income
The lender doesn’t always count 100 percent of the rent. It applies its own method to account for expenses and rental risk.
Property documents to request
| Property | Document | Risk checked |
|---|---|---|
| Condo | Syndicate and insurance documents | Fees, reserve and building risk. |
| Plex or rental | Leases and expenses | Income that can be used. |
| Cottage or commercial | Appraisal and property details | Use, access and lender comfort. |
In a plex, rental income helps when it’s proven. Otherwise it’s worth nothing.
Plan repairs and management
Old heating, a tired roof, a unit that needs renovating: any of it can change the file. And you have to be ready to manage tenants, not just get approved.
Where the file usually needs attention
These bars show which items deserve attention first; they are not a credit score or approval promise.
Clean documents reduce back-and-forth.
A realistic condition protects the offer.
Policy fit often matters as much as price.
- ✓Expected occupancy
- ✓Complete leases
- ✓Recognized rent
- ✓Expenses
- ✓Repairs
- ✓Management reserve