If I rent my homestead out, and buy a new home, can my rental income help qualify for new loan? I was told this is not allowed due to a change in Aug.

Asked by Troy Corman, dallas, TX Tue Aug 24, 2010

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Christopher…, Agent, Phoenixville, PA
Wed Aug 25, 2010
Hi Troy,

The answer is no. You have to have two years of documented rental history to be able to use some of the rental income towards your total income. Reason is banks do not and can not afford to lend on an unproven rental history income.

Christopher Luckowski
CENTURY 21 Alliance
2009 Multi-Million Dollar Producer
2009 Quality Service Award Winner
Web Reference:  http://www.theparealtor.com
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