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Looking at an investment property with current tenants, will the lender count the rental income?

Looking at a property with a main house and a fourplex.  I am interested in living in the main house and renting out the fourplex.  The fourplex currently has 3 of the units rented out.  Are there any lenders / loan programs that will count the rental income towards my income?  Without it, I will only qualify for about 3/4 of the loan.  
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November 26 2012 - Huntsville
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Replies (4)

Hello,
Yes, rental ncome is always considered as qualifying income towards obtanng a mortgage. You wll be requred to submit all leases to the lender.
Good Luck!
Sincerely,
Lisa Andris
Remax Results
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November 26 2012
Unless you have prior landlord experience, lenders DON'T ALWAYS count the rental income for qualifying. However, there are some lenders who will allow the income for qualifying; it really comes down to the specifics of each lenders guidelines. Make sure to bring this up with your loan officer to prevent any potential setbacks.
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November 26 2012
From my own past experiences the lender will usually only allocate a % of the potential rents.  I hope a loan officer contacts you to give you proper advice for your particular situation.

Best wishes from So-Cal and good luck
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November 27 2012
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March 21 2013
 
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Related Discussions
Looking at an investment property with current tenants, will the lender count the rental income?
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Latest reply by Bryan Hawkes
March 21 2013 | 4 answers
  • Posted by jaromhaynie
  • In Investing
  • November 26 2012
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