Freddie Mac very recently added an additional requirement when using rental income less than 12 months.
When using rental income from properties acquired within the same calendar year, Freddie Mac requires a valid lease or Forms 72 or 1000 to determine market rents AND two months of either cancelled checks OR two months of bank statements to confirm receipt of the rents.
Leases MUST be a minimum of 12 months OR if a Seller/Buyer transfer then proof of automatic renewal is required for allowance of a month to month arrangement.
REMINDER:
The Borrower MUST have a current primary housing payment in order to use rental income from a recently acquired investment property.
When using rental income for qualifications, let the pros take charge. We know all we need to know about rental income and its use. If you are having trouble qualifying for a loan, don’t hesitate to contact us for more information., let us show you how using rental income can get you qualified or even get you a higher loan amount.
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