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

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?

Hasbrouck Heights, NJ -

Attorney Answers (1)

Peter J Weinman

Peter J Weinman

Real Estate Attorney - Staten Island, NY
Answered

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... more

Related Topics

Buying real estate with a home mortgage

A home mortgage is a loan to buy a home, where the home is the collateral. There are many different types, and the right one for you depends on your situation.

Featured Legal Guides

Real estate

The term real estate means land and items permanently attached to it, like buildings. This area of law deals with who has the right to own and use these items.

Featured Legal Guides

Questions? An attorney can help.

Ask a Question
Free & anonymous.
Find a Lawyer
Free. No commitment.