Financing in Pittsburgh>Question Details

Deb Conway, Both Buyer and Seller in 15003

I want to buy another home in Pittsburgh but I own a home in 15003 that I am renting out. Can I use the rental income on my mortgage application?

Asked by Deb Conway, 15003 Wed Sep 11, 2013

I think it's worth about 72K and I owe 59K. I've been renting it out for almost 3 years and it's never been vacant between tenants. I also own a home in KS that I am living in now. I would rent that out also - it's worth 75K and I owe 44K on it. I'd want to use that rental income also. I would be moving back to Pittsburgh and buying another house that I would live in. Thanks!

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Deb,

For most programs you will need to show a consistent 2 years of tenancy just as you would if you were self employed or a commissioned employee. You also need to be claiming this income on income tax returns. So if you haven't had a tenant in your Kansas home for a while, that could not be used. You also need to remember that the taxes and homeowners insurace that are paid on the properties will go against you for qualifying, so keep this in mind. Hope this helps. If I can help you in any other way feel free to notify me on here or contact me if you would like. 614-754-2107

Brian Keenan
Loan Officer
Residential Finance
1 vote Thank Flag Link Fri Sep 20, 2013
Yes you can. That home is an asset that is producing income.
0 votes Thank Flag Link Wed Nov 20, 2013
Yes, you can use the rental income on your current rental income. For future income on your house that you are currently living in, you would need a signed lease even if it starts in a month or 2 . The mortgage broker can help you with establishing your preapproval amounts. For more info, or a recommendation for a mortgage person, please contact me at 412-670-1366-Ellen Livingston. Pittsburgh city Realtor. I can also help with your new purchase!!
0 votes Thank Flag Link Sat Oct 26, 2013
Hi Deb,
This is a question for a Finance/Mortgage rep...they field questions similar to this all the time..its a free consultation too! Please contact:

jimsarver@howardhanna.com


When you are ready to start looking back in the Burgh, I would be happy to help you with your search. franscott@howardhanna.com


Take care,
~Fran
0 votes Thank Flag Link Thu Sep 12, 2013
15003 is Ambridge...now...you need to talk to a mortgage person. Here are a few names and phone numbers;
Jennifer Burnett 412-926-3740
Brian Cross 412-377-8508
Ken Aiken 412-758-9888

I sell real estate but you need a mortgage or finance person.....
Good Luck
0 votes Thank Flag Link Wed Sep 11, 2013
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