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Own and live in a duplex, want to buy a primary residence..

We currently own a duplex and live in one side. The other side is renting out and has been claimed on taxes for the past two years. Can the projected rental income from the side of the house we currently live in be considered for loan approval since we claimed the other side for two years? Have we established ourselves as landlords yet?
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February 17 - Orange
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Answers (6)

Yes, in your case, you can most likely use the rental income since you have technically established yourself as a landlord. 2 years of filing on tax returns meets the standards. I am with MVB Mortgage, we are a local lender and my office is in Fairfax. I would love to help.

Also, if you need a realtor, I can refer you to some local ones who are excellent.

Best,
Zac
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February 18
For most people in this situation, potential rental income is not counted, but yours will most likely be counted. Since you are already an established landlord with two years worth of rental income already showing on your tax returns, this means that you should be good to go when you apply for another mortgage.The best thing for you to do is to speak with a lender such as myself to see if you can get started on financing a new home. If you have any further questions or if you would like a loan, feel free to contact me.

Good Luck!
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February 18
Good morning. It looks like you will indeed be able to use the rental for income and with the filing of taxes, have become landlords.

Good luck in your new purchase and if you need any help in finding a home, please feel free to contact me at anytime. There are many new listings coming out, making for great inventory and options.

Have a great day !!
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February 18
You have established yourself as a landlord as you have two years of schedule E reporting on your tax returns. 
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February 18
Hi Rico Ann, good question. After talking with one of our underwriting staff, there should be no problems qualifying rental income from both sides of your duplex. Good luck with your new house hunting! We stand ready to help you and your family in the process if you have not chosen a lender.
Best wishes, Jim
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February 18
Do you know how much equity is in the property? Assuming, you meet the equity requirements, then it is possible to use rental income from your current residence. They'll most likely use 75% of the gross rental income.
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February 17
 
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Own and live in a duplex, want to buy a primary residence..
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February 18 | 6 answers
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