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mortgage on a house that I have rented out?

Hello,I am searching for a loan for $70,000.My situation:I own two houses in Joliet Illinois that are rented out to nice tenants and are paid off in full. The rents: $980 and $875. The Zillow estimates of the values of these properties: $149,287, $73,638.I have sold a condo on contract in Joliet Illinois and will receive $547 per month for the next 5 years.I am co owner of a rented commercial building in Wilmington Illinois which has been rented for years to a solid tenant for $600. I receive half of this rent.I can provide leases and property titles on the aforementioned properties.My credit rating is 776.I live between the U.S. and France, and my income other than the above mentioned rents is from France. I have French income tax returns to support this. My income in France: $24000 in 2012, $24000 in 2013.My American income tax returns show no profit because I put all the profits back into the buildings which needed work. I am requesting that my tax accountant include my French income in my American tax return.Please let me know if you have a type of loan that would correspond to this request.Thank you,Kathleen Scarboro by scarborokat324 from , California. Aug 4th 2014 Reply


Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions

Hi Kathleen, thank you for the details. I would be happy to try and help you offline, so please feel free to contact me directly through Lender411. As to the Accountant including your French Income in the US Tax Return, I would not think that is needed as the US has no tax jurisdiction on your French Income. You are doing the right thing by including all US Income on your US Tax Returns, so keep up the good work. Anyway, let's touch base off line if you'd like. Thank you very much!

Aug 5th 2014
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

If Steven has an option for you by all means check it out. Most lenders will require you to have US credit rating and fils US tax returns. However if those show no inome even after adjustments for depreciation you may have trouble qualifying

Aug 5th 2014
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Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions

We have stated income loans available, based primarily on the rental income, not your tax returns. Contact me at primefinancial@frontier.com, for more information.

Aug 5th 2014
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Anthea Emerson (AntheaC2)
#216 ranked lender in Florida - 57 contributions

You might have to qualify with a Foreign National Loan. As for the rental income, unfortunately, you might end up having a monthly debt versus income. If you're not claiming any net profit from the rentals, we would probably still have to count taxes and insurance against your income. Most landlords I know tend to have rental income washed

Aug 5th 2014
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