Related Posts
Inflation check @9% 🫡
More Posts
Additional Posts in The Real Estate Bowl
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Inflation check @9% 🫡
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site

Scan your QR code to download
Fishbowl app on your mobile

Coach
Do you plan to rent it out short term or long term?
Short term you’d likely need two years of taxes, showing rental income to not worry about it as part of your debt to income ratio.
For long-term rental, they may consider the rental income if you already have a signed lease.
We’d like to do long term, but likely will not have a signed lease since we can’t move out until we find another house.
You prob need to talk to a mortgage broker about what is needed for the income to count. I have done this a couple times but its been a while. Pretty sure in both instances (one was a long time ago) I did not have signed lease yet to rent out my old place while qualifying for my new loan (that's kind of a tall order especially since you often need to fix a place to move in and the closing date can shift). I don't remember what they did need though. Might vary by lender.
A signed lease is probably required at least - depends on the lender. You can find people to sign a lease 1-2 months in advance.
If you have enough income to pay the current and new mortgage + still not be over the DTI ratio, have good credit, it doesn’t matter.