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Search: "Rental income"

 
 

Asked 01/03/2009 06:33 pm CT (Columbia, SC)

I am interested in purchasing a rental property that has current leases on both apartments in the duplex. Does the rental income count towards my income when applying for the loan?

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Asked 04/22/2007 10:20 am CT (Wolcott, CT)

I bought a house two years ago in Lakeland Fl. I was struggling to make it work there but the job market was to bad. I was forced to move back to CT where I was offered a good paying job. During that transition I got behind in my payments on my credit cards never on my mortgage. I have established a repayment plan with most all my credit card companies now but my credit score dropped to 508. Because of the drop in the market the house would not sale so I rented it to help with the payments. I am renting here in CT 1400 per month but I would like to buy instead. Are there any companies that will finance me with that low score? I plan to sale the house in FL as an investment home because it has renters there for one year. My income is 85000/year with rental income of 1450/month.

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anything is possible, your sitution can be Rectified we can sell the investment and the equity can h...

[ Total Answers: 1 ]

 
 

Asked 04/04/2007 10:23 am CT (buford,, GA)

My husband and I are thinking of turning our current home into a rental property. and using some of the rental income to pay our mortgage on the new home. the home we are in now we do not have a mortgage on, we own it free and clear. My big question is do we need a downpaymnet for our new house or can we use our paid for house a collateral when securing the loan?

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Good question. The answer largely depends on your credit score. With current changes in the lending ...

[ Total Answers: 1 ]

 
 

Asked 01/21/2007 12:53 pm CT (gilbert, AZ)

Can you use rental income from a home that is not a legal 2 family house and the income is not reported to the government for your income to secure a loan

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Linda, NO, if you are not reporting this income then mortgage professionals cannot use this income ...

[ Total Answers: 2 ]

 
 

Asked 03/26/2006 01:23 pm CT (Brentwood, NY)

I would like to purchase a home but my income isn't high enough. If I look for a home that could provide rental income, do lenders take that into consideration when approving a mortgage?

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There are alot of programs that could fit your needs. I would first need to look at how your credit ...

[ Total Answers: 1 ]