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Updated over 13 years ago,
Must be an LL for at least 2 years to qualify for mortgage?
Wells Fargo is doing mortgages and HELOCs on investment properties again. I was talking with the rep on the phone and told him I'd been an LL for 1.5 years. He told me they need at least 2 years of tax returns with LL income to do a loan on a rental property. Is this a common requirement these days? I'd never heard of this before.