Home Buying in Tobyhanna>Question Details

Lori, Home Buyer in Tobyhanna, PA

I am looking to obtain a mortage. I am receiving income to add to my monthly income which I have been receiving for about 6 months from a rental the

Asked by Lori, Tobyhanna, PA Fri Jan 6, 2012

renters pay by check every month. I have not yet filed my taxes for 2011. I would like to know upon claiming this extra income on my tax return how many yrs must I wait to consider this part of my monthly income for a purchase of a new home?

Help the community by answering this question:


You will have to file your 2011 returns before that income can be used for qualifying purposes. Usually two year rental history is required but exceptions can be made for around 1. It may depend on your credit, other factors, etc. I'd be happy to take an application and see what I could do to help.
Chad E. Bahnsen- Mortgage Professional
Mortgage Network, Inc.
14 E. Stratford Ave Ste 3C
Lansdowne, PA 19050
Cell: 610-457-7262
Office: 610 622-2212
Fax: 1-866-590-3806
E-mail: cbahnsen@mortgagenetwork.com NMLS # 127719
0 votes Thank Flag Link Tue Jan 10, 2012
Lori, Some lenders may require just your 2011 tax returns. Some may require two years. Your equity in the subject property and your reserves will both play a part. Word to the wise: Previous to the housing crisis and lender overlays, very few lenders required the rent to show on your tax returns. Heck, a lease agreement and projected payment would be counted as income (and this was true WAY before the stated income fiasco). I tell you this because the lender overlays are all over the board these days. I have seen other mortgage professionals on this forum say they don't need the tax returns and others, like myself, who state we need two years (we are all correct, as this is company specific). Talk with a couple mortgage professionals and ask them specifically about rental income. You will likely get a couple different answers...undoubtedly, you will like one better than the others.
0 votes Thank Flag Link Fri Jan 6, 2012
Hi Lori,

I can give you the name & number of a great Mortgage Broker that can go through all of the different programs that are available. You may be able to qualify now. It's worth the try.
0 votes Thank Flag Link Fri Jan 6, 2012
Lori, I'm not a mortgage lender, but typically our local lenders are looking for 1 to 2 years of rental income before it's considered in a mortgage pre-approval amount. That being said, there are always exceptions. Your best bet is to contact some of the lenders in your area and ask them what they require.
0 votes Thank Flag Link Fri Jan 6, 2012
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