How can I get preapproved for a 4 unit bldg, when part of the mort. will be payed from rental income.?

Brian Mcelroy
Home Buyer
Sherman Oaks, CA

Answers (3)
Linda Susan Fox
Broker
Norhtridge

You would need to speak with a mortgage broker who understands rental properties of this type. I do know that lenders today need the building to be positive cash flow. You would need to put enough money down to make the payment less than the rental income for all four units.

Sun Aug 2 2009, 18:33
Marvin Hernandez
Mortgage Broker
or Lender

Los Angeles County, CA

You can only estimate the sale price you will be pre-approved for when it comes to units considering each 4 unit building will have different actual or market rents. For the most part you should have a range so before viewing or making an offer on units the numbers need to be run on that particular property.

Any further financing questions contact me directly.

Good luck.

Sun Aug 2 2009, 15:40
Mario A. Cabrera
Agent
Coral Gables, FL
FIRST ANSWER

the rental income together with your job income is what you qualify for

Sun Aug 2 2009, 10:59

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