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I rented my house almost a year now and relocated to Virginia. I would like to buy a house including my rental income to qualify for higher mortgage. My credit score is above 750 and currently I can qualify for 300000.00 loan amount without including my rental income, but the house I found is 450000.00. So is there a possibility to get a higher loan?
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Thanks, Johnny for your advice :)
Clay, can you tell me how can I do that? I've talked Wells Fargo(my current lender) yesterday and they told me they require 2 years of rental income.
We would need more information to be able to tell you if your qualified for a higher mortgage. Have you been pre-qualified by a loan officer? Leslie, is correct though that rental income may be used if reported on Schedule E tax returns for two years.
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For Sale: $369,950