Question Details

Stephanie Jo…, Home Buyer in Illinois

My parents are purchasing a home for me to later either sell it back to me or do a quit claim deed. A property we are looking to offer on requires a

Asked by Stephanie Jo Lainé, Illinois Wed May 5, 2010

Bank Of America pre approval. We have a broker but they are requesting an actually from Bank of America not via the broker. The broker qualified my parents by including income from the investment property. Is this a routine practice or will Bank of America only look at their actual income (wages). I fear my parents won't qualify based on their wages alone. (FYI My parents already own a FHA property wtih about 15 years left on their loan)

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Hi Stephanie,
If Bank of America is requiring a B of A pre-approval you need to talk directly with them first. Talk with a local B of A mortgage person, and ask them these questions. You may be able to find a representative at a nearby B of A bank branch. Usually this person will be more than happy to answer these questions with no obligation. After all, they are hoping to get your parents business.
Good luck to you!
Lorraine Klopfenstein
Broker
RE/MAX Performance Plus
Renton, WA
0 votes Thank Flag Link Wed May 5, 2010
The bank will typically consider income earned as well as passive income. It helps to be able to show a history and stability of the income which is easy with rental property when it has been owned for 2 years or more. Good luck Stephanie!
0 votes Thank Flag Link Wed May 5, 2010
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