Are there any banks that require less than 2 years of proof of rental income?

Asked by Benjamin, Virginia Fri Dec 7, 2012

My house has been rented for almost a year now, and I recently relocated to VA and wanted to buy a new home since the rental payment is almost the same as paying a morgage. Is there any lenders consider the one year rental income when calculating my debit to income ratio?

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Nick Pakulla, Mortgage Broker Or Lender, Rockville, MD
Mon Dec 10, 2012
Yes, there is a big differentiation between renting out a home that you are currently living in which you plan to vacate for your new home, and renting out a home that you have already vacated. If it has now since been 1 year since you rented it out, it sounds like you would have filed your 2011 tax returns with rental income. Those would likely need to be used to determine income from the property. Depending on which loan program you go with on the new purchase the rules may vary slightly. Let me know if I can be of further assistance.
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Lori Jeltema, Agent, Suffolk, VA
Sat Dec 8, 2012
Benjamin, where in VA are you? Your question and purchasing ability should be discussed with a lender. Feel free to drop me an email or call/text and I'll try to help you out if you already do not have an agent.
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Thanks, Lori. I'm looking to buy in around 22150, 22304, 22151, and 22152 areas. Currently I'm at Seminary Road, Falls Church 22041.
Flag Sat Dec 8, 2012
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