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Updated over 1 year ago on . Most recent reply

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Stephen Gibson Jr
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Looking for lender that will consider projected rental income

Posted

Hey there, I am looking to purchase my first property. I have my offer accepted on a new construction ($450k sale price, 90k downpayment, primary residence) that should be ready around mid April 2024. I have townhouse that is my current primary and I will be renting out. 

I am looking for lenders who will add the projected rental income to my w-2 income. This will be my first experience as a landlord though I have a solid team in place (realtors in family) so I'm confident I will be successful. 

I am working on getting the lease agreement in place however since I am unsure exactly when the new construction will be finished, I am running into some minor issues with my current lender. Initially the loan officer told me I would have until closer to the actual closing date (30-45 days) to have the lease agreement in order, however now their underwriter is asking for it now. I will still be living in the house until I can move into the other house. 

Please shoot me a message if you are or can refer me to lenders/brokers who consider projected rental income (w/ lease agreement).

Thanks for reading

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