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HelloIm a mtg loan processor and I need help calculating rental income on schedule E from tax return

Profile picture for Maria138
Please email me at [email removed by Zillow moderator]
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0Yes

October 17 2011 - Bakersfield
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Answers (5)

Profile picture for Courtesy Mortgage

Take each property 1 at a time.   Line 19 minus Line 3.   If positive, count as income, if negative, monthly liability.    If subject property, enter it as subject net cash flow.    Omit the mortgage payments on rental property in your automated findings.

Check lender guidelines to see if they might have stricter calculations.   Some lenders will back out the principal reduction component of the payment and add that back into qualifying ratio.

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October 17 2011
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must be one of those community bankers.
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October 17 2011
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October 17 2011
Profile picture for LUXURY HOME LOANS CA
Hi Maria,

This may help you: http://www.freddiemac.com/learn/pdfs/uw/rental.pdf

Happy funding, Rudi
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October 17 2011
Profile picture for Chris Corica
Don't you have a manager or supervisor? Seems like an odd request for a message board.
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October 17 2011
 

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