Conventional Mortgage Loan with Short Term Rental income < 2 years.

[Sway Tseng]

Any recommendations on Conventional Mortgage Loan for Primary home that will account for my short term rental income that is less than 2 years? Currently in the market for a Primary home, most lenders require minimum of 2 years tax returns. All of my investment properties were purchased and placed into service in 2021. Thanks.

[Chris Mason]

Quote from @Sway Tseng:

Any recommendations on Conventional Mortgage Loan for Primary home that will account for my short term rental income that is less than 2 years? Currently in the market for a Primary home, most lenders require minimum of 2 years tax returns. All of my investment properties were purchased and placed into service in 2021. Thanks.

Once your 2022 tax returns are done, find a local mortgage broker that can work with a 1 year average for rental income. They will still ask for 2 years, but only do their math (for that specific income type) on the most recent year. Shouldn't be too hard, maybe start by finding a LO on these forums that's in NC (or wherever your rentals are). GL.