Home Buying in Pompton Lakes>Question Details

TB, Both Buyer and Seller in 07442

Lender options that will consider rent as income

Asked by TB, 07442 Fri Aug 17, 2012

We need to upsize and have had difficulty selling our current home in NJ. We are looking into renting out the property instead but will need a lender who will consider rent as income so we can continue paying mortgage and purchase another home. Any ideas or contacts? Thank you!

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Rent is income after your expenses but you can still qualify for a loan if you have a lease on your current property

Check out my Blog about FHA Tony can help you

or contact me and I'll send you a list of 3 lenders that you can choose from.
0 votes Thank Flag Link Fri Aug 17, 2012
I believe that any lender will consider rent as income. They will not accept it at its face value, but with 25% discount. For example if you rent it for $1000/month, they will use $750/month as income. That is what I was told by one Citi mortgage rep last year.
0 votes Thank Flag Link Fri Aug 17, 2012
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