Getting a mortgage with rental income

[Douglas T.]

I'm about to convert my Chicago condo to a rental property and move to Fort Lauderdale. How long must I rent my Chicago condo out before I can count the income toward another mortgage in Florida?  Is it different from lender to lender? Is it a certain percentage before 2yrs and then another after 2yrs? I've heard different things.  I had just planned to rent for 2yrs before I try to buy, but I hate throwing money away and wondered if it can be done sooner counting the rental income.  I'd be putting down around $50k for a property that cost $100k-$120k, so would need a mortgage for $50k-$70k.

[Kristy Farmer]

Immediately with a signed lease it what the seasoning period of 1 day is referring to...so it depends on the lender. Find someone that underwrites their own, and they will use the guidelines. Other lenders tack on additional requirements.