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Updated over 4 years ago,
Can i use rental income of a property to qualify for mortgage?
So basically I'm trying to get approved for a 3% down loan on a house, it was all going good until my work notified the bank telling them that since I wont be having overtime or bonuses in the future, that I wont be able to qualify for the loan because I cant count any of the money ive made from bonuses or overtime because there wont be any in the near future. So now i'm just falling short by just a bit of being able to qualify for the mortgage. The property has a rental income of $1,900 a month and im going to move in there when i buy it so it will be $1,520 a month. I'm just curious if I should start looking for another property or go to a mortgage broker, or apply for an FHA?