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Landlord verification

I am trying to pre-qualifiy for a loan on a home purchase and have been informed by Wells Fargo underwriter that they require 2 years of landlord verification in order to count my rental income from a property I own in their calculation. However they do count the mortgage payment and other expenses related to that property, thus severely impacting the size of loan I qualify for. Do all lenders require a similar 2 years of "landlord verification" via tax returns?   
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February 11 2012 - Calabasas
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What they are likely asking for is for your tax returns for the past 2 yrs to show rental income on Schedule E. They will analyze the income received and deduct expenses (not depreciation) and give you credit for the positive income averaged monthly for those 2 yrs or deduct from  monthly income if the # is negative.
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February 12 2012
 
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  • Asked by jsurd
  • In Mortgage
  • February 11 2012
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