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Financing in Prescott : Real Estate Advice

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Robin Silver…, Real Estate Pro in Garden City, NY
Sun Mar 7, 2010
Robin Silverberg answered:
Whether you can use rental income depends on how much equity you have in your current residence. if you are turning a primary residence into a rental property, you would need at least 25% equity, would have to have a signed lease and show evidence of receiving a security deposit. You would only get credit for 75% of the rent you receive, and the HOA fees would be included, along with principal, interest and taxes, to give you positive or negative net rental income. ... more
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