Can future rental income be used as down payment together with any other imposed fees?

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In Buying Property - Asked by V. B. - Jan 6, 2011
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Answer(s)

Brian B.
Broker/Agent
Palm Springs, CA

lenders will rarely allow future rental income as income used to document income, but if you are just using it for a downpayment, you should not have any penalties..permitted the money is there in a timely manner..

Jan 9, 2011
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Glen W.
Lender/Mortgage Broker
Atlanta, GA

No, a lender does not care about pro forma income, they are underwriting based on how the asset is performing today not the possibility for future performance.

Jan 21, 2011
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