Investor · Nashville, TN · Member since 2012 · 9 posts · 4 votes
My lender told me today: "In October Freddie is changing their guidelines that even though you have no rental income history, we CAN use the rental income which we have not been able to do for a few years. "
Can anyone confirm? Sorry if this is a repeat, but I could not find...
Lender · Newport Beach, CA · Member since 2013 · 264 posts · 97 votes
11y
I've not heard this yet. i've only heard fannie saying they'll allow an easier conversion of your primary residence to an investment property.
If you've bought a rental home within the year, before you've claimed them on your tax returns, Fannie lets you use 75% of the market rents on the rental market survey with the appraisal. Don't know if that helps your situation at all or not.
Effective for Mortgages with Settlement Dates on or after October 26, 2015, we are removing the requirement that the Borrower must have a two-year history of managing Investment Properties to use the income from a subject Investment Property or other Investment Properties owned by the Borrower for qualifying purposes...