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.
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.
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.