Posted on: 17th Sep, 2007 08:01 am
I was told by a CitiFiancial employee that they dont include rental income on loan applicatons because it may fluctuate. Does anyone else know if that is correct? Are there other lenders that operate this way?
Citi may do that because they are a portfolio lender. If you have current leases and have claimed the income on your tax returns......fannie mae guidelines will allow 75% of your rental income to be counted.
Hi Jon,
In case you take a loan against your rental property, the lender will consider how much money you receive from the rent as part as of your yearly income. Generally, a lender will only consider 75% of the rental amount as your income to qualify for a loan.
But in order to know if CitiFinanacial consider rental income on loan application or not, you will have to inquire at their Customer Service department. They will only be able to give you the exact information.
In case you take a loan against your rental property, the lender will consider how much money you receive from the rent as part as of your yearly income. Generally, a lender will only consider 75% of the rental amount as your income to qualify for a loan.
But in order to know if CitiFinanacial consider rental income on loan application or not, you will have to inquire at their Customer Service department. They will only be able to give you the exact information.
Thank you for the replies.
All lenders have their own set of guidelines to follow when doing mortgage loans.
The best lenders to use for these types of situations are lenders that specialize in investor loans.
The best lenders to use for these types of situations are lenders that specialize in investor loans.
