Hi,
It'll not be easy to refinance when you're out of work. Most lenders would like to see you employed for at least 2 years before approving your loan. You can show the rent you earn on the property as your income. But the lenders are likely to not approve your loan unless you have a permanent job.
It'll not be easy to refinance when you're out of work. Most lenders would like to see you employed for at least 2 years before approving your loan. You can show the rent you earn on the property as your income. But the lenders are likely to not approve your loan unless you have a permanent job.
koss, it also depends on how long you've had your tenants. are we talking about a single-family home or a multi-family home? if it's a single-family, you're not going to be able to use rental income.
yes, a job would be a big factor.
yes, a job would be a big factor.
