Question for Loan Officers

[Michael K.]

If I'm buying a STR property now, what do I have to keep in mind if I also plan on buying a primary residence next year? I'm assuming you look at a rental track record for the investment property, but that's not steady like a paycheck. Am I considered a riskier borrower? Anything for me to keep in mind? Thx.

[Brittany Minocchi]

It's not necessarily that you're considered a riskier borrower per se, it'll depend on whether that STR is reported to your personal credit and included in your DTI and/or whether you need to count the income from the STR to qualify for the primary residence. If you need to count the income, you'll want to have a full year from the STR in most cases. Also keep in mind that if you write off a bunch, that will affect the income that's used to qualify you.