Could rental income be used towards mortgage qualification, if there's no 2 year landlord history present for a 4 unit property?

Asked by James Syed, Mount Olive, IL Sun Mar 4, 2012

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Rjaskie, Home Seller, Cherry Valley, IL
Tue May 1, 2012
You many want to contact Cheryl Dambacher, realtor in Springfield area. She not only advised us which banks to go to for our financing, but because we had a time limit, she secured a bank financial officer who worked from home while sick to determine that we would be eligible. To our surprise, she was able to find us some government money for our conventional loan. She is very adept with finding money for veterans, up to $18,000.
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James Syed, Agent, Mount Olive, IL
Mon Mar 5, 2012
Thanks John, yes, it would be non owner occupied (NOO).
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, ,
Mon Mar 5, 2012
Hi James,

It depends.
Is this going to be an non-owner occupied property?
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Jane Locascio, Agent, Springfield, IL
Sun Mar 4, 2012
When applying for a mortgage, you will be asked to provide a copy of your most recent tax returns. Income and expenses related to real estate rentals are usually reported on Form 1040, Schedule E. The loan underwriters will consider any rental income in the loan approval process. Hope this helps!

Jane Locascio, Realtor, Broker/GRI
The Real Estate Group
(217) 306-3037 - Mobile/text
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