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Updated about 6 years ago on . Most recent reply

User Stats

13
Posts
2
Votes
Konrad Wallerstein
  • Investor
  • Jacksonville, FL
2
Votes |
13
Posts

Obtaining a mortgage based on rental income

Konrad Wallerstein
  • Investor
  • Jacksonville, FL
Posted

Hello.  I am retired.  My income is from 11 rentals I own free and clear - 2 in Lehigh Acres and 9 in Jacksonville.  My property income shows as negative (-25,000) due to accummulated losses and my SS is not taxed so does not show.  In addition in 2017 I sold two properties (overseas) for a loss so my net income is definitely negative.  

I would like to obtain a mortgage on my primary residence, also in Jacksonville, but the lenders I have approached all base their decision on the net 1040 income so I do not stand a chance.  Can anyone suggest a lender at a reasonable rate who will base a decision on ability to pay?

Many thanks

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