Using rental income to qualify for a mortgage – So there’s several rules around this and it depends what kind of loan that you’re getting on the purchase so the first type of purchase I’m going to talk about is you’re buying the first scenario is you’re buying a new primary residence so you live in a house now and you want to rent that house out and you want to go to the next house which a lot of people do so within this there’s two sets of rules. Number one if the loan that you’re going to the new house is going to be an fha loan then you are not allowed to use the rental income from what we call your departing residence.
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Jennifer Hughes Hernandez, Legacy Mutual Mortgage – Equal Housing Opportunity Lender NMLS #514497
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📌More Helpful Content:
▶️The Myths and Truths About Credit Inquiries: https://youtu.be/d_RQJnTsVPE
▶️Why You Should Use A Local Lender: https://www.youtube.com/watch?v=shkijZmEonA
▶️How to Buy A House With Low Income: https://www.youtube.com/watch?v=OcyjWe0snWU
▶️Using Rental Income To Qualify For A Mortgage: https://www.youtube.com/watch?v=kv0eXzl1YUo
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