I am looking at a primary residence loan for a property that also will provide rental income. Will the rental income improve the pre-approval?

Asked by mksimmons, Denver, CO Tue Oct 22, 2013

While I have $1 million in assets, my income is limited and my retirement income will take effect in 22 months. I am hoping that the rental income from this property would be considered when a lender determines the amount of money they will approve for the property

Help the community by answering this question:

+ web reference
Web reference:

Answers

6
Brian Nguyen, Mortgage Broker Or Lender, Mission Viejo, CA
Fri Feb 14, 2014
Are you planning on occupying this rental property? If you want to get a primary residence loan and not an investment property loan, you will actually have to occupy the property yourself. Other than that, not every lender will consider your potential income. But the fact that you have a lot in assets may help you get a certain loan. There are loan options that I offer than can be supported by assets. Either way, the most efficient thing for you to do is to speak with a lender directly. Lenders like myself would be glad to speak with you to help you get the loan that you need. Well if you have any other questions or need a loan please contact me through the information on my profile page. I hope this helps and good luck! Brian Nguyen Sr. Mortgage Banker NMLS # 659743 Phone: 949.667.2887 brian.nguyen@nafinc.com
0 votes
Robert McGui…, Agent, Denver, CO
Sat Nov 2, 2013
Mksimmons,

That is a good question and a lot will depend on the particular property and the strength of you particular credit. You need a good lender for this type of transaction. Call Carl Hammond - 303-798-2697. Then let me know how I can help you as a Realtor in the transaction.

Robert McGuire
Broker/Consultant
Your Castle Real Estate
http://about.me/robertmcguire33
0 votes
Sandy Jones, Agent, Littleton, CO
Tue Oct 22, 2013
I have a great lender you should talk with. His name is John Jarvis. His number is John Jarvis. He is awesome. Tell him I sent you. Sandy Jones, Keller Williams Realty Success.

Citywide Home Loans

(720) 509-8602 office (ext.1014)
(720) 732-2705 mobile
0 votes
allan erps,A…, Agent, Pearl River, NY
Tue Oct 22, 2013
Documented income should raise your income ratio by 75% of the total documented rent roll.
0 votes
Chae Bae, Agent, Centennial, CO
Tue Oct 22, 2013
The only way to use rental income on a primary residence is to buy a duplex, Tri-plex or 4-plex. If it is a multi-unit property, you will be able to use the potential rental income to defray the mortgage payment. This strategy will increase the amount that you can borrow. There are also asset depletion loans that you can use to buy the property until your retirement kicks in. Either way a loan can be done. I have over 20 years of lending experience so I'd be happy to help with your situation.
0 votes
Marilyn Haas, Agent, Evergreen, CO
Tue Oct 22, 2013
That is definitely a possibility. Where do you want to live? How much do you want to invest?
I would be happy to help you find something.

Www,Ezcolorado.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more