Mortgage Brokers & Lenders
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
Local bank won't accept rental income until its filed on my taxes.
I was trying to be pre-approved for a new primary and ran into some issues with the lender not wanting to count my income on my duplex.
Backstory:
I purchased a duplex in may of 2022. One half was rented($1300) the other was vacant. I completely gutted the vacant half and made it into 6 bedrooms to be rented to young professionals. This reno took the remainder of 2022 and into the early part of 2023. I started to fill room in the vacant side April of 2023. I have since filled all 6 rooms,(two will be transitioning and refilled this month) total revenue for the 6 rooms is $6325. Total income for this property is $5625.
My lender locally will only look at the $1300 since it was on my tax return. I have signed leases with most being 12 months. How can I get a lender to count the rest of the income to not mess with my debt to income?
Thanks for any help you can provide!
Ben