Hello everyone,

I am have been renting out a single family residence for $1425 and have a PITI payment of $998 (I used to live in it), I am applying for a mortgage on a second property and they won't count any of my rental income because I don't have 2 years of tax returns...I've only been renting it out for one year. Is there any way to get this counted? Are there some lenders that will count it with one year of tax returns and a current lease or something?

Thank you,

Mike

Originally posted by @Mike Berube :

Hello everyone,

I am have been renting out a single family residence for $1425 and have a PITI payment of $998 (I used to live in it), I am applying for a mortgage on a second property and they won't count any of my rental income because I don't have 2 years of tax returns...I've only been renting it out for one year. Is there any way to get this counted? Are there some lenders that will count it with one year of tax returns and a current lease or something?

Thank you,

Mike

Find a broker that has experience with rental property loans, and you won't have a problem with the 1-year issue. The bank you're using has an overlay which is adding additional guidelines the one that Fannie requires. In many cases Fannie doesn't even require 2 years of tax returns.

I hope this helps and have a good one.

Thank you Shaun, I'll try my luck with a broker!