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Is it true that in order for Rental property income to count as qualified income, I have to have 2 years of rental income history and tax returns to show? I have 12 months of rental property income history with a tax return to show and the tenants just signed a 12 month lease but the underwriter says it can’t be used at all.
It's definitely a gray area but not a hard no. We'd need more details to get you a definitive answer. At a minimum, you should be able to use the rents to offset the mortgage payment. Schedule a call if you want to go deeper and see what's possible: calendly.com/buywise/questions Thanks for watching!
So, I work 2 full time jobs. My 1st job is salary, and my 2nd job is hourly. I started both jobs in 2023 and this year I will be at both a year. So too use my second jobs income do I have to wait to apply for a preapproval until I reach that 2-year mark, or can I apply 18 months on the job? Thanks.
Great question. I would start the process now. There are situations where you can get an exception after 1 year. At 18 months, with a strong file, it should definitely be possible. Reach out if you want to discuss: calendly.com/buywise/questions
