| Author |
Previous Topic | Next Topic |
|
kef725
65 Posts |
 Posted - 03/07/2008 : 10:36:43 AM
|
| Are there any programs available on an investment purchase 90% ltv that the borrower can count the income of an existing investment property (owned 1 year) and the rent on the property he is purching? |
|
CoolMtgGuy
1608 Posts |
Posted - 03/07/2008 : 11:03:47 AM
|
The 90% LTV may be your issue but using rent for income qualification purposes is normal. Only caveat is that you cannot use 100% of rental income ... most times you use 75% of less of it for income qualification purposes.
|
|
|
kef725
65 Posts |
Posted - 03/07/2008 : 12:16:05 PM
|
Guidelines say for conforming you must have landlord experience of two years in order to count the 75% of rental income.
What I am looking for is a program who will allow a percentage of the rental income when the borrower does not have that two year history of being a landlord.
|
|
|
loanbroker5
1460 Posts |
Posted - 03/07/2008 : 1:14:56 PM
|
its bull**** too, because no investors pay 25% taxes on investment income, they have tons and tons of write offs, they end up paying 5-10% after deductions, (tops)
|
|
|
kef725
65 Posts |
Posted - 03/07/2008 : 1:18:19 PM
|
| I am just trying to see if there is a lender who will accept someone being a landlord less than two years so that I can count the rental income (75%) to make this deal work. |
|
|
loanbroker5
1460 Posts |
Posted - 03/07/2008 : 1:21:44 PM
|
| try wachovia and countrywide |
|
|
kef725
65 Posts |
Posted - 03/10/2008 : 07:05:38 AM
|
| bump |
|
|
nowbroker
921 Posts |
Posted - 03/10/2008 : 08:19:31 AM
|
| Wells Fargo also does not have that landlord experience rule |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
