Zillow Advice: Mortgage - Can future rental income be considered for mortgage income? http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ Zillow Advice | Zillow Real Estate As Wayne stated 5+ units ... http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ As Wayne stated 5+ units require commercial financing. If you're buying a 1-4 unit property, to determine the income we use to offset the PITI of the property you plan to purchase, we typically request the appraiser add a Operating Income Statement (Freddie form 998 or Fannie form 216). &nbsp;Here's a link to Freddie's form:<br/><a href="http://www.freddiemac.com/sell/forms/pdf/998.pdf" rel="nofollow">http://www.freddiemac.com/sell/forms/pdf/998.pdf</a><br/><br/> Wed, 06 Nov 2013 21:54:00 GMT http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ 2013-11-06T21:54:00Z Yes, you can use the current ... http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ Yes, you can use the current Rent Roll as income towards the mortgage payment. However, you didn't mention how many total units / whether you will occupy one / purchase price / down payment / credit score. More info needed to provide the best guidance. Thu, 07 Nov 2013 02:24:00 GMT http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ 2013-11-07T02:24:00Z I am from the mortgage side. ... http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ I am from the mortgage side. At first mortgage as a direct lender and service 50% of our portfolio sometimes we can make exceptions. &nbsp;i just closed a purchase of a non owner property where we allowed our client to use 75% of the rental income towards him qualifying. &nbsp;The property was a Single Family.<br/>These are case by case.<br/>Please contact me so we can discuss further or if you have any questions.<br/>thanks<br/>Miichael Wed, 06 Nov 2013 21:43:00 GMT http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ 2013-11-06T21:43:00Z Fannie Mae and Freddie Mac ... http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ Fannie Mae and Freddie Mac only allow max of 4 unit properties to be financed under investment program. If you are talking about more than a 4 unit bldg. you would need to get a loan as commercial loan from a&nbsp;bank. If equity is high enough they may allow % of rental income to count.<br/>If 2-4 units Fannie Mae/Freddie Mac will allow 75&nbsp;% of rental income to count if 30 % or greater equity in property. Wed, 06 Nov 2013 21:14:00 GMT http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ 2013-11-06T21:14:00Z &nbsp; Under the rules established ... http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ &nbsp; Under the rules established by Fannie Mae and Freddie Mac after the financial crisis, rental income can be included in qualifying income only as documented in the owner's tax return for at least one year. That means that rental income cannot help you qualify for the mortgage used to purchase the house that will generate the income. Wed, 06 Nov 2013 20:34:00 GMT http://www.zillow.com/advice-thread/Can-future-rental-income-be-considered-for-mortgage-income/518157/ 2013-11-06T20:34:00Z