We are planning on purchasing a multifamily home in the near future. The property currently has a stable rental history with leases that expire in 2014. Can we claim that rental income as our income on a mortgage application? If so what % of that rental income can be claimed?
If it is a purchase money mortgage, it would *have* to be projected income, no?
My answer is for general purposes only and is not not intended to establish an attorney-client relationship, nor is it advice upon which you should act or rely. But, if you really want me to tell you something upon which you can actually rely: don't eat yellow snow.