Can I use my rental income property to qualify to refinance my primary resident I just rent out last 10 months ?

Your question is confusing because it sounds like you have multiple rental properties.. So, If you have a history of rental income, verified by your last 2 years tax returns, then yes.. You would be allowed to use that income to offset your debt.. You would be refinancing as an "Investor" not as primary residence, which will result in a higher interest rate, so be prepared for that.. If you have no rental history other than the 10 months with this home you're trying to refinance, then it's possible you could if you have filed your 2012 taxes and claimed the income. It's up to the underwriter to allow it or not.. if there are no major issues with your file, and you have strong compensating factors, such as large cash reserves, stable income, high credit score, they will probably give you the exception.. If you tell the lender you had this home rented for 10 months, but you do not show any rental income at all for 2012, then the lender will most likely deny your loan. (Tax evasion).....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. 480-287-5714 WilliamAcres.com

No. You need to show a two year history of receiving rental income to use it for qualifying purposes. To do so, the rental income MUST appear on the last two filed tax returns.

You need to show 12 months of receiving the rental income in order for it to be used as income to qualify. Do you feel that you need that to qualify for the refinance? However, if your refinance is a Harp loan, the ratios can be more flexible. Please reply with more information so we can better assist. 1st Advantage Mortgage Schaumburg, IL

You need to show at least 12 months of rental income. Then you can use 75% of the rental income to qualify.

Yes you can, But , you need a 12 month history at my bank.

Possibly and definitely need more info!! In a nutshell it depends on whether you have reported the income on your tax returns or not. If, not then no, but if you have then there are bunch of variables that go into the calculations. Call a lender411 loan officer to discuss your specific situation

We would need more information to give you an accurate answer.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

File your 2012 1040 tax return, showing the income and expenses for the rental property on Schedule E. Schedule E does not indicate when the rental started, only that it was rented (sometime) during 2012. You may receive credit for 75% of the gross rental income, depending on the underwriter.

if it is filed on your schedule E and you have a corresponding lease you may be able to use it.

We really need additional info to give you a realistic assessment, and the details really make a difference including what type mortgage you are doing and your overall qualifications. If you just purchased that rental property 10-12 months ago you may be able to count that as income but that may depend on other factors. Pick an experienced, knowledgable loan officer and work through your questions with them. Good luck

Good Afternoon,Your rental income can be used, however you will need to show a 12 month rental history. Can you please tell me a little more about your scenario. What are you trying to refinance? Primary residence, second home, investment property? Do you have other income? You can respond through my profile and I will be happy to assist you in your effort to refinance. Best,Lisa

You need a history of being a Landlord. They like to see 2 years on your tax returns claiming the rental. Then they will go off of your Schedule E to see what income they can use to qualify you...

YES... The preferred method is that any rental income be verified off a tax return, but you can potentially use it with as little as 6 months. I've done this many many times, so don't let anyone tell you you need two years. www.Minneapolis-Mortgage.net