Updated over 3 years ago on . Most recent reply
Qualifying for a loan
Trying to get a sense of how long we will need to verify income from a STR (bought with cash) in order to refinance and buy another property to expand our portfolio. Let's say there's no other source of income in this scenario.
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Depends on which type of lender you work with. For non-QM lenders as I can speak to. It will mainly come down to what the 2 previous comments ask for. How long have you owned it? Some lenders want 3 months, 6 months or even 12 month of seasoning. If the property has previous cash flow before buying that will also help. If it does not certain types of lenders will underwrite it off of AirDNA report or fair market rent.