New Home Loan with Existing Rental Property?

October 21st, 2010 | by admin |

We’re in the process of getting a loan for a new home. We have a rental property in another state and have been renting that out for six months. A bank we are working with says that rental income cannot be taken into account and that the amount they will give us for a loan is dependent on our payment of both mortgages (for the rental property and the new home). I wondering if this is true for all lenders. If so, what should we do?

Yes, this is true, you have to show the rental income on 2 income tax returns.

  1. One Response to “New Home Loan with Existing Rental Property?”

  2. By Landlord on Oct 21, 2010 | Reply

    Yes, this is true, you have to show the rental income on 2 income tax returns.
    References :

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