Can I use my rental income as qualifying income on a new loan?
I have a primary home and a rental currently. I bought my primary residence a few months ago with an FHA loan. It’s a 5 bedroom SFH where I rent out 4 of the bedrooms. Can I use this as qualifying income when I apply for a new loan? by jshirley442 from Allendale, Illinois. May 10th 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Yes, you can get credit for 75% of the monthly leases the first year until the property rent is on a tax return. Once on a Schedule E of the tax return, lenders will use actual rent minus actual expenses to determine if there is any additional rental income we can give you for qualifying. I lend in MN, WI, IA, SD, ND. Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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