Financing in Framingham>Question Details

John, Home Owner in Medford, MA

Refinancing a primary property and using rental income with only 13 months worth of rental income on another property... Any Lenders?

Asked by John, Medford, MA Wed Apr 4, 2012

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Shouldnt be an issue. I'm also local.
0 votes Thank Flag Link Wed Apr 4, 2012
Thanks Richard
Flag Wed Apr 4, 2012
Hi John, I took the question that you asked as "You want to refinance your loan on your primary property and you want to know if any lenders will let you include the monthly rental income you receive from your rental property towards your monthly income on your refinance application if you've only been receiving this income for 13 months." Is this what you are asking or is it something else?
0 votes Thank Flag Link Wed Apr 4, 2012
That is correct......Most lenders do 24 months I believe.
Flag Wed Apr 4, 2012
I would get more specific like Eric asked.
The more info you can disclose at the beginning, the more the right people will understand.
There are a limited number of people who watch questions here.
You might ask your own bank, and if you already have a loan, talk to the lenders.

13 months may not be unusual, and/or may be acceptable if you were renovating and there is a reason.
Smaller local lenders/banks may also have some portfolio loans that would help.
Ratio/LTV may make a difference also.

(Please note: when you choose an answer as a Best Answer, or at least give a thumbs up, it helps those who answer questions here.)
0 votes Thank Flag Link Wed Apr 4, 2012
Is it that you have an investment property that you have owned for 13 months? Do you have two years of property management experience? The question is to vague to give a answer.

0 votes Thank Flag Link Wed Apr 4, 2012
Owned for almost 6 years, converted from primary to investment property. My investment property is currently occupied. Now living in a new house and trying to refinance my primary residence...I wouldn't qualify for a refinance without using rental income or my DTI would be too high.
Flag Wed Apr 4, 2012
From what I hear you will need 24 months of rental income but I'm sure if there is a lender out there that can do it with only 13 months someone will let you know on here.
0 votes Thank Flag Link Wed Apr 4, 2012
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