At MortgageDepot, we understand that getting a mortgage is rarely a black-and-white endeavor. Each one of our clients brings a unique situation to the table. We are committed to helping our Pennsylvania clients overcome barriers that stand in the way of their real estate goals.
If you want to get your feet wet in the real estate market with an investment property, your circumstances are far different than someone simply looking to relocate from one side of town to the other. As a newbie to the investment property scene, it can be tough to meet the eligibility requirements for a Pennsylvania mortgage. In many cases, lenders won’t allow borrowers to use departing rental income to qualify for a mortgage.
Fortunately, MortgageDepot is on your side! We are one of the few mortgage brokers that offer an easy-to-follow path for novice property investors in Pennsylvania.
What is Departing Rental Income?
Departing rental income is earned as a result of renting out your current primary residence. Wouldn’t it be nice if you could use that income to qualify for a mortgage on a new home? Other mortgage brokers make it impossible to do so, but MortgageDepot makes it easy.
Using Departing Rental Income to Fund Your Next Home
To use departing rental income to qualify for a mortgage, many lenders require the borrower to have at least a one-year history of investment property management. Here are the details:
The borrower must own other investment properties listed on the most recent year’s Schedule E tax forms.
Even if the borrower currently owns a multi-family home, they must still demonstrate a one-year history of investment property management.
If this condition isn’t met, the borrower is immediately turned down for a mortgage.
Although this is common for many lenders, MortgageDepot has a solution. We offer loan programs that don’t have this restriction, putting your real estate goals within reach.
Contact MortgageDepot Today!
At MortgageDepot, we want all of our Pennsylvania clients to experience real estate success. Contact us today for a sensible solution to your toughest mortgage dilemmas!