Asked by LDEXTER, 55378 • Fri Nov 4, 2011
I currently own one home which is my primary residence that I live in. I purchased my first investment property approx 6 months ago and have a 1 year signed lease in which I clear about $600 per month after mortgage and insurance etc. I am wondering if I will be able to use any of this rental income towards determining my DTI ratio to qualify for a new loan. I am hoping to purchase another investment property in the next few months if possible. I have heard different things...do you need 2 years history of income on tax return or can you use 75% of income. If there are any loan officers out there that can give me guidance that would be helpful. Thank you.
Real Estate in Savage
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