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Updated 7 months ago,

User Stats

50
Posts
40
Votes
Ben Russell
40
Votes |
50
Posts

Question about using rents as income

Ben Russell
Posted

We're a property management company and a new client wanted to rent her current home and buy a new home. She did not qualify for the new loan without using the rent of the old house as income.   Lender told her to get a signed lease. 

We found a tenant, signed a lease and collected the security deposit with a July 15 move in date.  Pro-rated first month's rent would be due at move in.  The loan was set to close the end of June.


The lender is now saying that due to "new" Frannie/Freddie guidelines, we have to collect the first month's rent before the loan can close.  A lease is no longer adequate. Is this accurate?

Thanks

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