The loan is based on the income of the property for qualifying purposes (in addition to credit score) versus your personal income.

Of course, I could very well be missing important factors or confused about the whole thing.Thank you!

I have tried to have the person who gave the course to explain better but I just keep getting eye rolls.. it's enough to say ok, I give up

If you sell property regularly as a primary business, or in the ordinary course of your business, you could be labeled as a dealer/developer and have your property classified as inventory rather than a capital asset.

You can have informal conversations with them about exactly these types of questions, without having your credit pulled or starting an application.Good luck!

I'd first look at local credit unions and then expand outwards from there and know you can sometimes get financing outside of the state.Another option is to work with a private money lender.

The right answer to this is they should lock your rate for 30 to 45 days and do so immediately upon your credit being pulled and the application submitted. 2.

I have a prospective tenant that filled out an application.However I need some advice on qualifying this individual.The current rent is 3600The applicant is a family The Spouse doesnt work The main applicant gross W2 income is around $10000 monthThe monthly net income is $5700No car loan's No credit cards balancesThey pay $800 month on a personal loan.Since a rent check is written after net income is received.

@Ian Rysdale I think you will find credit unions to have less red tape and are much quicker.

The deal can make sense with a big credit and price drop in my opinion.