Indiana Beginner Rental Rules

[Sean MIddleton]

I was speaking with a lender and was told that I would not be able to count the rental income toward my income for getting loans on investment properties for 24 months.  Is this the same rules for all lenders in Indiana or does this seems like a specific rule for this specific lender?

[Colton Hahn]

Having worked as a mortgage loan officer who did conventional, FHA, and VA loans, it really depends on the lender and the loan program. Generally, before 24 months income from rental properties can only be used to offset the debt on that property. Anything above the debt payment on the property is going to be scrutinized by the underwriting team to death.

All the best!