When applying for a loan for a rental property/investment property...?

Asked by Ashley Merritt, Knoxville, TN Tue Apr 7, 2009

Does a bank solely base if off of your income/debt ratio? Even if you plan to rent it? Do they consider the rent $ you may bring in...or no since it may not come in?
We currently have a mortgage and would be getting an addtional mortgage for a rental property that is currently foreclosed/bank owned.

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Bob Evridge, , Knoxville, TN
Tue Apr 7, 2009
Whenever a person is applying for a loan future or anticipated income is not taken into consideration. This applies to anticipated income from rental property, a bonus, scholarship, etc. Only current income and cash reserves, that can be documented, is considered.

Best Wishes,
Bob Evridge
Dream Facilitator

Hop Bailey Co.
310 Forest Park Blvd
Knoxville, TN 37919
"The Extra Mile Is Never Extra"
865-660-0198 DIRECT
865-684-4899 FAX
Web Reference:  http://www.BobEvridge.com
0 votes
Sherry Wheel…, , Knoxville, TN
Tue Apr 7, 2009
Sorry, Ashley but they don't look at rent.
Web Reference:  http://swheeler.cbww.com
1 vote
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