Posted on: 09th Nov, 2010 09:45 am
hi,
my family is currently selling our 2 family house and want to buy better 2 family house. but we need to use the 2nd unit income as part of our income for DTI. Question is, is it possible to get a lender pre-approval letter (not broker pre-qualified letter) even though we have not selected a house or a neighborhood yet? I'm confused on how a lender would calculate future rental income if we havent chosen a house yet. Thanks.
my family is currently selling our 2 family house and want to buy better 2 family house. but we need to use the 2nd unit income as part of our income for DTI. Question is, is it possible to get a lender pre-approval letter (not broker pre-qualified letter) even though we have not selected a house or a neighborhood yet? I'm confused on how a lender would calculate future rental income if we havent chosen a house yet. Thanks.
Hi Guest,
You can get a pre-approval letter based on your income and credit situation. Once you get the pre-approval letter, then you can select a property of your choice.
Take care.
You can get a pre-approval letter based on your income and credit situation. Once you get the pre-approval letter, then you can select a property of your choice.
Take care.
but what about based on rental income of the new property, i already know if i made enough just on salary it would be no problem for the letter, im talking about future income from the rental unit.