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Obtaining a mortgage based on rental income
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