Delayed financing with no income?

Question

Can you get delayed financing on a rental with no personal income (only rental income)?

Example:

Have no income

Buy SF or MU home cash

Rehab home with cash

Rent home with enough to cover all expenses including estimated mortgage plus appropriate cashflow

Attempt to get a mortgage on the rental with no income

Is this possible?

Fred Shatzoff · Answer

@Lauren Cooper  I sent you a pm

Andrew Postell · Answer

@Khemaro Nuon the direct answer to this is "NO"...mainly because "delayed financing" is a Fannie Mae and Freddie Mac concept.  So if you do receive a loan based on the rental income, and no personally income, it would automatically be a non-Fannie/Freddie loan.  So, to maybe answer the implied question...you can ABSOLUTELY get a loan based on the rental income of the property.  Meaning, no personal income needed.  And it will likely not have any of the delayed financing restrictions that Fannie/Freddie would have.  Does that answer your question?  Feel free to ask anything additional if needed. Thanks!

Khemaro N. · Answer

@Fred Shatzoff I would like to know the answer to this question also?

Delayed financing with no income?

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