How long do I need to show rental income to include it on a new loan?
I have been renting out my residence for 3 months, and want to use that income as a part of a new loan application. Do I have to wait a specific amount of time before I can count it? by drake852 from Sagamore Beach, Massachusetts. Oct 25th 2016
Pamela Riesenberg (priesenberg@financeofamerica.com)
#19 ranked lender in New Hampshire - 13 contributions
Hi, You can use it if you have had rental income from before for 12 months, is this a new residence or just a new rental?Thanks,Branch manger at Finance of America mortgage603-893-4100www.mortgagesbypamela.com
William J Acres (William_Acres)
#75 ranked lender in Arizona - 8,728 contributions
Typically, you will need a 12 month history of rental income to qualify.. if you have other rental income from different properties, and you claimed that rental income on your taxes, then it can be considered now even though you've only been renting it out for 3 months.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347
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