Rental Lease for Mortgage Application

[Sean October]

Hi, Everyone this is my first post but wont be my last. So happy to be apart of the bigger pocket family. 

So question, I currently house hack and have 2 formal rental leases for my current home. I am in the process of buying a duplex in the Fort Lauderdale, FL area and mortgage broker is asking for an annual lease agreement for my current home that I house hack. Will the month-to-month leases I have in place suffice if I net an excess amount over my mortgage payment. Basically my mortgage (P&I, Insurance, and Property Taxes) equal $1,350 and I collect $1,700 month-to-month with my house hack. Would love you guys feed back on this. My ultimate goal is to move out of my current home then fully rent it out and move into the duplex for another house hack.  

[Raymond J. Rodrigues]

@Sean October, nice to meet you. Fellow local to the South Florida Area and a licensed lender as well. If you are seeking a conventional loan, you will need just a copy of your lease. I’m 99% sure they removed the proof of security deposit guidelines a while back. Aside from that, a month to month lease may cause some issues because that can change at any moment. Annual leases are definitely preferred in the eyes of an underwriter. I hope this helps.