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Updated over 7 years ago,
Rental income requirements recognition for conventional loan
I have talked with 3 different traditional mortgage brokers. I have been told different things with proceeding with a conventional loan through them. I'm in North Carolina, and purchasing a a home in this state.
- Lender-1 says I cannot offset the debt on the mortgage of my rental property until I have claimed it on my 2017 taxes.
- Lender-2 says I can offset the debt on the mortgage of my rental property with a signed lease in place, proof of security deposit, and at least 3 months proof of rent payments.
- Lender-3 says I can offset the debt on the mortgage of my rental property simply with a signed lease, nothing else needed.
My question is can this be right? Do different mortgage companies have different qualifiers with their underwriters? The last thing I want is to have a deal fall through because my lender ends up denying a loan when an offer is accepted. Particularly in this competitive market where I'm offering a higher due diligence.
The case with my rental property is I did have it filled with a tenant from March 2017 to current, with a lease that was through May 2018. However, I have evicted that tenant this month. I will likely have the house filled with a new tenant by October 1st. Therefore, if all I need is a lease in place to get a loan, I'll go with lender #3. If this is not the case, I will need to wait until 2018 to purchase a new home under a conventional loan.
All help is appreciated.