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Can we claim projected rental income as income when applying for a multifamily mortgage?

Hasbrouck Heights, NJ |

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?

Attorney Answers 1

Posted

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.

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3 comments

Asker

Posted

That sounds correct Peter. But my question isn't if it is projected, unless I am misunderstanding something in your answer. I need to know if we can use that documented income amount in addition to our income to apply for the home loan. This is a loan for the rental home described above, not an additional one.

Peter J Weinman

Peter J Weinman

Posted

Don't they separately ask you about your current income as opposed to the projected income of the investment property? This may be a better question for your rep at the bank.

Asker

Posted

I'm not sure how this is handled. I wanted to arm myself with as much info as possible before going talk to a rep, having my credit score dinged for 2 years with a hard inquiry, and then finding out that it may not be a possibility.

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