Asked by David B, 95401 • Wed May 9, 2012
I own a home with a granny unit which I have rented out for the last 12 years.
I now want to purchase another property to become my primary residence. I would then rent out my current home and granny unit.
I have shown the granny unit income on my tax return.
I do not have 30% equity in my current home. The lender I am working with says without
that 30% equity, they will not count any rental income.
Is this accurate for all lenders? I know that Fanny and Freddie have tightened up the rules, and
this lender will sell the loan right away so they don't want to have anything out of the ordinary.
The owner of the new property would carry the loan for at least one year, so I would be able to document the rental of current house for at least one year, and the granny unit would be 13 years. So I think I would establish landlord history.
I am trying to find out if a year from now I won't be able to get long term lending.
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