Posted on: 11th Nov, 2010 11:03 am
I am trying to purchase an investment condo, but the only way I am under the 45% Debt to income ratio is if i use expected rent to help me qualify.
All lenders i've contacted require 2 years landlord experience which I dont have.
Does anyone know of a lender who would allow me to use expected rent from the condo?
All lenders i've contacted require 2 years landlord experience which I dont have.
Does anyone know of a lender who would allow me to use expected rent from the condo?
Hi there,
All fannie mae loans requires two years rental income managment experience in order to use your rental income to offset your liability.
The only revenue is find a portfolio lender who has the ability to house their loan and therefore they do not need to follow the fannie mae guideline. All major bank have portfolio lending, however, they also requires you to have significant relationship with them.
They will most likely not use your rental income, instead, they will allow a higher debt ratio, but your debt ratio need to be reasonable.
All fannie mae loans requires two years rental income managment experience in order to use your rental income to offset your liability.
The only revenue is find a portfolio lender who has the ability to house their loan and therefore they do not need to follow the fannie mae guideline. All major bank have portfolio lending, however, they also requires you to have significant relationship with them.
They will most likely not use your rental income, instead, they will allow a higher debt ratio, but your debt ratio need to be reasonable.